Artificial Intelligence Market by Component (Hardware, Software, and Services); Technology (Computer Vision, Machine learning, Natural language processing, and Others); Deployment Mode (On-premises and Cloud-based), Industry Vertical (Automotive, Healthcare, Manufacturing, Retail, BFSI, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026498 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Sep 2022 | Type: Global

The artificial intelligence market crossed US$ 85.23 billion mark in 2022 and is expected to hit US$ 899.86 billion by 2030, recording a CAGR of 34.3% during the forecast period.

 

Artificial intelligence market has been significantly growing with the high adoption of computer vision technology for automating business processes. Due to growth-promoting factors such as advancements in the big data area and the desire for intelligent virtual assistants, the artificial intelligence market is projected to expand throughout the forecasted period. The artificial intelligence market expansion is also anticipated fuelled by the increasing adoption of public cloud services. This is because, with public cloud services, the developers can manage separate infrastructure to host AI platforms. They can utilize the readymade models present for the deployment of AI-based applications. The computer vision technology segment is expected to pace with the rising adoption among industries like supply chain and logistics as it can better analyze and interpret the data, resulting in faster processes. Further, other segment such as machine learning, natural language processing, and others is also expected to gain traction during the forecasted year.

Within the report, the artificial intelligence market is segmented into components, technology, deployment mode, industry vertical, and geography. The artificial intelligence market is further segmented by components: hardware, software, and services. Based on technology, the artificial intelligence market is categorized into computer vision, machine learning, natural language processing, and others. By deployment mode, the artificial intelligence market is divided into on-premises and cloud-based. The artificial intelligence market is divided into automotive, healthcare, manufacturing, retail, BFSI, and others by industry vertical. Geographically, the artificial intelligence market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Artificial Intelligence is a far-reaching technology that empowers the growth of futuristic innovations.

The replication of human intelligence functions by machines, particularly computer systems, is known as artificial intelligence. Some artificial intelligence applications are expert systems, NLP, speech recognition, and machine vision. In addition, the AI system functions by consuming vast quantities of labeled training data, searching the data for correlations and patterns, then using the patterns to predict future states.

 

Rising adoption in different industries such as BFSI and supply chain and logistics is one of the major factors accelerating the artificial intelligence market growth.

The power of cutting-edge data analytics brings to bear artificial intelligence in the future of banking to help reduce fraud and boost compliance. Anti-money laundering tasks are completed quickly using an algorithm that may normally require hours and days. AI also makes it possible for banks to manage massive amounts of data to gain insightful information quickly. Higher quality services are provided to a larger consumer base with the help of features such as AI bots, digital payment advisers, and biometric detection systems. The supply chain and logistics industry encourage AI technology for improved decision-making and timely distribution. Other industries such as automotive, healthcare, manufacturing, retail, BFSI, and also encourage the use of this AI technology.

 

Recent strategic developments in the artificial intelligence market

The artificial intelligence market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2022, Google announced the launch of “Manufacturing Data Engine and Manufacturing Connect,” two of its solutions for enhancing visibility from the factory to cloud networks.
  • In March 2022, Microsoft announced updates to its healthcare and life sciences technologies in the cloud via the availability of Azure Health Data Services and added updates to its Microsoft cloud for healthcare. These updates are backed with AI capabilities to offer improved healthcare facilities.  

Several players drive the artificial intelligence market by implementing strategic investments, new launches, mergers & acquisitions, and partnerships. The prominent players operating in the artificial intelligence market are Cisco Systems, Google LLC, IBM Corporation, Intel Corporation, and SAP SE..

Target audience for the report:

  • AI based solution providers
  • Cloud services providers
  • Cloud-based device providers
  • AI-related service providers
  • AI-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of AI
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the artificial intelligence market has been segmented on the basis of:

  • Component:
    • Hardware
    • Software
    • Services

 

  • Technology:
    • Computer Vision
    • Machine Learning
    • Natural Language Processing
    • Others

 

  • Deployment mode
    • On-premises
    • Cloud-based

 

  • Industry Vertical
    • Automotive
    • Healthcare
    • Manufacturing
    • Retail
    • BFSI
    • Others

 

  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa

 

  • Companies profiled
    • Cisco Systems, Inc.
    • Google LLC
    • IBM Corporation
    • Intel Corporation
    • Micron Technology, Inc.

Companies profiled
- Cisco Systems, Inc.
- Google LLC
- IBM Corporation
- Intel Corporation
- Micron Technology, Inc.

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