NEW YORK, Nov. 27, 2023 /PRNewswire/ — The global artificial intelligence (AI) market size is estimated to increase by USD 125.3 billion, accelerating at a CAGR of 22.26%. The AI sector experiences notable growth due to its role in preventing fraud and malicious attacks. In recent times, the cybersecurity sector has witnessed an increase in malicious activities, including theft of personal and organizational data. Organizations seek to leverage artificial intelligence to enhance threat detection, pattern recognition, and response time, effectively combating various threats, including Distributed Denial of Service (DDoS) attacks. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report –Request a sample report
Global Artificial intelligence (AI) market – Company Analysis
Company Landscape – The global artificial intelligence (AI) market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer artificial intelligence (AI) in the market are Advanced Micro Devices Inc., Alphabet Inc., Amazon Web Services Inc., Apple Inc., Argo AI LLC, Baidu Inc., China Cambrian Technology Co. Ltd., CognitiveScale, DataDirect Networks Inc., Graphcore Ltd., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nuance Communications Inc., NVIDIA Corp., Oracle Corp., Qualcomm Inc., Tesla Inc., and Wipro Ltd.
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- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report
Vendor Offerings –
- Tesla – The company’s AI-driven approach for vision and planning, coupled with optimized use of inference hardware, is the sole means to attain a comprehensive solution for full self-driving and beyond, which are the core offerings under its AI segment. Additionally, its automotive segment encompasses various services such as non-warranty after-sales vehicle services, used vehicle sales, retail merchandise, sales from acquired subsidiaries to external customers, and revenue generated from vehicle insurance.
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Global Artificial Intelligence (AI) Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Component (Software, Hardware, and Services), End-user (Retail, Banking, Manufacturing, Healthcare, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- Significant growth in the AI sector’s software segment is anticipated during the forecast period. AI software empowers developers to craft intelligent applications, whether enhancing existing ones via machine learning or speech recognition or building entirely new applications using AI platforms. These programming tools, including algorithms, libraries, frameworks, or software stacks, support users in cultivating deep machine learning skills—a significant feature expected to become a standard in software development.
Geography Overview
By geography, the global artificial intelligence (AI) market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global artificial intelligence (AI) market.
- During the forecast period, North America is anticipated to contribute 56% to the global market share of artificial intelligence. The United States spearheads AI investment within North America. As the understanding of AI deepens among investment and business circles, the AI investment and financing landscape is expected to become more balanced, with decreased investment frequency and increased investment volumes. Notably, industries such as healthcare, education, and autonomous driving startups continue favoring leading AI entities post-competitive rounds, with substantial investments outside the United States. Major tech giants like Google LLC, IBM, Microsoft, and Amazon Web Services, Inc., headquartered in the US, heavily invest in AI R&D services, fostering market growth in the region.
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Global Artificial Intelligence (AI) Market – Market Dynamics
- Key Trends – Key trend: Emergence of narrow AI (weak AI) in the artificial intelligence market, exemplified by systems imitating human intelligence for specific purposes, such as Siri by Apple and IBM Watson.
- Narrow AI involves applications like Siri and IBM Watson that employ techniques such as natural language processing, machine learning, and pattern recognition for specific problem-solving without true intelligence or self-awareness.
- Major challenges – Major challenge: Shortage of AI experts hampers AI sector growth, with most companies lacking the necessary expertise and resources to effectively leverage machine learning and deep learning applications.
- Utilizing AI/ML algorithms at scale demands substantial investments and access to large datasets, infrastructure, and expert teams, posing difficulties for many businesses, thus impeding the development of robust AI technology and potentially slowing market growth in the forecast period.
Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a free sample report!
What are the key data covered in this Artificial Intelligence (AI) Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Artificial Intelligence (AI) Market between 2023 and 2027
- Precise estimation of the size of the Artificial Intelligence (AI) Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Artificial Intelligence (AI) Market industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Artificial Intelligence (AI) Market vendors
Related Reports:
Artificial Intelligence-based Cybersecurity Market: The artificial intelligence-based cybersecurity market size is estimated to grow at a CAGR of 22.3% between 2022 and 2027. The market size is forecast to increase by USD 28,285.28 million.
Artificial Intelligence (AI) Chips Market: The artificial intelligence (AI) chips market size is estimated to grow at a CAGR of 61.51% between 2022 and 2027. The market size is forecast to increase by USD 210,506.47 million.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Component
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
