Global Artificial Intelligence Market Size, Share, Growth Analysis, By Solution, By Technology, By Type, By Deployment Mode, By End User, By Business Function, By Organization Size, By System Type - Industry Forecast 2022-2028

Global Artificial Intelligence Market size was valued at USD 86.6 billion in 2021 and is poised to grow from USD 119.7 billion in 2022 to USD 1591.03 billion by 2030, growing at a CAGR of 38.1% in the forecast period (2023-2030).

The global artificial intelligence market is a rapidly growing sector with various applications in industries such as healthcare, finance, and automotive. The market is driven by increasing investments in AI technologies, rising demand for AI-powered solutions, and advancements in machine learning algorithms. However, concerns over data privacy and security, lack of skilled professionals, and high implementation costs may hinder the market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of Artificial Intelligence market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global Artificial Intelligence Market is segmented into solution, technology, type, deployment mode, end user, business function, organization size, system type, and region. By solution, Artificial Intelligence Market is segmented Hardware, Software, and Services. By technology, Artificial Intelligence Market is segmented into Deep Learning, Machine Learning, Natural Language Processing (NLP), Machine Vision. By Type, the Artificial Intelligence Market is segmented into Narrow/Weak AI, General/Strong AI. By Deployment Mode, the Artificial Intelligence Market is segmented into Cloud, On-premises. By End User, the Artificial Intelligence Market is segmented into BFSI, Retail, Law, Healthcare, Advertising & Media, Manufacturing, Automotive and Transportation, Others. By Business Function, the Artificial Intelligence Market is segmented into Marketing and Sales, Security, Finance, Law, Human Resource, Other. By Organization Size, the Artificial Intelligence Market is segmented into Large enterprises and Small and medium-sized enterprises (SMEs). By System Type, the Artificial Intelligence Market is segmented into Artificial Neural Networks, Digital Assistant, Automotive Robotics System, and Embedded System. By region, the Artificial Intelligence Market is segmented into North America, Asia Pacific, Europe, Latin America, and MEA.

Driver

The significant expansion of the artificial intelligence industry on a global scale can be attributed to the rapid adoption of digital technologies and the internet. Companies in the IT sector have invested heavily in research and development, leading to the acceleration of technological advancements in various businesses. With the implementation of artificial intelligence in sectors such as manufacturing, banking and finance, healthcare, automotive, food and beverage, retail, and logistics, the industry is expected to grow exponentially. Technological advancements have been a crucial factor in the progress of most industries throughout history.

Restraint

Although machine learning and deep learning techniques have enabled the provision of relevant outcomes to consumers through search algorithms, recommendation systems, and adtech networks, the industry faces challenges due to data privacy concerns and the extensive use of algorithms. The misuse of these tools may lead to the exploitation of sensitive user data, and even minor errors can result in severe consequences such as system failures and unexpected outcomes.

Trend

The major digital giants such as Apple, Google, Microsoft, IBM, and Amazon are expanding their investments in the enhancement and advancement of various AI applications. This trend is expected to stimulate market growth during the forecast period as these companies aim to improve access to AI technology.