According to IMARC Group’s latest report, titled “Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,’ Offers a comprehensive analysis of the industry, which comprises insights on artificial intelligence market report.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global artificial intelligence market reached a value of US$ 56.5 Billion in 2021. Artificial Intelligence or AI represents a branch of computer science that focuses on simulating human intelligence for developing programmable machines. It consists of various hardware and software components with high computing capabilities, including a graphics processing unit (GPU), application-specific integrated circuits (ASIC), field-programmable gate array (FPGA), natural language processing (NLP), machine learning (ML), and augmented and virtual reality (AR and VR), etc. Artificial Intelligence-integrated devices are capable of human-like learning, planning, speech recognition, and problem-solving based on past experiences. They lower the downtime required to perform a task, reduce cost outlays, ensure faster decision making, etc. Consequently, artificial intelligence-based equipment find extensive applications across several sectors, such as healthcare, manufacturing, automotive, agriculture, retail, marketing, financial services, transportation, logistics, etc.
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Market Trends
The expanding information technology (IT) industry and the growing usage of cloud-based applications across countries are primarily driving the artificial intelligence market. Additionally, the increasing digitization in numerous industries and the rising need to analyze large amounts of data and extract insights regarding overall operations are acting as significant growth-inducing factors. Moreover, the elevating employment of AI-based algorithms, chatbots, pricing optimization systems, and recommendation engines by social media and e-commerce platforms to improve customer experience and the shifting preferences towards intelligent virtual assistants are also positively influencing the global market. Looking forward, IMARC Group expects the market to reach US$ 308.5 Billion by 2027, exhibiting at a CAGR of 31.9% during 2022-2027.
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List of Key Companies Covered in this Market Report:
- Amazon Web Services Inc. (NASDAQ: AMZN)
- Apple Inc. (NASDAQ: AAPL)
- Baidu (NASDAQ: BIDU)
- Cisco Systems Inc (NASDAQ: CSCO)
- Facebook Inc. (NASDAQ: META)
- General Electric Company (NYSE: GE)
- Google LLC (Alphabet Inc.) (NASDAQ: GOOGL)
- International Business Machines (NYSE: IBM)
- Intel Corporation (NASDAQ: INTC)
- Micron Technology Inc. (NASDAQ: MU)
- Microsoft Corporation (NASDAQ: MSFT)
- Nvidia Corporation (NASDAQ: NVDA)
- Oracle Corporation (NYSE: ORCL)
- Rockwell Automation Inc. (NYSE: ROK)
- Samsung Electronics Co. Ltd. (KRX: 005930)
- SAP SE (NYSE: SAP)
- Siemens AG (OTCMKTS: SIEGY)
Breakup by Type:
- Narrow/Weak Artificial Intelligence
- General/Strong Artificial Intelligence
Breakup by Offering:
- Hardware
- Software
- Services
Breakup by Technology:
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Others
Breakup by System:
- Intelligence Systems
- Decision Support Processing
- Hybrid Systems
- Fuzzy Systems
Breakup by End-Use Industry:
- Healthcare
- Manufacturing
- Automotive
- Agriculture
- Retail
- Security
- Human Resources
- Marketing
- Financial Services
- Transportation and Logistics
- Others
Breakup by Geography:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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