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Artificial Intelligence (AI) Market Size, Industry Analysis Report By component (hardware- AI chipsets, memory units, storage devices, sensors, software- AI platforms, ML Tools, NLP Tools, services- professional, system integration and deployment, AI Technology consulting, support and maintenance, managed), By application (virtual assistants/chatbots, forecasts and modelling, text analytics, speech analytics, computer vision, predictive maintenance), By end-user (banking, financial services and insurance (BFSI), retail, healthcare, media and entertainment, manufacturing, automotive and transportation, education), & Region – Forecasts

  • PUBLISHED ON
  • 2024-01-08
  • NO OF PAGES
  • 273
  • CATEGORY
  • Information Communication & Technology

 

Global Artificial Intelligence (AI) Market Analysis by Component, Application, End-User, Region and segments forecast till 2033

 

Market Overview

The Global Artificial Intelligence (AI) Market is presently worth USD 129,120 million and is poised to amplify at a CAGR of 38.1% over 2023-2033, thereby amassing a valuation of USD 1708,260 million by end of the assessment timeline.

 

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 129,120 million

Market Forecast in 2033

USD 1708,260 million

CAGR % 2023-2033

38.1%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more

Key Companies

AiCure, Amazon Web Services, Inc., Apple Inc., Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc, Google LLC, HyperVerge, Inc., Intel Corporation, International Business Machines Corporation, Lifegraph, Microsoft, NVIDIA Corporation, Oracle Corporation, Sensely, Inc., Siemens, and Others.

 

Global Artificial Intelligence (AI) Market- Description

Artificial intelligence (AI) is the capacity of a digital computer or robot operated by a computer to carry out actions frequently performed by intelligent beings. The phrase is widely used in reference to the effort to create artificial intelligence (AI) systems that possess human-like cognitive abilities like the capacity for reasoning, meaning-finding, generalization, and experience-based learning.

The adoption of cutting-edge technology is being fueled by ongoing research and innovation carried out under the direction of the tech giants in sectors including manufacturing, healthcare, retail, and finance. For instance, to expand its artificial intelligence (AI) business, Intel Corporation purchased Cnvrg.io, an Israeli start-up that creates and runs a platform for data scientists to create and run machine learning models. Nevertheless, technology has always been crucial to many industries, but AI has pushed technology to the forefront of businesses.

Accessibility to historical datasets is the key factor accelerating AI advancement. Healthcare organizations and governmental organizations create unstructured data that is accessible to the research domain since data storage and recovery have gotten more affordable. Rich datasets, ranging from clinical imaging to historical trends in rainfall, are now available to researchers. Information scientists and academics are being encouraged to develop more quickly by the next-generation computing architectures, which have access to large datasets.

 

Global Artificial Intelligence (AI) Market- Key trends

·         Essential to achieve robotic autonomy to stay competitive in a global market

The robotics business is currently undergoing significant change because to AI, especially computer vision and ML. Businesses have begun to think about fully autonomous robots that can observe, interact, and conceive the environment around them in order to stay ahead in a global market. Industries are looking for dependable and skilled technology partners as they start to traverse the current technological transformation. Artificial neural networks are used by deep learning models to handle enormous amounts of data, including texts, photos, and audio in order to produce correct results.

 

·         Rise in governments initiatives and increase in investments to leverage the AI technology

Government attention has been drawn to AI technology by the expanding uses and simple deployment methods, which has resulted in an increase in government investment in AI and related technologies. Budgets for AI-based pilot programmers have begun to be allocated by government authorities, public sector organizations, and NGOs for a variety of AI applications, such as traffic management, document digitization, and road and public safety.

 

Global Artificial Intelligence (AI) Market- Segmental assessment

By component

• Hardware- AI Chipsets, memory units, storage devices, sensors

• Software- AI platform, ML Tools, NLP Tools, and others.

• Services- professional, system integration and deployment, AI Technology consulting, support and maintenance, and managed.

 

By application

• Virtual assistants/ chatbots

• Forecast and modelling

• Text analytics

• Speech analytics

• Computer vision

• Predictive maintenance

• Others

 

By end-user

• Banking, financial services and insurance (BFSI)

• Retail

• Healthcare

• Media and entertaining

• Automotive and transportation

• Education

• Others

 

Global Artificial Intelligence (AI) Market- Geographical landscape

The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Europe is projected to capture a substantial revenue share.

 

Global Artificial Intelligence (AI) Market: Recent Developments

·         In April 2021, Microsoft announced its acquisition of Nuance Communications, a provider of AI-powered speech recognition and transcription technology. The acquisition is expected to enhance Microsoft's cloud-based AI offerings and expand its presence in the healthcare industry.

·         In February 2021, IBM and Palantir Technologies announced a new partnership aimed at helping businesses integrate AI and data analytics into their operations. The partnership is expected to combine IBM's AI and cloud computing expertise with Palantir's data analysis platform.

·         In September 2020, NVIDIA announced its acquisition of Arm, a semiconductor and software design company. The acquisition is expected to expand NVIDIA's presence in the AI and edge computing markets.

·         In June 2020, OpenAI, a leading AI research organization, announced the launch of several commercial AI products, including an API for natural language processing and a platform for developing custom AI models. The products are aimed at making AI more accessible to businesses and organizations.

·         In January 2020, Google announced the opening of a new AI research center in Bangalore, India. The center is expected to focus on developing AI solutions for healthcare, agriculture, and education in India and other emerging markets.

 

Global Artificial Intelligence (AI) Market: Key Companies

·         AiCure

·         Amazon Web Services, Inc.

·         Apple Inc.

·         Arm Limited

·         Atomwise, Inc.

·         Ayasdi AI LLC

·         Baidu, Inc.

·         Clarifai, Inc

·         Google LLC

·         HyperVerge, Inc.

·         Intel Corporation

·         International Business Machines Corporation

·         Lifegraph

·         Microsoft

·         NVIDIA Corporation

·         Oracle Corporation

·         Sensely, Inc.

·         Siemens

·         Others

 

Global Artificial Intelligence (AI) Market: Regional Scope             

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         U.K.

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

·         Rest of Asia Pacific

South America

·         Brazil

·         Argentina

·         Rest of South America

Middle East and Africa

·         Saudi Arabia

·         UAE

·         Egypt

·         South Africa

·         Rest of Middle East and Africa

 

Why to buy this Report?

Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of the market they are operating in or considering entering, and make more informed decisions based on data and analysis.

Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.

Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.

Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.

1. Global Artificial Intelligence Market Introduction and Market Overview

1.1. Objective of the Market Research Study

1.2. Artificial Intelligence Market Definition & Description

1.3. Research Data Parameters & Reporting Timelines

1.3.1. Historical Data Reporting Years – 2020 to 2021

1.3.2. Projected Data Reporting Years – 2022 to 2033

1.3.3. Reporting Data Parameters – Value (US$ Million)

1.4. Global Artificial Intelligence Market Scope and Market Estimation

1.4.1. Global Artificial Intelligence Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)

1.4.2. Global Artificial Intelligence Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033

1.5. Artificial Intelligence Market Segmentation

1.5.1. Component of Global Artificial Intelligence Market

1.5.2. Application of Global Artificial Intelligence Market

1.5.3. End-user of Global Artificial Intelligence Market

1.5.4. Key Regions of Global Artificial Intelligence Market

 

2. Global Artificial Intelligence Market - Executive Summary

2.1. Global Artificial Intelligence Market – Summary & Snapshot

2.2. Global Artificial Intelligence Market, By Component (US$ Million)

2.3. Global Artificial Intelligence Market, By Application (US$ Million)

2.4. Global Artificial Intelligence Market, By End-user (US$ Million)

2.5. Global Artificial Intelligence Market, By Geography (US$ Million)

2.6. Global Artificial Intelligence Market Outlook & Future Opportunities

 

3. Artificial Intelligence Market Trends, Outlook, and Factors Analysis

3.1. Global Artificial Intelligence Market Industry Development Trends under COVID-19 Outbreak

3.1.1. Global COVID-19 Status Overview

3.1.2. Influence of COVID-19 Outbreak on Global Artificial Intelligence Market Industry Development

3.1.3. Pre & Post COVID-19 Trends and Scenarios

3.2. Artificial Intelligence Market Dynamics (Growth Impacting Factors & Rationales)

3.2.1. Drivers

3.2.1.1. Increasing demand for automation and robotic technology expected to boost the AI market in coming years

3.2.1.2. Driver 2

3.2.1.3. Driver 3

3.2.2. Restraints

3.2.2.1. Lack of qualified personnel in the artificial intelligence sector

3.2.2.2. Restraint 2

3.2.2.3. Restraint 3

3.2.3. Opportunities

3.2.3.1. Increased government activities regarding robotic technology and AI technology

3.2.3.2. Surge in investment of major companies in AI technologies.

3.2.3.3. Opportunity 3

3.2.3.4. Opportunity 4

3.2.4. Impact Analysis of Drivers and Restraints

3.3. Ecosystem/ Value Chain Analysis

3.4. Porter’s Five Forces Analysis

3.5. SWOT Analysis

3.6. PEST Analysis

3.7. Average Selling Prices and Pricing Trends Analysis of Artificial Intelligence Market

3.8. Technological Roadmap

3.9. Key Investment Pockets of Artificial Intelligence Market

3.9.1. By Component

3.9.2. By Application

3.9.3. By End-user

3.9.4. By Regions

 

4. Global Artificial Intelligence Market: Estimates & Historic Trend Analysis (2019 to 2021)

4.1. Global Artificial Intelligence Market, 2020 – 2021 (US$ Million)

4.2. Global Artificial Intelligence Market, By Component (US$ Million)

4.3. Global Artificial Intelligence Market, By Application (US$ Million)

4.4. Global Artificial Intelligence Market, By End-user (US$ Million)

4.5. Global Artificial Intelligence Market, By Region, 2020 to 2021 (US$ Million)

 

5. Global Artificial Intelligence Market Estimates & Forecast Trend Analysis, by Component

5.1. Global Artificial Intelligence Market Share (%) Estimates and Forecasts, by Component, 2022 & 2033

5.2. Global Artificial Intelligence Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2022 to 2033

5.2.1. Hardware (000’)

5.2.1.1. AI chipsets

5.2.1.2. Memory Units

5.2.1.3. Storage Devices

5.2.1.4. Sensors

5.2.2. Software

5.2.2.1. AI Platforms

5.2.2.2. ML Tools

5.2.2.3. NLP Tools

5.2.2.4. Others

5.2.3. Services

5.2.3.1. Professional

5.2.3.1.1. System Integration & Deployment

5.2.3.1.2. AI Technology Consulting

5.2.3.1.3. Support & Maintenance

5.2.3.2. Managed

 

6. Global Artificial Intelligence Market Estimates & Forecast Trend Analysis, by Application

6.1. Global Artificial Intelligence Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033

6.2. Global Artificial Intelligence Market Revenue (US$ Million) Estimates and Forecasts, by Application, 2022 to 2033

6.2.1. Virtual Assistants/Chatbots

6.2.2. Forecasts & Modelling

6.2.3. Text Analytics

6.2.4. Speech Analytics

6.2.5. Computer Vision

6.2.6. Predictive Maintenance

6.2.7. Others

 

7. Global Artificial Intelligence Market Estimates & Forecast Trend Analysis, by End-user

7.1. Global Artificial Intelligence Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033

7.2. Global Artificial Intelligence Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2033

7.2.1. Banking, Financial Services and Insurance (BFSI)

7.2.2. Retail

7.2.3. Healthcare

7.2.4. Media and Entertainment

7.2.5. Manufacturing

7.2.6. Automotive and Transportation

7.2.7. Education

7.2.8. Others

 

8. Global Artificial Intelligence Market Analysis and Forecast, by Region

8.1. Global Artificial Intelligence Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033

8.2. Global Artificial Intelligence Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033

8.2.1. North America

8.2.2. Europe

8.2.3. Asia Pacific

8.2.4. Middle East and Africa

8.2.5. South America

 

9. North America Artificial Intelligence Market: Estimates & Forecast Trend Analysis

9.1. North America Artificial Intelligence Market Assessments & Key Findings

9.2. North America Artificial Intelligence Market Share (%) Estimates and Forecasts, 2022 & 2033

9.3. North America Artificial Intelligence Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

9.3.1. By Component

9.3.2. By Application

9.3.3. By End-user

9.3.4. By Major Country

9.3.4.1. The U.S.

9.3.4.2. Canada

 

10. Europe Artificial Intelligence Market: Estimates & Forecast Trend Analysis

10.1. Europe Artificial Intelligence Market Assessments & Key Findings

10.2. Europe Artificial Intelligence Market Share (%) Estimates and Forecasts, 2022 & 2033

10.3. Europe Artificial Intelligence Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

10.3.1. By Component

10.3.2. By Application

10.3.3. By End-user

10.3.4. By Major Country

10.3.4.1. Germany

10.3.4.2. The U.K.

10.3.4.3. France

10.3.4.4. Italy

10.3.4.5. Spain

10.3.4.6. Russia

10.3.4.7. Rest of Europe (includes all other European countries)

 

11. Asia Pacific Artificial Intelligence Market: Estimates & Forecast Trend Analysis

11.1. Asia Pacific Artificial Intelligence Market Assessments & Key Findings

11.2. Asia Pacific Artificial Intelligence Market Share (%) Estimates and Forecasts, 2022 & 2033

11.3. Asia Pacific Artificial Intelligence Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

11.3.1. By Component

11.3.2. By Application

11.3.3. By End-user

11.3.4. By Major Country

11.3.4.1. China

11.3.4.2. Japan

11.3.4.3. India

11.3.4.4. ASEAN

11.3.4.5. South Korea

11.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)

 

12. Middle East & Africa Artificial Intelligence Market: Estimates & Forecast Trend Analysis

12.1. Middle East & Africa Artificial Intelligence Market Assessments & Key Findings

12.2. Middle East & Africa Artificial Intelligence Market Share (%) Estimates and Forecasts, 2022 & 2033

12.3. Middle East & Africa Artificial Intelligence Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

12.3.1. By Component

12.3.2. By Application

12.3.3. By End-user

12.3.4. By Major Country

12.3.4.1. GCC

12.3.4.2. South Africa

12.3.4.3. Egypt

12.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)

 

13. South America Artificial Intelligence Market: Estimates & Forecast Trend Analysis

13.1. South America Market Assessments & Key Findings

13.2. South America Artificial Intelligence Market Share (%) Estimates and Forecasts, 2022 & 2033

13.3. South America Artificial Intelligence Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

13.3.1. By Component

13.3.2. By Application

13.3.3. By End-user

13.3.4. By Major Country

13.3.4.1. Brazil

13.3.4.2. Mexico

13.3.4.3. Rest of South America (includes all other South America countries)

 

14. Competitive Landscape

14.1. Artificial Intelligence Market Revenue Share Analysis (%), by Major Players (2021)

14.2. Artificial Intelligence Market Competition Matrix, by Leading Players

14.3. Artificial Intelligence List of Emerging, Prominent and Leading Players

14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.

 

15. Company Profiles

15.1. Advanced Micro Devices

15.1.1. Company Overview & Insights

15.1.2. Financial Performance

15.1.3. Product / Service Portfolio

15.1.4. Geographical Footprint & Share

15.1.5. Strategic Initiatives & Key Developments

 

*Similar details would be provided for all the players mentioned below

15.2. AiCure

15.3. Amazon Web Services, Inc.

15.4. Apple Inc.

15.5. Arm Limited

15.6. Atomwise, Inc.

15.7. Ayasdi AI LLC

15.8. Baidu, Inc.

15.9. Clarifai, Inc

15.10. Google LLC

15.11. HyperVerge, Inc.

15.12. Intel Corporation

15.13. International Business Machines Corporation

15.14. Lifegraph

15.15. Microsoft

15.16. NVIDIA Corporation

15.17. Oracle Corporation

15.18. Sensely, Inc.

15.19. Siemens

15.20. Others

 

16. Assumptions and Research Methodology

16.1. Data Mining

16.2. Secondary Research

16.3. Primary Research

16.4. Subject Matter Expert Advice

16.5. Quality Check

16.6. Final Review

16.7. Data Triangulation

16.8. Bottom-Up Approach

16.9. Top Down Approach

16.10. Research Flow

16.11. Key Insights from Industry Experts

16.12. Data Sources

16.13. Assumptions

16.14. Limitations

 

17. Conclusions and Recommendations

17.1. Key Research Findings and Conclusion

17.2. Key Insights & Recommendations from Analysts

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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