Pune, India, Sept. 16, 2021 (GLOBE NEWSWIRE) -- The global Artificial Intelligence (AI) market size is expected to gain momentum by reaching USD 360.36 billion by 2028 while exhibiting a CAGR of 33.6% between 2021 to 2028. In its report titled, “Artificial Intelligence (AI) 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, 2021-2028” Fortune Business Insights mentions that the market stood at USD 35.92 billion in 2020.
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Artificial Intelligence has become immensely popular, and industries across the globe are rapidly incorporating it into their processes to improve business operations and customer experience. Not only the big companies but also the small and medium businesses are investing in this technology. Besides, the advancement and implementation of 5G, cloud computing, and a huge database are the factors, which are propelling its demand.
Thus with its increased demand all over, many companies are offering AI solutions. For instance, in August 2021, Steller Cyber made collaboration with BlackBerry to come up with AI-powered end-to-end security for managed security service providers and enterprises. This will help in identifying and preventing unknown and complex attacks before execution.
COVID-19 Impact
The COVID-19 pandemic adversely affected the world economy. However, the demand for AI Technology amid the pandemic increased dramatically. It was significantly used in the healthcare system during the pandemic crisis as its incorporation helps in enhancing the accuracy and efficiency of diagnostics, treatments, and predictions. For instance, in the US, the government is making use of data from wearable devices to track the COVID-19 symptoms in the citizens. Likewise, the Indian healthcare provider, Aster DM, also made collaboration with the Indian hospitals to offer AI-powered support systems for the healthcare workers in telemedicine.
List of Key Players Profiled in the Report
- Amazon, Inc. (Washington, U.S.)
- Apple Inc. (California, U.S.)
- Facebook LLC (California, U.S.)
- OpenAI, LLC (California, U.S.)
- Qualcomm Technologies, Inc. (California, U.S.)
- IBM Corporation (New York, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Salesforce.com Inc. (California, U.S.)
- Google LLC (Alphabet Inc.) (California, U.S.)
- NVIDIA Corporation (California, U.S.)
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 33.6 % |
| 2028 Value Projection | USD 360.36 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 35.92 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | By Component, By Technology, By Deployment and By Industry, By Region |
| Growth Drivers | Growing Innovation in Artificial Internet of Things (AIoT) to Boost Market Opportunities |
| Increasing Demand for AI Technology in Healthcare Industry amid COVID-19 to Boost Market Growth | |
| The adoption of connected devices is increasing exponentially across various applications. However, IoT devices have comparatively minimal memory. | |
| Pitfalls & Challenges | Limitations in Protecting Privacy to Restrict Market Growth |
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Market Segmentation:
By component, the market is divided into hardware, software, and services. By technology, the market is segmented into computer vision, machine learning, natural language processing, and others. By deployment, it is segmented into cloud and on-premises. By industry, it is divided into healthcare, retail, IT & Telecom, BFSI, automotive, advertising & media, manufacturing, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Driving Factor
Rising Adoption of Hyper-personalized Service to Drive the Market Growth
In recent times, due to excessive competition in businesses, advancements are needed to be done to enhance customer engagement. For this, businesses are investing in technologies to offer their consumers an enhanced experience in a cost-effective manner. This has resulted in the adoption of AI technology to offer consumers personalized and dedicated services in real-time. Additionally, it offers industry-specific customer insights to enterprises to implement hyper-personalized marketing strategies by businesses. This hyper-personalization drives profits, offers real-time data-driven decisions, reduces costs, and optimizes customer satisfaction, and these factors are driving the artificial intelligence market growth.
Regional Insights
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period. This is attributable to the increasing investment done by the United States in AI technology. Moreover, the presence of various market players in the US is expected to boost the regional market. The region’s market stood at USD 14.86 billion in 2020.
Asia Pacific is expected to showcase significant artificial intelligence market share in upcoming years, owing to the increasing implementation of 5G technology in countries such as China, South Korea, Japan, Singapore, and India is likely to escalate the AI use cases in the region.
Competitive Landscape
Key Players to Focus on Acquisitions to Strengthen Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
- July 2021 – Qualcomm Technologies, Inc. announced the acquisition of Twenty Billion Neurons GmbH. With this acquisition, the company will use an on-board AI research team and assets such as the AI research community’s high-quality video dataset from Twenty Billion Neurons GmbH.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- 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
- Global Artificial Intelligence (AI) Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Components/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Artificial Intelligence (AI) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Hardware
- Software
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By Deployment (Value)
- Cloud
- On-premises
- By Industry (Value)
- Healthcare
- Retail
- IT & Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others
- By Region (Value)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- North America Artificial Intelligence (AI) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Hardware
- Software
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By Deployment (Value)
- Cloud
- On-premises
- By Industry (Value)
- Healthcare
- Retail
- IT & Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others
- By Country (Value)
- United States
- By Technology
- Canada
- By Technology
- United States
- By Component (Value)
- Europe Artificial Intelligence (AI) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Hardware
- Software
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By Deployment (Value)
- Cloud
- On-premises
- By Industry (Value)
- Healthcare
- Retail
- IT & Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others
- By Country (Value)
- United Kingdom
- By Technology
- Germany
- By Technology
- France
- By Technology
- Scandinavia
- By Technology
- Rest of Europe
- United Kingdom
- By Component (Value)
- Global Artificial Intelligence (AI) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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