DUBLIN–(BUSINESS WIRE)–The “Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Deployment Mode, Organization Size, Business Function (Law, Security), Vertical, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global AI market size to grow from USD 58.3 billion in 2021 to USD 309.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 39.7%
Various factors such as growth of data-based AI and advancement in deep learning and need to achieve robotic autonomy to stay competitive in a global market are expected to drive the adoption of the AI solutions and services.
The COVID-19 pandemic has encouraged new applications and technological developments within the sector. It has accelerated the adoption of AI in sectors such as healthcare. AI-based tools and solutions are being deployed at scale for responding to the crisis. Technology giants such as Microsoft, Google, Apple, Amazon, and Facebook are taking initiatives related to remote communications between patients and clinicians, contact tracing, and drug development.
During the pandemic, various companies experienced significant increase in pressure from customers, while their number of available employees decreased. Various contact centers were unable to cope with demand or closed because of lockdown restrictions, leading to long delays in customer service queries, which dramatically affected the customer experience. Hence, the demand for conversational AI has been increasing to the forefront of technology enablers.
Besides the healthcare sector, AI has been revolutionizing various industries to uphold business resilience. The education sector started using AI, while even online education start-ups began to offer personalized services in line with the needs and specific requirements of the students.
The COVID-19 crisis has reinforced the need to transform the conventional education system into one driven by technology. Apart from changing the learning methodology, AI-powered machines also enabled educators in several ways, such as tracking student performances, identifying gaps in teaching techniques, and automating mundane administrative tasks.
The software segment to have largest market size during the forecast period
Based on components, the AI market is segmented into hardware, software, and services. The software segment of the report is subsegmented into application programming interface (API) and ML framework, the hardware segment is bifurcated into processor, memory, and network, whereas the services segment is segmented into deployment and integration, and support and maintenance.
The software segment is expected to account for largest market size during the forecast. The software integrated into computer systems carries out complex operations. It synthesizes the data received from the hardware systems and processes it in an AI system to generate an intelligent response.
Large enterprises segment to have the largest market size during the forecast period
The AI market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period.
Large organizations in BFSI, retail, healthcare, and telecommunications verticals need NLP technology for identifying patterns in data. AI helps data management realize which of their practices are ineffective and what all are working best, leading to the adoption of AI solutions in large enterprises.
Among regions, North America to account for largest market size during the forecast period
North America is expected to hold the largest market size in the global AI market. In contrast, APAC is expected to grow at the highest CAGR during the forecast period. The presence of global vendors such as IBM, Google, Microsoft, and AWS would play a vital role in the adoption of AI solutions in the region.
Market Dynamics
Drivers
- Growth of Data-Based AI and Advancement in Deep Learning
- Need to Achieve Robotic Autonomy to Stay Competitive in a Global Market
Restraints
- Limited Number of AI Experts
Opportunities
- Growth in Ethical AI Development to Boost the Adoption of AI Technology
- Increase in Government Initiatives and Growth in Investments to Leverage the AI Technology
Challenge
- Data Security and Privacy Concerns
Investments in Artificial Intelligence
Acquisitions in the AI Market
Patent Analysis
- Methodology
- Document Type
- Innovation and Patent Applications
- Top Applicants
Case Studies
- Retail
- Use Case 1: Asos Used Microsoft Azure Ml Service to Reduce Time-To-Market for Recommendations Model
- Use Case 2: Aws Technologies Helped Artfinder Give Recommendations to Its Customers
- Marketing and Sales
- Use Case 1: US Foods Used Solutions Offered by Snowflake and Datarobot to Analyze Transactions from 300,000 Customers
- Use Case 2: Marketing Technology Companies, Such as G5 and Poder.Io Use H2O.AI Technology to Deliver Innovative Marketing Solutions
- Healthcare
- Use Case 1: Tamil Nadu Egovernance Agency (Tnega) Used An AI-Based Mobile App to Enable the Screening of a Large Number of People for Cataract
- Use Case 2: Inspire Used Ml to Connect Millions of Patients and Caregivers on Aws
- Fintech
- Use Case 1: Humana Used Watson Assistant to Address Customer Queries
- Use Case 2: H2O Driverless AI Used by Various Financial Institutions to Detect and Prevent Fraud
- Security
- Use Case 1: Cybraics Nlighten Platform Helped Prevent Systems from Cyber Threats
- Use Case 2: Cognizant Created An AI-Enabled Smudging Solution for a Large Indian Insurance Company to Protect Biometric Data
- Agriculture
- Use Case 1: the Biochemical Company Built a Digital Solution Possible to Deliver Accurate Product Recommendations Through the Power of AI
- Use Case 2: An Agrochemical Company Used Precision Farming Solution to Predict Mildew Disease Occurring in Crops
- Manufacturing
- Use Case 1: Kia Motors America Relied on Advanced Analytics and AI Solutions from Sas to Improve Its Products, Services, and Customer Satisfaction
- Use Case 2: Coca-Cola Used IBM Watson Services for Core Ml to Identify Equipment Issues, Diagnose Problems, and Troubleshoot Repairs
- Law
- Use Case 1: the Law Society of British Columbia (Bc) Used Dataiku for Risk Ranking and Anomaly Detection
- Use Case 2: Nia Contracts Analysis of Infosys Leveraged Advanced Ml Techniques to Help Customers Derive Insights from Their Contracts and Other Legal Documents
Company Profiles
Key Players
- Microsoft
- IBM
- Intel
- Baidu
- Alibaba Cloud
- Iflytek
- Oracle
- Amazon Web Services
- Salesforce
- Sap
- Sas Institute
- Cisco
- Samsung
- Hpe
- Siemens
- Huawei
- Nvidia
- General Vision
- Mellanox Technologies
- Darktrace
- Cylance
- Didi Chuxing
- Face++
- Inbenta
- Zephyr Health
- Butterfly Network
- Atomwise
- VicarioUS
- Aibrain
- Wave Computing
- Adapteva
- Koniku
- Knuedge
- Sk Hynix
- Progress Datarpm
- Precision Hawk
- Agribotix
- Neurala
- Sentient Technologies
- Insidesales
- Persado
- Mariana
- Drawbridge
- Narrative Science
- Appier
- Gumgum
- Zylab
Other Players
- Graphcore
- Zoox
- Preferred Network
- Zensed
- Applied Brain Research
- Pilot AI Labs
- Iris Automation
- Gamaya
- Ec2Ce
- Descartes Labs
- Mythic
For more information about this report visit https://www.researchandmarkets.com/r/kw59wq
