Artificial Intelligence Market to Reach USD 175.63 Billion by 2028

Vantage Market Research

Nov 11, 2021

According to analysts at Vantage Market Research, the Artificial Intelligence Market is expected to reach USD 175.63 Billion by 2028, growing at a CAGR of 41.23% from 2021 to 2028. The continuous research and innovation conducted by various industry players are fuelling the adoption of new technologies in the market which forces drive the growth of the Artificial Intelligence Market. This adaption is affected on various industries such as retail, finance, healthcare, automotive, and manufacturing. But the main center of attraction of all these companies is the Artificial Intelligence domain.

Key Findings

  • The machine learning and deep learning segment of the Artificial Intelligence market cover significant investments at a CAGR of 44% in the upcoming years. The applications such as hypothesis generation, tagging, clustering, categorization, alerting, navigation, visualization, and filtering are the reason to propel the growth of the Machine learning and deep learning segment. The rising demand for on-premises hardware equipment and increasing demand for deployment of cloud-based computing platforms for the safe and secure restoration fuel the market growth.
  • Based on Vertical, the advertising and media segment accounted for the highest demand than another segment at a CAGR of 42% during the forecast period. The demand for virtual nursing assistants, robot-assisted surgery, dosage error reduction, clinical trial participant identifier, automated image diagnosis, hospital workflow management, and preliminary diagnosis of the healthcare domain is expected to grow the market in the coming years.
  • North America incorporated the share over 40.0% of the global revenue in 2020. This is due to the government initiatives for the adoption of the artificial intelligence (AI) market in various industries. Real-life implementation across different sectors led to the market growth of the Artificial Intelligence Market in the region.

Major factors that drive the Artificial Intelligence (AI) market growth are advanced analytics, increased potential of R&D, increase in the adoption of big data, and technological advancement across the globe. The government and healthcare industries are developing more data that are accessible to the research domain because of high data storage and high recovery. Thus it helps to propel the market growth in various sectors as well. Furthermore, demand for digital image processing for security and surveillance purpose, Artificial Neural Networks (ANN), progress in profound learning, advanced technologies such as Single Shot Multi-Box Detector (SSD) and Generative Adversarial Networks (GAN) has also boosted the adaption of Artificial Intelligence (AI) market in multiple industries.

The Asia Pacific region is also accounted to witness significant growth of Artificial Intelligence (AI) market in the forthcoming years. This growth is due to the rising investments towards artificial intelligence. Factors such as the increased potential of R&D, demand for digital image processing, technological investments, and high population also support the demand of Artificial Intelligence (AI) market in various countries.

Some of the key players of Artificial Intelligence (AI) market are Alphabet Inc., Microsoft Corporation, IBM Corporation, Baidu, Inc., Intel Corporation, Samsung Electronics Co., Ltd., Amazon Web Services, Inc., SAS Institute Inc., Facebook, Inc., SAP SE, Salesforce.com, Inc., NVIDIA Corporation, Oracle, Cisco, Siemens, Huawei, Alibaba Cloud, iFLYTEK, Hewlett Packard Enterprise Development LP, General Vision Inc., Graphcore, Mellanox Technologies, Darktrace, Cylance Inc., Didi Chuxing Technology Co., Zoox, Inbenta, Zephyr Health Inc., Butterfly Network, Atomwise Inc., Vicarious, Preferred Network Inc., AIBrain LLC, Wave Computing Inc.,  Mythic, Adapteva, Koniku Inc., KnuEdge Inc., SK Hynix Inc., Progress DataRPM, Descartes Labs, Gamaya, EC2CE, Precision Hawk, Agribotix, Neurala, Iris Automation, Pilot AI Labs Inc., Sentient Technologies, Applied Brain Research,  Twitter, InsideSales, Persado, Mariana, Drawbridge, Narrative Science, Appier, Zensed, GumGum Inc. and among others.