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Artificial Intelligence Market to Reach USD 28.75 Billion by 2022 with CAGR of 62.20%

Press Release

Industry Outlook and Trend Analysis

The Artificial Intelligence Market was worth USD 0.23 billion in the year of 2012 and is expected to reach approximately USD 28.75 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 62.20% during the forecast period. Impressive enhancements in business prospects of AI deployment and enhancements in powerful artificial intelligence arrangements are driving the business development. Quick developments in fast data storage capacity, high computing force, and parallelization have added to the quick take-up of the robotics and artificial intelligence technology in end-use businesses, for example, healthcare and automotive. Further, the requirement for comprehension and analyzing visual contents, for increasing important bits of knowledge, is anticipated to boost the business over the estimate time frame. The machine intelligence field holds secure development prospects, inferable from which, the major players are concentrating on building up a coordinated arrangement including software and hardware. Moreover, to increase their client base, a few sellers have teamed up with merchants and end users for the distribution of their product. The expanding noticeable quality of parallel processing applications is prompting expanded implementation of the technology in logical trains, for example, data science and artificial intelligence. Associations are using artificial intelligence to separate profitable insights of knowledge from data for giving creative products and enhancing the experience of consumers; thereby, boosting the development of the market. Artificial Intelligence is receiving prominence because of its intricate, information driven applications, for example, voice and picture recognition. It provides an incredible opportunity for investment, as it can be used over different technologies to defeat the difficulties of high volumes of data, high processing force, and enhancement in information storage. The quick implementation of artificial intelligence in end-use sectors, for example, automotive, retail, and healthcare is anticipated to enlarge market development over the gauge time frame.

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Solution Outlook and Trend Analysis

The market division, in light of AI solution type, incorporates software, hardware and related service solutions. Dynamic direct income gathered from sources, for example, service solutions and software, is anticipated to lead the market over the estimate time frame. The hardware portion incorporates chipsets, for example, Graphics Processing Unit (GPU), Field-Programmable Gate Array (FPGA), Central Processing Unit (CPU), and, Application-Specific Integrated Circuits (ASIC). Presently, the industry is ruled by CPUs and GPUs because of their high processing capacities that are required for artificial intelligence structures. The portion is anticipated to be the quickest developing in the upcoming years. AI-based software incorporate libraries for deploying and designing artificial intelligence applications including those for, multi-hardware communication capabilities, inference, linear algebra, primitives, sparse matrices, and video analytics. Further, the service portion incorporates integration, installation, and support undertakings and maintenance. AI service solutions market is anticipated to develop at a significant pace over the conjecture time frame. Reasonable enhancements in data storage capacity, parallel processing capabilities, and high computing power have additionally added to the quick take-up of the artificial intelligence technology in unique end-use verticals. Also, the requirement for analyzing and comprehending visual contents, among enterprises to increase important insights, is anticipated to boost the business over the estimate time frame.

Technology Outlook and Trend Analysis

The Artificial Intelligence sector is sectioned by center advancements into Natural Language Processing (NLP), Machine Vision archetype, Machine Learning, and Deep Learning. Deep Learning technology section is foreseen to command the AI market on the basis of income over the estimate time frame5. ‘Deep Learning’ technology is picking up unmistakable quality because of its unpredictable information driven applications including image and voice recognition. It offers a considerable opportunity for investment as it can be used over different innovations to beat the difficulties of high computing power, improvement in data storage, and data volumes. The machine learning and deep learning would cover the significant investment region in AI all through the gauge time frame. It incorporates cognitive applications such as text and rich media analytics, machine learning, filtering, searching, tagging, clustering, navigation, visualization, hypothesis generation, question answering, and cautioning and AI stages, which encourage the advancement of cognitively enabled, intelligent, and advisory arrangements. Developing deployment of cloud-based computing stages and in light of premises hardware equipment for the secure and safe reclamation of the vast volume of information have made ready for the extension of the examination stage. The rising interests in research and development by the major players for advancements of products plays a critical part. Machine learning technology encourages various opportunities for the developing retail sector by scaling human aptitude with its decision support and real-time learning capacities. It empowers retailers to give more altered encounters and is ready to permit a more extensive range of development that guarantees to transform the retail business. The AI market incorporates end-use verticals, for example, manufacturing, law, healthcare, advertising & media, agriculture, BSFI, transportation, retail, and others. The advertising & media section ruled the general market and represented more than 20 percent of the aggregate share of the market in 2016.

End User Outlook and Trend Analysis

The AI Market by healthcare application additionally isolated in to use cases including, hospital workflow management, and robot assisted surgery, dosage error reduction, virtual nursing assistants, hospital workflow management, automated image diagnosis, and preliminary diagnosis. Furthermore BFSI applications market additionally incorporates, investment/portfolio management solicitations, risk assessment, financial analysis/research. Artificial Intelligence has seen significant development in the current past because of the need for progression in the ranges of object perception, machine translation, and object recognition. The landscape of infrastructure and tools for preparing and sending of neural systems through ‘Machine Learning’ is further developing quickly. The fast uptake of artificial intelligence in end-use enterprises, for example, business and retail investigation is anticipated to enlarge development throughout the following couple of years. Artificial intelligence technology is widely deployed by a few online and mobile administrations, for example, Amazon’s Alexa, Microsoft Cortana,dialogue and voice recognition of Siri, Google Assistant, and image classification in Facebook & Google Photo. The expanding measure of digital data as images, speech, and videos, from various sources of social media, for example, consumer analytics and IoT, is boosting the requirement for information mining and analytics.

Regional Outlook and Trend Analysis

On the basis of regions, the market is sectioned into South America, Asia Pacific, North America, Europe, and the Middle East and Africa (MEA). In 2016, North America administered the worldwide AI market on the basis of income, attributable to the accessibility of high government subsidizing, the existence of major players in the district, and solid specialized selection base. The district is expected to rule the market over the estimate time frame. Moreover, the embrace of cloud-based administrations in nations, for example, the Canada and United States, is altogether adding to the regional market development. In Europe, the cloud-based AI deployment is anticipated to encounter striking development in the anticipated a very long time because of expanding interest of consumers towards favorable circumstances, for example, simple record control and quicker and on-request access to information. Further, numerous private and public associations have been gathering domain-specific data including issues, for example, marketing, fraud detection, medical informatics, national intelligence, and marketing. Enormous information based AI calculations help in dissecting such disorderly and unsupervised information by ceaselessly enhancing each arrangement of information. The territorial markets in South America, Asia Pacific, and the MEA area are foreseen to encounter striking development amid the gauge time frame. The feasible ascent in innovative improvement after some time particularly in the lower developing nations in the Asia Pacific locale prompted the interest for the fuse of the AI technology to go up.

Competitive Insights

Artificial Intelligence commercial center gives exceptional chances to venture firms, organizations, and advisors searching for mergers or acquisitions. The persevering requirement for digital transformation is empowering mergers and acquisitions at record levels among specialized and non-specialized AI stake-holding organizations. The major players are IBM Watson Health, Zebra Medical Vision Inc, Enlitic, Intel, Lifegraph, Microsoft Corporation, Baidu, Atomwise and Google.

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The global Artificial Intelligence Market is segmented as follows-

By Solution:

  • Software (SW)
  • Hardware (HW)
  • Services

By Technology:

  • Machine Learning
  • Machine Vision
  • Deep Learning
  • Natural Language Processing

End User Outlook:

  • BFSI
  • Retail
  • Automotive & Transportation
  • Manufacturing
  • Healthcare
  • Law
  • Advertising & Media
  • Agriculture
  • Others

By Region:

  • North America
  1. US
  2. Canada
  3. Mexico
  • Europe
  1. Germany
  2. UK
  3. France
  4. Russia
  5. Italy
  6. Rest of Europe
  • Asia-Pacific
  1. China
  2. Japan
  3. South Korea
  4. India
  5. Southeast Asia
  6. Rest of Asia-Pacific
  • South America
  1. Brazil
  2. Argentina
  3. Columbia
  4. South Africa
  5. Rest of South America
  • Middle East and Africa
  1. Saudi Arabia
  2. UAE
  3. Egypt
  4. Nigeria
  5. South Africa
  6. Rest of MEA

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Some of the key questions answered by the report are:

  • What was the market size in 2012 and forecast from 2013 to 2022?
  • What will be the industry market growth from 2013 to 2022?
  • What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
  • What are the major segments leading the market growth and why?
  • Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

 

About the author

Nehal Chinoy

Much like her co-founder, Nehal gets her entrepreneurial spirit from her family. However being the independent person she is, she started a business venture of her own early on since college. She opened a studio where she singlehandedly made and sold dreamcatchers, which was quite a raging trend then. Having tasted the success, her motivation for being an entrepreneur grew from there.

Today, as a co-founder and sales director, she oversees several functions including information procurement, sales and operations at Qurate Business Solutions.