PUBLISHER: Orion Market Research | PRODUCT CODE: 1078177
PUBLISHER: Orion Market Research | PRODUCT CODE: 1078177
Global Artificial Intelligence (AI) Market by Technology (Natural Language Generation, Speech Recognition, Virtual Agents, Machine Learning, Robotic Process Automation, Biometrics), by End-User (Journalism, Entertainment, Online Retail Stores), by Offerings (Hardware, Software, Services) Forecast 2022-2028
The global AI market is anticipated to grow at a considerable CAGR of 38.7% during the forecast period. The artificial intelligence algorithms application is not limited to use in supercomputers and quantum computers, it is broadly used among various end-user verticals such as banking, investments, finance and accounting, automotive, and manufacturing. Such applications of artificial intelligence technology are expected to contribute to the development of the artificial intelligence industry in the coming year. Rise in the demand for intelligent systems to enhance efficiency and productivity is propelling the growth of the artificial intelligence market. However, technological advancements in the industry such as faster speech recognition and natural language processing are positively impacting the growth of the market.
Moreover, government investment in AI and contribution of key players in the technological innovation, boost the market growth. For instance, according to the Business and Technology of Enterprise AI, the Federal spending on AI rose to nearly $1 billion in FY 2020, up 50% from FY 2018, making it one of the fastest growing emerging technology investment areas, and purchasing of AI-related services reached $1.9 billion, increasing nearly 70% from 2018 to 2020.
The global AI market is segmented on the basis on technology, end user, and offerings. Based on technology, the market is sub-segmented into natural language generation, speech recognition, virtual agents, machine learning, robotic process automation, biometrics, text analytics and natural language processing, AI optimized hardware. Based on technology, the natural language processing segment is projected to grow at the fastest rate. The NLP enables a machine to understand a text, and also provides the capacity for expression, for instance by enabling it to create a summary. NLP is used in customer care, automatic summaries, and text analysis, and the analysis of sentiment, to measure the level of emotion in a particular piece of speech and to interpret whether the speaker is in favor of, against, ironical, and so forth vis-a-vis the concept expressed. Owing to its broader applications and benefits the demand for natural language processing remained stagnant throughout the year.Based on end user industry, journalism, entertainment, online retail stores, automobile sector, healthcarebanking and finance, manufacturing, home appliances, and online customer support. Based on offerings, the market is bifurcated into hardware, software, and services.
Geographically market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.The European region has a robust innovation ecosystem, which is fueled the growth of the market. Along with the presence of visionary scientists and entrepreneurs, and renowned research institutions coming together to launch new and innovative products and offers various services related to AI, propelled the development of artificial intelligence in the European region.
The major companies serving the global AI market are Amazon.com, Inc., Apple, Inc., Bizzabo, DeepMind Technologies Ltd., Facebook, Inc., Google, Inc., Microsoft Corp., IBM Corp.,and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market.For instance, in September 2020 Google Cloud and C3 AI entered into a partnership to co-sell C3 AI's enterprise artificial intelligence application that runs on google cloud. The C3 AI enterprise artificial intelligence provides assistance tomanufacturing, supply chain, financial services, health care, and telecommunication industries.
Research Methodology
The market study of the global AI marketis incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers
Category-Information & Communications Technology(ICT)