Artificial Intelligence
AI Market to Reach USD 266.92 Bn by 2027 at 33.2% CAGR; Tech Giants Such as Google and Amazon to Focus on Developing AI-powered Services for End Users: Fortune Business Insights™
Pune, India, April 07, 2021 (GLOBE NEWSWIRE) — The overall AI market is expected to grow from USD 27.23 Billion in 2019 to USD 266.92 Billion by 2027 at a CAGR of 33.1% during the forecast period. Emergence of the COVID-19 pandemic is generating several growth opportunities for the market, observes Fortune Business Insights™ in its report, titled “Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2020-2027”.
Smart technologies are being extensively utilized around the globe to battle the unprecedented health crisis created by the coronavirus pandemic. In France, the start-up Clevy.io has introduced a chatbot to make it easy for people to discover official French government and World Health Organization (WHO) communications about COVID. In the UK, an agri-tech start-up called Mantle Labs is offering its AI-powered crop monitoring solution to retailers for free to ensure stable supply chains across the UK. Another example is the Canadian start-up BlueDot which has deployed its AI capabilities to detect disease outbreaks and was one of the first to raise the alarm when the virus broke out in Wuhan. Thus, the COVID-19 pandemic is widening and deepening the applications of AI-based technologies around the world.
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The report states that the value of the global AI market stood at USD 27.23 billion in 2019 and offers the following:
- Exhaustive analysis of the factors driving and restraining the market;
- Microscopic examination of the different market segments;
- Detailed evaluation of the key market players, their performance, and main strategies; and
- Projections about the upcoming regional opportunities and investment pockets for the market
Industry Developments:
- July 2020: Google’s Project Loon announced that it will be providing stable internet connectivity to subscribers on Telkom Kenya’s network through 35 tennis court-sized balloons. Using its Machine Learning capabilities, Loon will operate and deliver internet services to over 35,000 Kenyans through this project.
- June 2020: Microsoft’s AI for Health Program sanctioned a grant to the Mount Sinai Health System to develop AI-powered digital tools to enhance care for COVID-19 patients. The system involves leading researchers across Mount Sinai and the grant will allow them to support data science centers working in COVID-19 research.
Market Driver
Proliferation of Artificial Intelligence Start-Ups to Augment Market Potential
Promising business opportunities spawned by the advent of AI in the world of technology has led to a proliferation of start-ups worldwide specializing in AI tools and solutions for diverse application areas. For example, the US-based company LivePerson has become a pioneer in understanding customer needs through AI-powered messaging, ensuring a wholesome experience to users. Wint, to take another example, is a company that provides artificial intelligence-based solutions for water treatment applications. In India, AI-based start-ups are speedily gaining traction. For instance, Niramai Health Analytix is a novel start-up based in Bangalore, which has developed innovative software to detect breast cancer. Broadening horizons of these and many more upcoming companies is feeding the artificial intelligence market growth.
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Regional Insights
Growing Adoption of Smart Technologies to Expand Market Size in Asia Pacific
Economies in Asia Pacific are displaying steady growth on account of considerable rise in the adoption of smart technologies such as AI and Internet of Things (IoT), especially in the industrial sector. China and India have been making massive investments in advanced technologies in a bid to digitize their economies, thus aiding the AI market growth in the region.
North America, with a market size of USD 11.40 billion in 2019, is expected to dominate the artificial intelligence market share during the forecast period. Companies the United States and Canada have been developing AI-powered solutions and devices to optimize business processes and increase productivity. In Europe, governments are steadily deploying 5G infrastructure across the continent, which is set to raise the global market value.
Competitive Landscape
Top Players to Focus on Expanding AI to Deliver Enhanced Services
The field of artificial intelligence is a highly specialized one and technological behemoths such as Google and IBM are investing heavily in R&D to come up with novel solutions to improve worldwide connectivity. These companies are constantly initiating projects to deliver enhanced services to backward areas, thus enabling freer access to information globally.
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List of Key Players Covered in the AI Market Report:
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- SAP SE (Walldorf, Germany)
- Qlik Technologies Inc. (Pennsylvania, USA)
- MicroStrategy, Inc. (Virginia, USA)
- IPsoft Inc. (New York, USA)
- Alphabet (Google Inc.) (California, USA)
- Verint Systems Inc. (Next IT Corp) (New York, USA)
- NVIDIA Corporation(California, USA)
- Microsoft Corporation (Washington, USA)
- IBM Corporation (New York, USA)
- Apple Inc. (California, USA)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Hardware
- Software
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By Deployment (Value)
- On-premises
- Cloud
- By Industry (Value)
- Healthcare
- Retail
- IT & Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others (Education, Government, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- North America Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Hardware
- Software
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By Deployment (Value)
- On-premises
- Cloud
- By Industry (Value)
- By Component (Value)
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