Artificial Intelligence Market Size to Surpass Around US$ 1,597.1 Bn By 2030

According to Precedence Research, the artificial intelligence (AI) market size is projected to surpass around US$ 1,597.1 billion by 2030 and is expanding growth at a CAGR of 38.1% from 2022 to 2030.

Ottawa, April 19, 2022 (GLOBE NEWSWIRE) -- The global artificial intelligence (AI) market size was valued at US$ 87.04 billion in 2021. The artificial intelligence technology has gained a rapid traction since its introduction in the market. The rising demand for artificial intelligence technology across various induce verticals such as a retail, BFSI, healthcare, food and beverages, automotive, and logistics is significantly contributing towards the growth of the global artificial intelligence market. Furthermore, the rising adoption of the AI technology in the pharmaceutical manufacturing is expected to have a significant impact on the market growth in the forthcoming years.

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The biopharmaceutical companies are increasingly adopting the artificial intelligence technology in various applications such as research, drug discovery, and clinical trials, which is significantly fueling the demand for artificial intelligence technology across the globe. The growing penetration of advanced digital technologies across the globe in various application is supporting the growth of the AI market. The ability of the AI technology to self-learn based on the data and information stored in it is expected to be the most significant feature of the AI technology.

Report ScopeDetails
Market Size in 2021USD 87.04 Billion
CAGR38.1% from 2022 to 2030
Largest MarketNorth America
Fastest Growing RegionAsia Pacific
Companies CoveredIntel Corporation, Microsoft, IBM, Google, Amazon Web Services, Baidu, Inc., NVIDIA Corporation,, Lifegraph, Sensely, Inc., Enlitic, Inc., AiCure, HyperVerge, Inc., Arm Limited

Report Highlights

  • Based on solution, the software segment led the global AI market in 2021. The rising applications of the voice, visual, and text recognition have fueled the adoption of the advanced software technologies. The rising investments in the upgradation and development of new software features based on AI are further fueling the market growth.
  • On the basis of technology, the deep learning segment accounted for a market share of around 38% in 2021 and dominated the market. Deep learning technology deals with the management and storage of huge volume of complex data and information, which is the major need for the modern businesses.
  • By end user, the healthcare segment is expected to become the leading segment during the forecast period. This is attributed to the increased adoption of the AI technology in the robot assisted surgeries, diagnosis, and monitoring of patients. Furthermore, the rising adoption of telehealth is propelling the demand for the AI in the healthcare sector.

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Regional Snapshot

North America is the home to world's top tech giants such as Google, Microsoft, IBM, and Apple, which had played a crucial role in the development and growth of the artificial intelligence market in North America. The increased government initiatives to support the growth of artificial intelligence and the increased investments in the research and development of the artificial intelligence technology for use in various applications has resulted in the dominance of North America in the global artificial intelligence market. The automotive and healthcare industry in North America are among the major users of the artificial intelligence technology. The presence of a leading automotive and leading pharmaceutical companies in North America and the huge demand among them in the manufacturing of products is significantly fostering the growth of the market. Moreover, the presence of developed IT and telecommunications infrastructure in the region is supplementing the growth of the artificial intelligence market.

Asia Pacific is expected to exhibit a highest CAGR during the forecast period. The presence of manufacturing facilities of the top industry leaders of various sectors in the Asia Pacific region is significantly propelling the demand for the artificial intelligence technology in manufacturing sector. Countries like China and India are the manufacturing hub of the world and the rising adoption of artificial intelligence in logistics, warehousing, automotive, and healthcare sector is fueling the growth of the market. Furthermore, the huge demand for consumer electronics in the region is significantly driving the adoption of artificial intelligence in various advanced digital products, thereby fueling the demand for the AI.

Market Dynamics

Driver: Growing focus towards developing autonomy in robots

AI technology is significantly driving the robotics industry. The rising competitiveness in the market has encouraged the businesses to adopt fully automated robots that can interact and perceive the surroundings. The deep learning, machine learning, and other AI technologies are gaining a rapid traction in the development of automated robots across the globe. The surging demand for the robotics across various end use verticals is expected to drive the growth of the artificial intelligence market during the forecast period.

Restraint: Lack of adequate AI experts

AI is the latest technology that have emerged in the past few years. With the rapid emergence of digital and internet technologies, the demand for the AI has witnessed a significant growth across the globe. The major restraint in the growth of the AI market is the lack of adequate number of AI experts, which can restrict many businesses to adopt the AI technology on time. This may hamper the market growth.

Opportunity: Rising government initiatives

The government of various nations are supporting the adoption of the automated and AI technologies to promote industrial growth in the economy. For instance, in February 2019, Donald Trump, the President of the US, launched an American initiative to promote US as leader in the artificial intelligence technology. This type of government initiatives in the developed economies are expected to provide lucrative growth opportunities to the market players in the foreseeable future.

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Challenge: Cybersecurity and data privacy

With the growing adoption of the digital technologies, the risks cyberattack and data breach has increased significantly. These cyberattacks may cause huge financial loses to the organizations and the consumers. Therefore, tackling this data privacy and cyberattack issues is a major threat to the global artificial intelligence market.

Recent Development

  • In September 2019, IBM signed an agreement with a France based medical imaging company, Guerbet, to develop of AI-based cancer diagnostics and monitoring solution.

Market Segmentation

By Type

  • Narrow/Weak AI
  • General/Strong AI

By Technology

  • Machine Learning
    • Deep Learning
    • Supervised Learning
    • Unsupervised Learning
    • Reinforcement Learning
    • Other Technology
  • Natural Language Processing
  • Context-Aware Computing
  • Computer Vision

By Solution

  • Software
  • Hardware
  • Services

By End User

  • BFSI
    • Risk Assessment
    • Financial Analysis/Research
    • Investment/Portfolio Management
    • Others
  • Retail
  • Law
  • Healthcare
    • Robot Assisted Surgery
    • Virtual Nursing Assistants
    • Hospital Workflow Management
    • Dosage Error Reduction
    • Clinical Trial Participant Identifier
    • Preliminary Diagnosis
    • Automated Image Diagnosis
  • Advertising & Media
  • Manufacturing
  • Automotive and Transportation
  • Others

By Business Function

  • Marketing and Sales
  • Security
  • Finance
  • Law
  • Human Resource
  • Other

By Deployment Mode

  • Cloud
  • On-premises

By Organization Size

  • Large enterprises
  • Small and medium-sized enterprises (SMEs)

By System Type

  • Artificial Neural Networks
  • Digital Assistant
  • Automotive Robotics System
  • Embedded System

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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