Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Artificial Intelligence market.
Trusted Business Insights presents an updated and Latest Study on Artificial Intelligence Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Artificial Intelligence market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Artificial Intelligence Market
The global artificial intelligence market size was valued at USD 38.8 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 42.1% from 2021 to 2027. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. However, technology has always been an essential element for these industries, but AI has brought technology at the center of the organizations. For instance, from self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually to every apparatus and program. AI is proven to be the significant revolutionary element of the upcoming digital era. Tech giants like Amazon.com, Inc.; Google LLC; Apple Inc.; Facebook; International Business Machines Corporation; and Microsoft are investing significantly in the research and development of AI. These companies are working for making AI more accessible for enterprise use-cases.
The essential facet accelerating the rate of innovation in the field of AI is accessibility to historical datasets. Since the data storage and recovery has become more economical, healthcare institutions and government agencies are building unstructured data accessible to the research domain. From historic rain trend to clinical imaging, researchers are getting access to rich datasets. The next-generation computing architectures, with access to rich datasets, are encouraging information scientists and researchers to innovate faster.
Furthermore, progress in profound learning and Artificial Neural Networks (ANN) has also fueled the adoption of AI in several industries, such as aerospace, healthcare, manufacturing, and automotive. ANN is substituting conventional machine learning systems to evolve precise and accurate versions. For instance, recent advancements in computer vision technology, such as Generative Adversarial Networks (GAN) and Single Shot MultiBox Detector (SSD), have led to digital image processing techniques. For instance, images and videos which are taken in low light or low resolution can be transformed into HD quality by employing these techniques. The continuous research in computer vision has built the foundation for digital image processing in security and surveillance, healthcare, and transportation, among other sectors. Such emerging machine learning methods are anticipated to alter the manner AI versions are trained and deployed.
The World Health Organization (WHO) has declared the novel coronavirus (COVID-19) outbreak as a pandemic, causing a massive impact on businesses and humankind. This pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech giants and start-ups are working on prevent, mitigate, and contain the virus. For instance, the Chinese tech giant Alibabas research institute Damo Academy has developed a diagnostic algorithm that can detect new coronavirus cases with the chest Computed Tomography (CT) scan. The AI model used in the system has been trained with the sample data from over 5,000 positive coronavirus cases. For another instance, in December 2019, BlueDot, a Canadian start-up that has developed an AI platform for detection of infectious diseases, predicted the outbreak of COVID – 19 infections before the pandemic statement released by WHO.
COVID-19 outbreak is expected to stimulate AI market growth of next-generation tech domains, including AI, owing to the mandated work-from-home (WFH) policy due to this pandemic. For instance, LogMeIn, Inc., a U.S.-based company that provides Software-as-a-Service (SaaS) and cloud-based customer engagement and remote connectivity and collaboration services, has experienced a significant increase in new sign-ups across its all product portfolios amid the pandemic. Also, tech companies are expanding their product offerings and services to widen availability across the globe. For instance, in April 2020, Google LLC launched an AI-enabled chatbot, called Rapid Response Virtual Agent for call centers. This chatbot is built to respond to issues customers might be experiencing due to coronavirus (COVID-19) outbreak over voice, chat, and other social channels.
Solution Insights: Artificial Intelligence Market
Software led the artificial intelligence market and accounted for more than 39.0% share of the global revenue in 2019. This high share is attributed to the prudent improvements in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end AI software in dynamic end-use verticals. Artificial intelligence software solutions include libraries for designing and deploying AI applications, such as those for primitives, linear algebra, inference, sparse matrices, video analytics, and multiple hardware communication capabilities. The need for enterprises to understand and analyze visual content to gain meaningful insights is expected to spur the adoption of AI software over the forecast period 2021-2027.
Artificial intelligence services include installation, integration, and maintenance and support undertakings. The segment is projected to grow at a significant rate in the AI market over the forecast period. AI hardware includes chipsets such as Graphics Processing Unit (GPU), CPU, Application-specific Integrated Circuits (ASIC), and Field-programmable Gate Array (FPGA). Currently, the AI hardware market is lead by GPUs and CPUs due to their high computing capabilities required for AI frameworks. For instance, in November 2019, NVIDIA Corporation introduced the smallest AI supercomputer, called Jetson Xavier NX. This new device is developed for robotic and embedded edge computing devices, including robots, high-resolution sensors for manufacturing and logistics, drones, portable medical devices, and network video recorders, among other industrial IoT systems.
Technology Insights: Artificial Intelligence Market
Deep learning led the market and accounted for more than 39.0% share of the global revenue in 2019. This high share is attributed to its prominence because of its complicated data-driven applications, including text/content or speech recognition. Deep learning offers lucrative investment opportunities as it helps in overcoming challenges of high data volumes. For instance, in March 2018, NVIDIA Corporation announced a strategic partnership with Arm Limited to bring deep learning inferencing to the Internet of Things (IoT) and consumer electronics devices in the global marketplace. Under the agreement, the companies integrated the NVIDIA Corporations deep learning accelerator architecture into Arm Limiteds project trillium platform. This collaboration helped IoT chip manufacturing companies to incorporate AI capabilities into their platforms.
Machine learning and deep learning cover significant investments in AI. It includes both AI platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, and visualization, which facilitate the development of advisory, intelligent, and cognitively-enabled solutions. Growing deployment of cloud-based computing platforms and on-premises hardware equipment for the safe and secure restoration of large volumes of data has paved the way for the expansion of the analytics platform. Rising investments in research and development by leading players will also play a crucial role in increasing the uptake of AI technologies.
End-use Insights: Artificial Intelligence Market
The advertising and media segment led the market and accounted for more than 20.0% share of the global revenue in 2019. This high share is attributable to the growing AI marketing applications with significant traction. However, the healthcare sector is anticipated to gain a leading share by 2027. This segment has been segregated based on use-cases, such as robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identifier, hospital workflow management, preliminary diagnosis, and automated image diagnosis. The BFSI segment includes financial analysis, risk assessment, and investment/portfolio management solicitations. Artificial intelligence has witnessed a significant share in the BFSI due to high demand for risk and compliance applications in the sector.
Other verticals for artificial intelligence systems include retail, law, automotive and transportation, agriculture, and others. The conversational AI platform is one of the most used applications in every vertical. For instance, in April 2020, Google LLC launched a Rapid Response Virtual Agent for call centers. This new chatbot is built to respond to issues customers might be experiencing due to coronavirus (COVID-19) outbreak over voice, chat, and other social channels. An increasing amount of digital data in the form of text, sound, and images from different social media sources is driving the need for data mining and analytics.
Regional Insights: Artificial Intelligence Market
North America lead the AI market and accounted for over 42.0% share of global revenue in 2019. This high share is attributable to favorable government initiatives to encourage the adoption of AI across various industries. For instance, in February 2019, U.S. President Donald J. Trump launched the American AI Initiative as the nations strategy for promoting leadership in artificial intelligence. As part of this initiative, Federal agencies have fostered public trust in AI-based systems by establishing guidelines for its development and real-life implementation across different types of industrial sectors.
Asia Pacific is anticipated to witness significant growth in the market for artificial intelligence. This growth owes to the significantly increasing investments in artificial intelligence. For instance, in April 2018, Baidu, Inc., a China-based tech giant, announced that it has entered into definitive agreements with investors concerning the divestiture of its Financial Services Group (FSG), providing wealth management, consumer credit, and other business services. The investors are led by Carlyle Investment Management L.L.C. and Tarrant Capital IP, LLC, with participation from ABC International, and Taikanglife. Also, a growing number of AI start-ups in the region are boosting the adoption of AI to improve operational efficiency and enable process automation.
Key Companies & Market Share Insights: Artificial Intelligence Market
Vendors in the market for artificial intelligence are focusing on increasing the customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, partnerships, and collaborations with other major companies. For instance, in April 2020, Advanced Micro Devices announced a strategic alliance with Oxide Interactive LLC, a video game developer company, to develop graphics technologies for the cloud gaming market space. Both companies have planned to create a set of tools and techniques to address the real-time demands of cloud-based gaming. Also, in December 2019, Intel Corporation completed the acquisition of Habana Labs Ltd., an Israel-based deep learning company. This acquisition is anticipated to strengthen Intel Corporations AI portfolio and boost its efforts in the AI silicon market.
In September 2019, IBM Watson Health signed an agreement Guerbet, a France-based medical imaging company, for the development of an AI software solution about cancer diagnostics and monitoring. This partnership has marked an extension between their earlier collaboration that was allied with live cancer diagnostics and monitoring. Furthermore, in January 2019, Intel Corporation announced its partnership with Alibaba Group Holding Limited (China), to co-develop AI-powered tracking technology to be deployed at the Olympic Games 2020. This technology is based on Alibabas cloud computing technology and Intels hardware to power a deep learning application to perform the extraction of athletes 3D forms in competition or training. Some of the prominent players in the artificial intelligence market include:
Key companies Profiled: Artificial Intelligence Market Report
- Advanced Micro Devices
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- HyperVerge, Inc.
- International Business Machines Corporation
- IBM Watson Health
- Intel Corporation
- Iris.ai AS.
- Lifegraph; Microsoft
- NVIDIA Corporation; Sensely, Inc.
- Zebra Medical Vision, Inc.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Trusted Business Insights has segmented the global artificial intelligence market report based on solution, technology, end use, and region.
Solution Outlook (Revenue, USD Billion, 2016 – 2027)
Technology Outlook (Revenue, USD Billion, 2016 – 2027)
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
End-use Outlook (Revenue, USD Billion, 2016 – 2027)
- Advertising & Media
- Automotive & Transportation
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