The market across Asia-Pacific is estimated to register the highest CAGR during the forecast period. However, the market across North America is estimated to hold the lion’s share throughout the forecast period.
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As per the report published by Allied Market Research, the global artificial intelligence market is estimated to reach $1,581.70 billion by 2030, registering a CAGR of 38.0% from 2021 to 2030. The report highlights the market potential, market characteristics, growth by segmentation, and competitive landscape.
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Pramod Borasi, a Senior Research Analyst at Allied Market Research, stated, “Rise in demand to improve operational efficiency and increase in the cost of manual labor have boosted the growth of the global artificial intelligence market. In addition, technological advancements in the field of artificial intelligence supplement the market growth. However, the high cost of implementation of AI solutions hinders the market. On the contrary, the rise in digital dependence and industry 4.0 trends would open new opportunities in the future.”
Covid-19 pandemic impact on the market:
The Covid-19 pandemic offered some lucrative opportunities to the market players in the AI industry. The rise in digital transformation trends in business organizations and the increase in demand for automation solutions in several small and medium-sized companies fueled the market growth. In addition, AI-based applications empowered several Covid-19 detections, risk exposure, and infection tracking tools.
The global artificial intelligence market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to register the highest CAGR during the forecast period. However, the market across North America is estimated to hold the lion’s share throughout the forecast period.
The global artificial intelligence market is divided on the basis of components, technology, and industry verticals.
Based on technology, the report segments the market into machine learning, natural language processing, computer vision, and others. The machine learning segment would maintain its dominance in terms of revenue from 2021 to 2030.
On the basis of industry vertical, the report divides the market into IT and telecommunication, retail and e-commerce, BFSI, healthcare, manufacturing, automotive, and others. The IT and telecom segment held the largest share and is expected to maintain its dominance throughout the forecast period.
The global artificial intelligence market report includes an in-depth analysis of the major market players such as Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, and Siemens.
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