Latest Study on “Artificial Intelligence Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030”.
Latest Study on “Artificial Intelligence Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030”.
The global Artificial Intelligence market size is expected to be worth around US$ 1,811.9 billion by 2030, according to a new report by Nova one advisor.
The global Artificial Intelligence market size was valued at US$ 93.8 billion in 2021 and is anticipated to grow at a CAGR of 38.9% during forecast period 2022 to 2030.
Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.
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Artificial intelligence researchers continuously improve algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency. These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate the IT infrastructures and make them more resilient and cost reduction.
Various companies are implementing AI-based solutions such as RPA (Robotic Process Automation) to enhance the process workflows to handle and automate repetitive tasks. AI-based solutions are also being coupled with the IoT (Internet of Things) to provide robust results for various business processes. For Instance, Microsoft announced to invest USD 1 billion in OpenAI, a San Francisco-based company. The two businesses teamed up to create AI supercomputing technology on Microsoft’s Azure cloud.
The COVID – 19 pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech companies are working on preventing, mitigating, and containing the virus. For instance, LeewayHertz, a U.S.-based custom software development company, offers technology solutions using AI tools and techniques, including the Face Mask Detection System to identify individuals without a mask and the Human Presence System to monitor patients remotely. Besides, Voxel51 Inc., a U.S.-based artificial intelligence start-up, has developed Voxel51 PDI (Physical Distancing Index) to measure the impact of the global pandemic on social behavior across the world.
Report Scope of the Artificial Intelligence Market
| Report Coverage | Details |
| Market Size | US$ 1,811.9 Billion by 2030 |
| Growth Rate | CAGR of 38.9% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Solution, technology, end use and Region, |
AI-powered computer platforms or solutions are being used to fight against COVID – 19 in numerous applications, such as early alerts, tracking and prediction, data dashboards, diagnosis and prognosis, treatments and cures, and maintaining social control. Data dashboards that can visualize the pandemic have emerged with the need for coronavirus tracking and prediction. For instance, Microsoft Corporation’s Bing’s AI tracker gives a global overview of the pandemic’s current statistics.
Artificial Intelligence is becoming vital to big data as the technology allows the extraction of high-level and complex abstractions through a hierarchical learning process. The need for mining and extraction of significant patterns from high-volume information is driving the growth of artificial intelligence in big data analytics. Furthermore, the technology helps overcome challenges associated with big data analytics, such as the trustworthiness of data analysis, format variation of raw information, highly distributed input sources, and imbalanced input data. Another challenge includes a lack of efficient storage and poor information retrieval as it is collected in large quantities and made available across numerous domains. These challenges are overcome by using semantic indexing to facilitate comprehension and knowledge discovery.
Key Takeaways:
- By Solution, the Asia Pacific artificial intelligence market was valued at USD 20. 11 Billion in 2021 and expected to witness growth at a CAGR of 45.1% from 2022 to 2030.
- The advent of big data is expected to be the cause of the growth of the market as a large volume of data is needed to be captured, stored, and analyzed
- The increasing demand for image processing and identification is expected to drive industry growth
- North America dominated the market and accounted for revenue share of over 42.1% in 2021
- One of the significant concerns restraining industry growth is the need for a large amount of data to train AI systems for character and image recognition
Solution Insights
The software solutions segment led the market and accounted for a revenue share of more than 38.0% in 2021. This high percentage can be attributed to prudent advances in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end services. Furthermore, the ability to extract data, provide real-time insight and aid decision-making positioned this segment to capture the largest portion of the market. AI software in dynamic end-use verticals. Artificial intelligence software solutions include libraries for designing and deploying AI applications, such as 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 artificial intelligence software over the forecast period.
The companies adopt AI services to reduce their overall operational cost, yielding more profit. Artificial Intelligence as a Service, or AIAAS, is being used by companies to obtain a competitive advantage over the cloud. Artificial intelligence services include installation, integration, maintenance, and support undertakings. The segment is projected to grow significantly 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). GPUs and CPUs currently dominate the AI hardware market due to their high computing capabilities required for AI frameworks. For instance, in September 2020, Atomwise partnered with GC Pharma to offer AI-based services to the former and help develop more effective novel hemophilia therapies.
Technology Insights
The deep learning segment led the market and accounted for a revenue share of around 37.2% in 2021. This growth is attributed to its complicated data-driven applications, including text/content or speech recognition. Deep learning offers lucrative investment opportunities as it helps overcome the challenges of high data volumes. For instance, in July 2020, Zebra Medical Vision collaborated with TELUS Ventures to enhance the availability of the former’s deep learning solutions in North America and expand AI solutions to clinical care settings and new modalities. 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.
The 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 artificial intelligence technologies. During the forecast period, the NLP segment is expected to gain momentum. NLP is becoming increasingly widely used in various businesses to understand better client preferences, evolving trends, purchasing behavior, decision-making processes, and more.
End-use Insights
The advertising and media segment led the market and accounted for a revenue share of more than 20.4% in 2021. This high share is attributable to the growing AI marketing applications with significant traction. For instance, in January 2022, Cadbury started an initiative to let small business owners create their AD for free using the face and voice of the celebrity with the help of an AI tool. However, the healthcare sector is anticipated to gain a leading share by 2030. The healthcare 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 the sector’s high demand for risk and compliance applications.
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 the coronavirus (COVID-19) outbreak over voice, chat, and other social channels. Retail is anticipated to witness a substantial rise owing to the increasing focus on providing an enhanced shopping experience. An increasing amount of digital data in text, sound, and images from different social media sources is driving the need for data mining and analytics. In the entertainment and advertising industry, AI has been creating a positive impact, and companies are using AI techniques to promote their products and connect to the customer base.
Regional Insights
North America dominated the market and accounted for a revenue share of over 42.5% in 2021. 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 nation’s 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 industrial sectors.
In Asia Pacific, the market is anticipated to witness significant CAGR over the forecast period. 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 had 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 LLC and Tarrant Capital IP, LLC, with participation from ABC International, and Taikanglife, among others. 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.
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Some of the prominent players in the Artificial Intelligence market include:
- Advanced Micro Devices
- AiCure
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- H2O.ai.
- HyperVerge, Inc.
- International Business Machines Corporation
- IBM Watson Health
- Intel Corporation
- Iris.ai AS.
- Lifegraph
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
- Zebra Medical Vision, Inc.
Segments Covered in the Report
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 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Artificial Intelligence market
- Solution
- Hardware
- Software
- Services
- Technology
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
- End-use
- Healthcare
-
- Robot Assisted Surgery
- Virtual Nursing Assistants
- Hospital Workflow Management
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Automated Image Diagnosis
- BFSI
- Risk Assessment
- Financial Analysis/Research
- Investment/Portfolio Management
- Others
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
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Objectives of the Study
- To define, describe, and forecast the Artificial Intelligence market based on type, technology, application, end user, and region
- To provide detailed information regarding the major factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
- To profile key market players and comprehensively analyze their product portfolios, market shares, and core competencies
- To track and analyze competitive developments, such as product launches, expansions, acquisitions, agreements, and collaborations in the Artificial Intelligence market
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