Global Artificial Intelligence (AI) Market to Reach $228.3 Billion by 2026

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May 18, 2021, 10:40 ET

SAN FRANCISCO, May 18, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Artificial Intelligence (AI) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Artificial Intelligence (AI) Market

FACTS AT A GLANCE
Edition: 18; Released: May 2021
Executive Engagements: 159495
Companies: 25183– Players covered include Accenture; AIBrain, Inc.; Amazon Web Services; Baidu, Inc.; BIGO Technology; ByteDance Ltd; Cisco Systems, Inc.; CloudMinds; Dell Technologies; eGain Corporation; Esri; Facebook, Inc.; General Electric Company; Google, Inc.; Habana Labs Ltd; Inspur; Intel Corporation; International Business Machines Corporation (IBM); IPsoft Inc; Micron Technology, Inc.; Microsoft Corporation; Mobileye, an Intel Company; NetEase Fuxi Lab; NetEase, Inc; Next IT Corporation; NICE inContact; Nuance Communications, Inc.; NVIDIA Corporation; Omron Robotics and Safety Technologies, Inc; Oracle Corporation; Rockwell Automation, Inc.; Salesforce.com, inc.; Samsung Electronics Co., Ltd.; SAP SE; SAS Institute Inc.; Siemens AG; Smartron India Private Limited; The Hewlett-Packard Company; Trifo; Xilinx, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Services, Software, Hardware); Technology (Computer Vision, Machine Learning, Context Aware Computing, Natural Language Processing); End-Use (Advertising & Media, BFSI, Healthcare, Retail, Automotive & Transportation, Manufacturing, Agriculture, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; South Korea; Rest of Asia-Pacific; Rest of World.

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ABSTRACT-

Global Artificial Intelligence (AI) Market to Reach $228.3 Billion by 2026
Artificial intelligence (AI) is emerging as one of the promising technologies, against the backdrop of fast paced digitalization and rapidly evolving technology landscape. Growth in the market is driven by increasing adoption in an expanding range of applications in varied industries. With significant improvements being seen in data storage capacity, computing power and parallel processing capabilities, the adoption of AI technology in various end-use sectors is on the rise. The rising adoption of cloud-based services and applications, rapid growth of big data, and the increasing need for intelligent virtual assistants are also contributing to the rapid pace of growth. The advent of face, image, and voice recognition technologies further boosts growth opportunities. AI has emerged as a powerful tool in the war against COVID-19. The predictive technology is being exploited by governments and other stakeholders to determine the way the COVID-19 virus is spreading, identify vulnerable people and finding mutation patterns.

Amid the COVID-19 crisis, the global market for Artificial Intelligence (AI) estimated at US$43.1 Billion in the year 2020, is projected to reach a revised size of US$228.3 Billion by 2026, growing at a CAGR of 32.7% over the analysis period. Services, one of the segments analyzed in the report, is projected to record a 32.4% CAGR and reach US$126.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 30.3% CAGR for the next 7-year period.

The U.S. Market is Estimated at $21.9 Billion in 2021, While China is Forecast to Reach $40.4 Billion by 2026
The Artificial Intelligence (AI) market in the U.S. is estimated at US$21.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$40.4 Billion by the year 2026 trailing a CAGR of 39.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 27.3% and 28.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 31.1% CAGR. The dominant share of the US is mainly attributed to the widespread adoption of AI technology in several end-use industries including media, e-commerce and manufacturing. Increased funding for advancing AI technology and applications, increasing demand for intelligent virtual assistants, and a considerably higher level of awareness about AI are also favoring growth. AI-based solutions are being increasingly deployed for responding to the crisis, with use cases spanning facets like diagnostics, triage to COVID-19 patients, screening for infections and identification of people with heart problems. AI, especially machine learning, is being exploited for dealing with large data volumes such as medical images and treatment records. Growth in Asia-Pacific including China is propelled by the increasing adoption of natural language processing (NLP) and deep learning technologies in sectors such as marketing, finance, law, and agriculture.

Hardware Segment to Reach $56.4 Billion by 2026
In the hardware segment, CPUs and GPUs currently lead, due to their high computing abilities that are needed for AI frameworks. GPU, FPGA and DSP are utilized for implementation of deep learning algorithm. AI hardware continues to gain significant attention with several initiatives being undertaken in this space.
In the global Hardware segment, USA, Canada, Japan, China and Europe will drive the 36.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.3 Billion in the year 2020 will reach a projected size of US$64.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$7.6 Billion by the year 2026. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.