The global AI market is anticipated to grow at a considerable CAGR of 38.7% during the forecast period. The market is growing at a rapid rate due to the rise in the investment in AI technology by big market players. AI emphasizes the creation of intelligent machines that work and reacts like humans. AI will transform each and every business and have the potential to increase profits, market share and revenue. Companies such as Apple, Baidu and Google are working on suites of technology along with it, they are extensively focused on their AI business as well. Amazon is working on robotics and speech recognition, Salesforce on machine learning and virtual agents. BMW, Tesla, and Toyota are also taking interest in robotics and machine learning to develop driverless cars.
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Increased investment and funding for AI start-ups are significantly contributing in the market growth. AI offers productivity enhancement service for various industries which will increase its adoption in diversified applications. The other factors that are boosting the market growth of the global AI market include growth in big data and growth in the adoption of cloud-based services. Further, collaboration between IoT and AI will also significantly drive the growth of the market. However, lack of availability of greater volumes and sources of data and limited skilled professionals will hinder the market growth. Focused high-tech automobile giants such as Tesla and BMW for autonomous cars will further influence the AI market in near future.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global AI Market by Technology
- Natural Language Generation
- Speech Recognition
- Virtual Agents
- Machine Learning
- Robotic Process Automation
- Text Analytics and Natural Language Processing
- AI Optimized Hardware
Global AI Market by End User Industry
- Online Retail Stores
- Automobile Sector
- Banking and Finance
Global AI Market by Offerings
- North America
- United States
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- AIBrain, Inc.
- Artivatic Data Labs Pvt Ltd.
- com, Inc.
- Apple, Inc.
- DeepMind Technologies Ltd.
- Facebook, Inc.
- Google, Inc.
- Microsoft Corp.
- IBM Corp.
- Intel Corp.
- Iris AI AS
- Nano-X Imaging Ltd
- Next IT Corp.
- com, Inc.
- SoundHound, Inc.
- Visense, Inc.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AI market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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