Artificial Intelligence Market

Key Insights

The Global Artificial Intelligence Market is valued at USD 184.08 Billion in 2023 and is projected to reach a value of USD 2922.1 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 41.28% between 2024 and 2032.

Overview and Description

Artificial Intelligence (AI) is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals. Leading AI textbooks define the field as the study of intelligent agents: any system that perceives its environment and takes actions that maximize its chance of achieving its goals.

This report provides an analysis of the Artificial Intelligence market for the historic period of 2019–2022 and forecasts for 2023–2032 while 2022 is considered as a base year for estimations. The report includes exhaustive analysis of segments, regions and countries comprising of market size and estimations in terms of revenue for the years 2019–2032. There regional section of the report is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Moreover, the report also covers exhaustive information on growth factors/drivers, restraints, opportunities, regulatory landscape and technology roadmap among others. Moreover, the report also includes exhaustive SWOT analysis, PEST analysis, value chain analysis, and Porter’s five forces analysis on Artificial Intelligence market. This data is likely to help the industry stakeholders and stimulate the decision-making process.

COVID-19 Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. The Artificial Intelligence market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy. Industrialist across the globe were forced to halt their production, leading to supply chain disruptions and impairing of various industries. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long-term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments

Industry Analysis

Moore’s law, a law about the increasing pace of computing speeds and prices, which held true for the last several decades, stands invalid today. We simply cannot comprehend the exponential rise in computing speed and power in the previous decade or so, and the advances that are yet to come in the coming years.

The other critical development is the speed with which rule-based AI has been replaced by data-based AI, thus, facilitating machine learning. Instead of ‘if/then’ rules, we are now showing machines how to learn and implement processes on their own, and they are getting better at it with time. For example, the more a driverless car drives on the road, the better it gets.

Lack of standards and lack of awareness about use of Artificial Intelligence in agriculture sector in some underdeveloped and developing countries are other factors restraining growth of the target market.

Market Segmentation

The report delivers an acute breakdown of the market based on various segments such as Solution, Technology, End-Use, and region. The report includes market size and forecast for each segment by region/country for the years 2019–2032. Moreover, it also covers a thorough analysis of growth factors and opportunities impacting segmental growth.

On the basis of Solution, the market is divided into Hardware, Software, Services. Software dominated the global Artificial Intelligence market in 2022 and is projected to witness the same trend during the forecast period.

Based on Technology, the market is segmented into Deep Learning, Machine Learning, Natural Language Processing, Machine Vision. Deep learning accounted for the highest market share and is expected to grow at a significant CAGR from 2023 to 2032.

Regional Analysis: Preview

Based on the geography, the global Artificial Intelligence market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Moreover, the regional sections if further bifurcated into key country level markets for better understanding of the market.

The report covers detailed analysis on drivers, business opportunities, regulatory norms, supplier concertation and such other factors impacting regional growth. Moreover, it also covers market estimations and forecast for each segment for each region for the years 2019–2032.

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Competitive Landscape

The global Artificial Intelligence market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Artificial Intelligence market are Google Inc., Microsoft Corporation, Cisco Systems, Nuance Communications, Intel Corporation, IBM, Sentient Technologies, Infosys, AT&T, H2O.ai. This section of the report provides in depth analysis on key market players based on various parameters such as business overview, portfolio analysis, business strategies, financial performance, geographical presence, and recent developments among others. It will also include information on key strategies adopted by major market players.

The global Artificial Intelligence market can be categorized as Type, Application, End-Use Industry, and Region.