Artificial Intelligence Market Size, Share & Trends Analysis Report By Solution, By Technology (Deep Learning, Machine Learning), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global artificial intelligence market size was valued at USD 136.55 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. The continuous research and innovation directed by tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. For instance, in November 2020, Intel Corporation acquired Cnvrg.io, an Israeli company that develops and operates a platform for data scientists to build and run machine learning models, to boost its artificial intelligence business. Technology has always been an essential element for these industries, but artificial intelligence (AI) has brought technology to the center of organizations. For instance, from self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually into every apparatus and program.

AI is proven to be a 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 to make AI more accessible for enterprise use cases. Moreover, various companies adopt AI technology to provide a better customer experience. For instance, in March 2020, McDonald’s made its most significant tech investment of USD 300 million to acquire an AI start-up in Tel Aviv to provide a personalized customer experience using artificial intelligence.

The essential fact accelerating the rate of innovation in AI is accessibility to historical datasets. Since data storage and recovery have become more economical, healthcare institutions and government agencies build unstructured data accessible to the research domain. Researchers are getting access to rich datasets, from historic rain trends to clinical imaging. 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 ANN (Artificial Neural Networks) has also fueled the adoption of AI in several industries, such as aerospace, healthcare, manufacturing, and automotive. ANN works in recognizing similar patterns and helps in providing modified solutions. Tech companies like Google Maps have been adopting ANN to improve their route and work on the feedback received using the ANN. ANN is substituting conventional machine learning systems to evolve precise and accurate versions. For instance, recent advancements in computer vision technology, such as GAN (Generative Adversarial Networks) and SSD (Single Shot MultiBox Detector), have led to digital image processing techniques. For instance, images and videos 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 & surveillance, healthcare, and transportation, among other sectors. Such emerging methods in machine learning are anticipated to alter the manner AI versions are trained and deployed.

The WHO (World Health Organization) declared the novel coronavirus (COVID-19) outbreak a pandemic in 2020, causing a massive impact on businesses and humankind. This pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the outbreak, as several tech giants and start-ups started working on preventing, mitigating, and containing the virus. For instance, the Chinese tech giant Alibaba's research institute Damo Academy has developed a diagnostic algorithm to detect new coronavirus cases with the chest CT (Computed Tomography) scan. The AI model used in the system has been trained with sample data from over 5,000 positive coronavirus cases. In June 2020, Lunit developed an AI solution for the X-ray analysis of the chest for simpler management of COVID-19 cases and offered assistance in interpreting, monitoring, and patient trials.

The COVID-19 outbreak is expected to stimulate the market growth of next-generation tech domains, including artificial intelligence, owing to the mandated WFH (work-from-home) policy due to the pandemic. For instance, LogMeIn, Inc., a U.S.-based company that provides SaaS (Software-as-a-Service) and cloud-based customer engagement and remote connectivity & collaboration services, has experienced a significant increase in new sign-ups across its 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. Thischatbotis built to respond to issues customers might be experiencing due to the coronavirus (COVID-19) outbreak over voice, chat, and other social channels.

Solution Insights

软件解决方案领导市场,占据for more than 36.7% of the global revenue in 2022. 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, has positioned this segment to capture the most significant portion of the market. Artificial intelligence software solutions include libraries for designing and deploying artificial intelligence 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.

公司全面采用人工智能服务减少l operational costs, 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 GPU (Graphics Processing Unit), CPU, application-specific integrated circuits (ASIC), and field-programmable gate arrays (FPGAs). GPUs and CPUs currently dominate the artificial intelligence 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

On the back of its growing prominence because of its complicated data-driven applications, including text/content or speech recognition, the deep learning segment led the market and accounted for around 36.4% share of the global revenue in 2022.Deep learningoffers 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 learningand deep learning cover significant investments in AI. They include 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 client preferences, evolving trends, purchasing behavior, decision-making processes, and more, in a better manner.

End-use Insights

The advertising & media segment led the market and accounted for more than 19.5% of the global revenue share in 2022. 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 a 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 sector due to the high demand for risk & compliance applications along with regulatory and supervisory technologies (SupTech). By using AI-based insights in Suptech tools in financial markets, the authorities are increasingly examining FinTech-based apps used for regulatory, supervisory, and oversight purposes for any potential benefits. In a similar vein, regulated institutions are creating and implementing FinTech applications for reporting and regulatory and compliance obligations. Financial institutions are using AI applications for risk management and internal controls as well. The combination of AI technology with behavioral sciences enables large financial organizations to prevent wrongdoing, moving the emphasis from ex-post resolution to proactive prevention.

Other verticals for artificial intelligence systems include retail, law, automotive & 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. The retail segment 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 over 36.8% share of global revenue in 2022. This high share is attributable to favorable government initiatives to encourage the adoption of artificial intelligence (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 their development and real-life implementation across different industrial sectors.

The regional market in Asia Pacific is anticipated to witness significant growth in the artificial intelligence market. 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 start-ups in the region are boosting the adoption of AI to improve operational efficiency and enable process automation.

Key Companies & Market Share Insights

Vendors in the market 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, and partnerships 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 & 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 Corporation’s AI portfolio and boost its efforts in the AI silicon market.

In September 2019, IBM Watson Health signed an agreement with Guerbet, a France-based medical imaging company, to develop an AI software solution for cancer diagnostics and monitoring. This partnership has marked an extension of their earlier collaboration with live cancer diagnostics and monitoring. Furthermore, in January 2019, Intel Corporation announced its partnership with Alibaba Group Holding Limited (China) to co-develop an AI-powered tracking technology to be deployed at the Olympic Games 2020. This technology is based on Alibaba’s cloud computing technology and Intel’s hardware to power a deep learning application to extract athletes’ 3D forms in competition or training. Some prominent players in the global 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.

Artificial Intelligence Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 196.63 billion
Revenue forecast in 2030	USD 1,811.75 billion
Growth rate	CAGR of 37.3% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD billion, CAGR from 2023 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Solution, technology, end-use, region
Regional scope	North America; Europe; Asia Pacific; South America; MEA
Country scope	U.S.; Canada; Mexico; Germany; U.K.; China; Japan; India; Brazil
Key companies profiled	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.
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Global Artificial Intelligence Market Segmentation

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, Grand View Research has segmented the global artificial intelligence market report based on solution, technology, end-use, and region:

• Solution Outlook (Revenue, USD Billion, 2017 - 2030)

  • Hardware

  • Software

  • Services

• Technology Outlook (Revenue, USD Billion, 2017 - 2030)

  • Deep Learning

  • Machine Learning

  • Natural Language Processing (NLP)

  • Machine Vision

• End-use Outlook (Revenue, USD Billion, 2017 - 2030)

  • 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 Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • Japan

    • India

  • 南美

    • Brazil

  • Middle East and Africa (MEA)