With Market Size Valued at $276.3 Billion by 2026, it`s a Healthy Outlook for the Global Artificial Intelligence (AI) Market

SAN FRANCISCO, June 3, 2022 /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 competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
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Edition: 21; Released: March 2022
Executive Pool: 159524
Companies: 865 - Players covered include AIBrain, Inc.; Advanced Micro Devices, Inc.; Amazon Web Services; Baidu, Inc.; Cisco Systems, Inc.; eGain Corporation; General Electric Company; Google, Inc.; Intel Corporation; International Business Machines Corporation (IBM); Meta (Facebook company is now Meta); Micron Technology, Inc.; Microsoft Corporation; Nippon Telegraph and Telephone Corporation; Nuance Communications, Inc.; NVIDIA Corporation; Omron Corporation; Oracle Corporation; Rockwell Automation, Inc.; Salesforce.com, inc.; Samsung Electronics Co., Ltd.; SAP SE; SAS Institute Inc.; Siemens AG 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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Amid the COVID-19 crisis, the global market for Artificial Intelligence (AI) estimated at US$95.9 Billion in the year 2022, is projected to reach a revised size of US$276.3 Billion by 2026, growing at a CAGR of 32.8% over the analysis period. Services, one of the segments analyzed in the report, is projected to grow at a 32.6% CAGR, while growth in the Software segment is readjusted to a revised 30.4% CAGR. The AI technology market is poised to grow at a robust pace driven by its increasing adoption in an expanding range of applications in varied industries. The growing need to analyze and interpret burgeoning volumes of data and the escalating demand for advanced AI solutions to improve customer services are expected to fuel growth in the AI market. 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 growth of AI market. The advent of face, image, and voice recognition technologies is further favoring growth in the global AI market.

A major factor driving demand for AI is the digitization trend, which is affecting all sectors of the economy including agriculture, education, healthcare, and banking among others. In particular, developing economies across the world are rapidly shifting towards smart technologies as a means to enhance efficiency of their business activities, which also contribute to an increase in overall profitability. Such a shift towards novel and smart technologies provides significant growth opportunity for the AI market. For example, in corporate enterprises, the adoption of AI technology is reducing the time required for interpreting data and for reading algorithm patterns, which will in turn fuel demand for AI solutions in enterprises. In addition, the increasing penetration of chatbots or virtual assistants for providing customer assistance in various end-use industries including e-commerce and banking is expected to further enhance demand for AI-based software and systems. Also benefiting the AI market is the escalating demand for speech-to-speech translation and smart conversational virtual assistants. AI is also being increasingly used in the development and launch of autonomous vehicles and for business process automation, specifically in developed economies. Also driving demand for AI solutions is the growing use of speech recognition systems and intelligent customer assistance bots in rapidly expanding e-commerce sector. Consequently, the ability of AI technologies to ease the operation of various business processes and contain overall costs is leading to a surge in demand for AI in end-use industries.

Rapid improvements in AI technology are driving increased adoption of AI-based customer service systems. AI coupled with predictive analytics is set to help retailers identify buying trends and quickly launch automated campaigns that will inspire highly targeted customers to act. Most of the healthcare organizations are relying on AI-based software for their day-to-day tasks. These tasks vary from patient diagnosis to hospital data management. Since the amount of data generated by the healthcare industry is 44 trillion gigabytes per day, there emerges a need for AI-based advanced processors that can extract meaningful insights from this data. With COVID-19 becoming a global crisis, AI became the first line of defense in using it to keep track of virus transmission. In this unprecedented situation, AI helps to reduce the work of clinicians and medical attendants. Many banks have already adopted AI-based systems to provide customer support, detect anomalies and credit card frauds. AI solutions can be used to trace card usage and endpoint access to effectively prevent fraud and save millions of dollars. Organizations rely on AI to trace those steps by analyzing the behaviors of transactions. For instance, major companies such as MasterCard and RBS WorldPay have relied on AI and Deep Learning to detect fraudulent transaction patterns and prevent card fraud for years. In the age of ultra-high-frequency trading, financial organizations are turning to AI to improve their stock trading performance and boost profit.

Advances in the autonomous vehicle segment such as long-range radar, cameras, and LIDAR leverage AI to provide actionable insights. AI tools and techniques specially designed for the field of robotics play a vital role in enabling robots to become more advanced and efficient in accomplishing tasks. In Agriculture, organizations are using automation and robotics to help farmers find more efficient ways to protect their crops from weeds. Besides robots, companies have started leveraging deep learning and computer vision algorithms to process data that are captured with the help of drones or software-based technology in monitoring the health of the soil and crops likewise. Over the past few years, AI has become an integral part of the gaming industry.

Developed markets of North America and Europe are the leading regional markets in the global AI market, in terms of revenues. 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. The US also benefits from being the early adopter of some of most advanced technologies and the considerably higher level of awareness about AI in the country. Increased funding for developing and advancing AI technology and applications, and a robust technical adoption base are also favoring growth. The increasing demand for intelligent virtual assistants is in particular driving growth in the AI market. The increasing investments being made into AI technology by companies in manufacturing, entertainment and healthcare industries also presents favorable prospects for AI market. The growing focus of leading end-use industries on enhancing customer satisfaction by integrating AI into various processes also favors market growth. In particular, the market is being fueled by the rising adoption of machine learning technology in healthcare sector.AI market also benefits from the growing adoption of cloud-based services in the US. The presence of a large number of renowned AI technology companies also contributes to the market's dominance. IBM, Google and Microsoft are some of the companies investing considerably in developing AI. The AI market dynamics are significantly impacted by strict regulations and policy framework and high infrastructure costs. The AI market in the US is also being supported by favorable government policies. Europe, is the second largest regional AI market.

Europe is expected to witness a significant increase in the deployments of cloud-based AI solutions, driven by the growing consumer demand for on-demand and faster access to data and relatively easy document control. Several organizations, both private and public, have been gathering domain-specific information related to areas such as marketing, cybersecurity, fraud detection, national intelligence and medical informatics. Big data-based AI algorithms are being used for analyzing such unorganized data through continuous improvements of every dataset. Europe's AI market is likely to benefit from the European Commission's plans to invest €20 billion for AI research during the period 2018-2020 in order to fuel R&D initiatives for businesses and government. The investment is aimed at enabling the EU to compete with the US and China in the AI space. Investments, which will be sourced from both public and private sources, are aimed at offering support to industries such as manufacturing, healthcare and transportation.

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. The market also benefits from the rapid pace of improvements being seen in computing power, data storage capacity and processing capabilities, which facilitate adoption of AI technology in sectors such as healthcare and automotive. Specifically, the AI technology is expected to transform the healthcare industry by facilitating significant reduction in healthcare costs while improving overall quality of treatments being offered.

Urbanization in high growth economies such as China and India and the growing adoption of smartphones also contribute to the need for AI technologies mainly to enhance efficiency and save time. The gradual increase in adoption of AI technology specifically in sectors such as BFSI and manufacturing in countries such as India and China augurs well for the AI market in the region. Demand for AI is also increasing due to the automation of activities in processing and manufacturing industries, which is leading to increased deployment of smart robots as a means to increase output. The growing presence of some of the leading AI players in the region also spurs adoption of AI in Asia-Pacific. The region is also witnessing an increase in the establishment of startups focused on developing AI applications for the region.Middle East & Africa is another promising market for AI, with rapid pace of technology developments such as robotic automation along with growing implementation of concepts like smart cities expected to fuel market growth. 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

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