Artificial Intelligence Market: Current Analysis and Forecast (2021-2027)

The artificial intelligence market is anticipated to display an elevated CAGR of 26% over the forecast period (2021-2027). The global Artificial intelligence market is expected to witness robust growth mainly due to the rising funding levels and a wide variety of applicability. Also, The COVID-19 pandemic has encouraged new applications and technological advancements within the sector. It has Fastened the adoption of AI in sectors such as healthcare. AI-based tools and solutions are being deployed at scale for responding to the crisis. Technology giants such as Microsoft, Google, Apple, Amazon, and Facebook are taking initiatives related to remote communications between patients and clinicians, contact tracing, and drug development. 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 this pandemic. For instance, LogMeIn, Inc., a U.S.-based company that provides SaaS (Software-as-a-Service) and cloud-based consumer engagement and remote connection and collaboration services, has experienced a significant increase in new sign-ups across its product portfolios amid the pandemic.

Insights Presented in the Report

"Amongst Technology, Deep Learning segment dominated the market in 2020"

Based on technology AI is segmented into deep learning, machine learning, natural language processing (NLP), speech recognition, and others. The deep learning segment grabbed the major market share in the global AI market and dominated the market in 2020. However, the considerable CAGR during the forthcoming years as, NLP gives computers the ability to understand the texts and spoken words; NLP is very significant for healthcare as it panders to a ginormous market of medical transcriptions.

"Amongst industry verticals, healthcare segment dominated the market in 2020"

Based on industry vertical, AI is fragmented into IT and telecommunication, retail and e-commerce, BFSI, healthcare, manufacturing, automotive, and others. The healthcare segment grabbed the major market share in 2020. The practice of AI in healthcare is growing progressively within the industry, from early-stage drug discovery to better comprehension of clinical trial data. However, the use of AI in BFSI is a very lucrative market, especially after the global acceptance of fintech. Also, the manufacturing industry is on its way, to adopting AI, it is believed that it will help them in improving efficiency

"Amongst components, software segment dominated the market in 2020"

Based on the component can be differentiated into hardware, software, and services. The software segment grabbed the major market share and dominated the market in 2020. The need for enterprises to understand and analyze visual content to gain meaningful insights is expected to spur the adoption of AI software over the forecast period. However, the services segment is expected to grow significantly during the forthcoming years.

"Amongst End Users, Healthcare category to witness fastest growth rate"

Based on End-User, AI is fragmented into law, retail, advertising & media, automotive & transportation, agriculture, manufacturing, healthcare, education, and others. The advertising & media segment grabbed the major market share in 2020 and dominated the market.

"North America will Dominate the Market During the Forecast Period"

For a better understanding of the Artificial intelligence, the market is analyzed based on its worldwide adoption in the countries such as North America (US, Canada, and the Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), & Rest of World. North America grabbed the major market share and dominated the market in 2020. In 2019, U.S. President Donald J. Trump launched the American AI Initiative as the nation's strategy for promoting leadership in artificial intelligence. However, the Asia-pacific region would witness a robust CAGR during the forthcoming years increasing investments in artificial intelligence are contributing to the growing market of the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry

• The study comprehensively covers the market across different segments

• Deep dive regional level analysis of the industry

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