BANGALORE, India, June 13, 2022 /PRNewswire/ -- Artificial Intelligence (AI) Market by Component (Solution and Services), Technology (Machine Learning, Natural Language Processing, Computer Vision, and Others), and Industry Vertical (IT and Telecommunication, Retail and E-Commerce, BFSI, Healthcare, Manufacturing, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. It is published in Valuates Reports under the Computer Science Category.
The global artificial intelligence market size was valued at USD 65.48 billion in 2020 and is projected to reach USD 1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030.
Major factors driving the growth of the artificial intelligence market are
The global artificial intelligence market is growing due to an increase in demand for intelligent systems to improve efficiency and productivity in sectors such as IT and telecommunications, retail and e-commerce, BFSI, healthcare, manufacturing, and automotive.
During the projected period, increasing digital dependence and industry 4.0 trends are expected to provide lucrative chances for the artificial intelligence market to expand.
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ARTIFICIAL INTELLIGENCE MARKET ANALYSIS
The amount of network equipment and global traffic are both rapidly increasing. This complicates, costs money, and takes time. AI can optimize and automate networks, ensuring that they are healthy and secure while lowering operational expenses. Anomaly detection, root cause analysis, managed services, and network optimization are all examples of AI and machine learning applications in telecom. Anomaly detection systems are critical for spotting performance issues and abnormal network behavior in the field of system monitoring. Reduce and prevent outages by anticipating the decline of key performance indicators and identifying the likely root cause. When it comes to predictive maintenance, AI can make a major difference. AI and ML (Machine Learning) systems may accurately predict and warn about potential hardware problems by recognizing trends in past data. This enables telcos to be highly proactive in terms of maintaining their equipment and resolving issues before they affect end-users. Thus, the growing adoption of artificial intelligence in telecom is expected to drive the growth of the artificial intelligence market.
The increasing adoption of Artificial Intelligence in E-commerce is expected to drive the AI market growth during the forecast period. Artificial intelligence is revolutionizing the online retail sector by anticipating buying trends based on the things that customers buy and when they buy them. Customers benefit from AI's ability to provide a tailored experience by way of accurate product recommendations and advertising. AI algorithms will sift through massive databases in order to extract useful insights into client behavior, allowing them to better predict what a customer needs and when they need it. They can use your buying history to recommend things that are similar to what you're looking for. Also, E-commerce firms are increasingly using chatbots and other virtual assistance to provide 24/7 support to all of their online clients. Natural language processing (NLP) allows these chatbots to interpret voice-based conversations with online shopping and present customized offers to customers.
The growing adoption of AI by banks is expected to further fuel the Artificial intelligence market growth. The front office (conversational banking), middle office (fraud detection and risk management), and back-office (underwriting) are the three key areas where artificial intelligence may help banks save costs. On the front end, AI is being used by banks to make client identification and verification easier, simulate human personnel through chatbots and voice assistants, strengthen customer relationships, and deliver personalized insights and recommendations. Banks are also using AI in middle-office tasks to detect and prevent payment fraud, as well as to strengthen anti-money laundering (AML) and know-your-customer (KYC) regulatory checks. Furthermore, by evaluating data from a variety of standard and non-traditional data sources, AI can assist alternative lenders in determining a client's creditworthiness. This enables lenders to create creative lending systems that are backed by a strong credit scoring model, even for persons with a low credit history.
Artificial intelligence helps support medical imaging analysis, can decrease the cost to develop medicines, build complex and consolidated platforms for drug discovery, and uses data collected for predictive analytics in the healthcare industry. These advantages offered by AI in healthcare are expected to drive the growth of the Artificial intelligence market. AI can evaluate enormous amounts of data maintained by healthcare organizations in the form of photographs, clinical research trials, and medical claims, and can spot patterns and insights that are typically missed by humans. NLP enables AI systems to separate meaningful data by teaching them to recognize and classify data patterns.
Artificial intelligence can take data from sensors, equipment, and people, then apply it to algorithms to improve operations or accomplish light-out production. In the not-too-distant future, Industry 4.0 will transform the global ecology. Artificial intelligence, machine learning, and deep learning models will significantly increase a company's return on investment. The new standard is to mimic human intelligence through loop-based automatic learning. Because self-learning robots can conduct all of the tasks efficiently, predictive maintenance eliminates the need for visual examination. Unsupervised learning is possible using neural networks based on deep learning algorithms, which can help with challenges like time to market, product development, and supply chain management. During the projected period, all of these factors will contribute to the AI market's growth.
Artificial intelligence has a wide range of applications in the automotive industry. AI is currently being used in the automotive industry, in areas such as design, supply chain, production, and post-production. Furthermore, AI is being used in 'driving assistance' and 'driver risk assessment' systems, which is revolutionizing the transportation industry. Artificial intelligence is also changing the aftermarket services such as predictive maintenance and insurance. Thus, the increasing adoption of AI in the automotive industry is expected to drive the growth of the Artificial intelligence market.
ARTIFICIAL INTELLIGENCE MARKET SHARE ANALYSIS
Based on components, the solutions category will give the lucrative potential for expansion in the artificial intelligence market share, due to significant advances in processing power and information storage capacity.
Based on technology, the machine learning category is likely to maintain its lead in the artificial intelligence market share because of its widespread use in complicated industrial applications. The NLP segment, on the other hand, will increase at the fastest CAGR as the popularity of conversational AI grows.
Based on industry verticals, the IT and telecom segment will hold the dominant position in the artificial intelligence market share due to the growing need for robust telecom infrastructure and booming digitization. The healthcare segment will grow the fastest due to significant automation opportunities in the medical space.
Based on region, North America is expected to grow the highest in the artificial intelligence market share due to huge investments and the presence of big AI companies, and startups. The Asia-Pacific will grow the fastest due to rapid digital development.
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- The global AI In Computer Vision market size is projected to reach USD 43640 million by 2028, from USD 8624.9 million in 2021, at a CAGR of 25.5% during 2022-2028.
- The global AI in telecommunication market size is projected to reach USD 14990 million by 2027, from USD 1189 million in 2020, at a CAGR of 42.6% during 2021-2027.
- The global AI Governance market size is projected to reach USD 116.3 million by 2028, from USD 23 million in 2021, at a CAGR of 25.1% during 2022-2028.
- The global Artificial Intelligence in Manufacturing market size is projected to reach USD 28030 Million by 2027, from USD 1688.4 Million in 2020, at a CAGR of 49.3% during 2021-2027.
- The Artificial Intelligence (AI) in the healthcare market was valued at USD 4,836.87 Million in 2019 and is projected to reach USD 99,491.58 Million by 2027, registering a CAGR of 42.8% from 2020 to 2027.
- The global AI in Fintech market is projected to reach USD 17440 million by 2027, from USD 5350.8 million in 2020, at a CAGR of 17.9% during 2021-2027.
- The global conversational AI market size was valued at USD 5.78 billion in 2020 and is projected to reach USD 32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
- The global edge AI hardware market size was valued at USD 6.88 billion in 2020, and is projected to reach USD 38.87 billion by 2030, registering a CAGR of 18.8% from 2021 to 2030.
- The global Edge AI Software market size is projected to reach USD 2773.2 million by 2027, from USD 576 million in 2020, at a CAGR of 24.8% during 2021-2027.
- The Global Natural Language Processing (NLP) market size is projected to reach USD 3081.5 million by 2028, from USD 843 million in 2021, at a CAGR of 20.1% during 2022-2028.
- The global Deep Learning market size is projected to reach USD 11910 million by 2028, from USD 2671.2 million in 2021, at a CAGR of 23.6% during 2022-2028.
- The global Machine Vision market size is projected to reach USD 11380 Million by 2027, from USD 8374.8 Million in 2020, at a CAGR of 4.0% during the forecast period 2021-2027.
- The global Computer Vision market size is projected to reach USD 13380 million by 2028, from USD 8720 million in 2021, at a CAGR of 6.2% during 2022-2028.
- The global Edge Computing market size is projected to reach USD 55930 million by 2028, from USD 8237 million in 2021, at a Compound Annual Growth Rate (CAGR) of 31.1% during 2022-2028
- The global Cloud Computing market size is projected to reach USD 611170 million by 2027, from USD 97010 million in 2020, at a CAGR of 29.2% during 2021-2027.
- The global Artificial Intelligence In Military market size is projected to reach US$ 15630 million by 2028, from US$ 7219.3 million in 2021, at a CAGR of 11.5% during 2022-2028.
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