Artificial Intelligence (AI) Market Is Projected to Reach USD 169.9 Billion in 2026

Global Artificial Intelligence Market reveals that the market is slated to register a steady CAGR of 30.1% during the forecast period. This is mainly attributed to the strong adoption of cloud-based applications and services and the rising big data.


DUBLIN, DUBLIN -- (SBWIRE) -- 03/01/2021 -- Artificial Intelligence Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The strong adoption of cloud-based applications and services and the rising big data worldwide are the key drivers contributing to the growth of the global Artificial Intelligence market size. Advanced AI technologies are rapidly improving the performance of countries, various sectors, and businesses. The high demand for intelligent virtual assistants across multiple verticals in various sectors will further surge the growth of the global Artificial Intelligence (AI) market share in terms of revenue in the coming years. According to the Artificial Intelligence market forecast, the rising incorporation of image recognition technology with optical character recognition, face recognition, and pattern matching in numerous end-use applications, including self-driving cars and robotics, drones will support the growth of the artificial intelligence market in the upcoming years.

Several multinational organizations are widely emphasizing on mergers and acquisitions with start-ups to cater to the growing demand of the customer. For example, Microsoft Corporation took over Maluuba in 2017, focusing on advancing in the deep learning and AI landscape. The growing AI technologies will bring lucrative opportunities in the market, thus attracting many customers to opt for AI-based solutions worldwide. Additionally, the rising demand for AI-powered industrial robots in emerging countries that include Japan and China, will further bolster the growth of the market. On the other edge, the factors hindering the market growth include the struggle in data labeling and limited application of AI in complex models, followed by the limited number of AI experts.

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Artificial Intelligence Market's leading Manufacturers:
- Intel Corporation
- NVIDIA Corporation
- Samsung
- Xilinx
- Micron Technology, Inc.
- IBM Corporation
- Microsoft Corporation
- Google
- Amazon Web Services (AWS)
- Facebook

Offering Segment Drivers

Based on offering, the global artificial intelligence market is segmented into software, hardware, and services. The hardware is expected to increase at a higher CAGR in the upcoming years due to the strong demand for hardware platforms with a high level of computing power to run various AI software. The AI systems are becoming more sophisticated, thereby making it mandatory to develop new hardware that will fuel the training and performance of the neural network while decreasing power consumption.

Artificial Intelligence Market Segmentation:

Segmentation by Offering:

- Hardware

o Processors
? Others
o Memory
o Network

- Software

o AI Platforms
? Application Program Interface (API)
? Machine Learning Framework
o AI Solutions
? On Premises
? Cloud

- Services

o Deployment & Integration
o Support & Maintenance

Segmentation by Technology:

- Machine Learning
o Deep Learning
o Supervised Learning
o Unsupervised Learning
o Reinforcement Learning
o Generative Adversarial Networks (GANS)
o Others

- Natural Language Processing (NLP)
- Context-Aware Computing
- Computer Vision

Segmentation by Type:

- Narrow/Week AI
- General/Strong AI

Segmentation by End-User:

- Healthcare

o Patient Data & Risk Analysis
o Lifestyle Management & Monitoring
o Precision Medicine
o Inpatient Care & Hospital Management
o Medical Imaging & Diagnostics
o Drug Discovery
o Virtual Assistant
o Wearables
o Research

- Manufacturing

o Material Movement
o Predictive Maintenance and Machinery Inspection
o Production Planning
o Field Services
o Reclamation
o Quality Control

- Automotive

o Autonomous Driving
o Hmi
o Semiautonomous Driving

- Agriculture

o Precision Farming
o Livestock Monitoring
o Drone Analytics
o Agricultural Robots
o Others

- Retail

o Product Recommendation and Planning
o Customer Relationship Management
o Visual Search
o Virtual Assistant
o Price Optimization
o Payment Services Management
o Supply Chain Management and Demand Planning
o Others

- Security

o Identity and Access Management
o Risk and Compliance Management
o Encryption
o Data Loss Prevention
o Unified Threat Management
o Antivirus/Antimalware, Intrusion Detection/Prevention Systems
o Others

- Human Resources

o Virtual Assistant
o Applicant Tracking & Assessment
o Personalized Learning and Development
o HR Analytics
o Job Recommendation
o Sentiment Analysis

- Marketing

o Social Media Advertising
o Search Advertising
o Dynamic Pricing
o Virtual Assistant
o Content Curation
o Sales & Marketing Automation
o Analytics Platform
o Others

- Law

o Ediscovery
o Legal Research
o Contract Analysis
o Case Prediction
o Compliance
o Others

- Fintech

o Virtual Assistant
o Business Analytics & Reporting
o Customer Behaviour Analytics
o Others

- Construction

o Project Management
o Field Management
o Risk Management
o Schedule Management

- Defence

o Warfare Platform
o Cyber Security
o Target Recognition
o Battlefield Healthcare
o Simulation & Training
o Planning & Allocation
o Threat Monitoring & Situational Awareness
o Information Processing
o Other

- Aerospace

o Smart Maintenance
o Flight Operations
o Training, Surveillance
o Virtual Assistants
o Dynamic Pricing
o Manufacturing
o Others

- Supply Chain

o Fleet Management
o Supply Chain Planning
o Warehouse Management
o Virtual Assistant
o Risk Management
o Freight Brokerage
o Others

- Building Automation
- Consumer
- Food & Beverage
- Gaming
- Media and Entertainment

- Telecommunication

o Predictive Maintenance & Machine Inspection
o Customer Analytics
o Network Security
o Network Optimization
o Self-Diagnostics
o Virtual Assistance
o Others

- Oil & Gas

o Predictive Maintenance & Machine Inspection
o Material Movement
o Production Planning
o Field Services
o Quality Control
o Reclamation

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)

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