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Artificial Intelligence Market Outlook
The global Artificial Intelligence Market size in 2027, is likely to attain a value of around 7.38 trillion. During the forecast period of 2022-2027 the global Artificial Intelligence market share is expected to grow at a CAGR of 23%.
The factors like expansion of data-based AI and advancements in deep learning, and the necessity to acquire robotic autonomy to remain competitive in a global market are driving the global Artificial Intelligence market growth.
North America especially the United States of America is the most significant contributor in the global Artificial Intelligence market forecast.
Global Artificial Intelligence Market Trends and Updates
Aug. 23, 2022- Anyscale Inc. is a startup formed at the University of California by Berkeley researchers focused on artificial intelligence that has added USD 99 million more to a prior USD 100 million Series C project financing.
AUGUST 11, 2022- Google LLC launched an update for its search engine employing new artificial intelligence abilities that can enhance the precision of search results.
AUGUST 11, 2022- Wipro Limited has declared the launch of Wipro Shelde Australia, which is a cybersecurity service for the Australian government to provide aid against cybercrime.
July 26, 2022 - Microsoft Corp. quarter end results ending June 30 were USD 51.9 billion in revenue, an increase of 12 percent. Their operational earnings were USD 20.5 billion and increased by 8 percent. The calculated net income came to USD 16.7 billion and rose 2%. Their diluted profits per share were USD 2.23 and grew 3%.
Product Definition and Market Segmentation
Artificial intelligence (AI) is a wide arena of computer science that concentrates on generating intelligent computers that can undertake events that generally require human intelligence. It is the study of smart representatives or techniques that comprehend their environments and take measures that boost their prospects of achieving their goals.
The global Artificial Intelligence market report includes divisions by region North America, Europe, Asia Pacific, the Middle East, and Africa, and South America.
Google LLC, International Business Machines Corporation, Microsoft Corporation, Wipro Limited, and Infosys Limited are the essential players in the global Artificial Intelligence market Research.
The North American Region is Aiding to the Development of the Market
The North American AI market is expected to witness a boom due to several large-scale opportunities being introduced. The growth will be attributed to consumer readiness for AI, technological advancements, and the impact of the rapid accumulation of assets. The United States is the top country propelling the market forward.
Global Artificial Intelligence Market Landscape
AI functions by taking large sets of data and combining them with intelligent, iterative processing algorithms to gain insight into features and patterns in the data being analysed. AI works without breaks and can quickly run through thousands or millions of tasks, gaining more knowledge and becoming competent at whatever task is assigned. It uses various processes, techniques, and other technologies to help understand how AI works. It consists of Machine Learning, Deep Learning, Neural Networks, Cognitive Computing, Natural Language Processing, and Computer Vision.
The Technology’s Application in Several Major Sectors is Bolstering the Procurement of global Artificial Intelligence market
Artificial Intelligence finds applications in healthcare to make faster and better diagnoses using technologies like IBM Watson. Other uses of AI in healthcare are chatbots and assistants that help schedule appointments, billing processes etc., creating global Artificial Intelligence market opportunity.
Software like security information and event management (SIEM) can be used to figure out suspicious activities indicating threats. This can aid companies in fighting cybercrime efficiently.
Technological advances such as industrial robots programmed to carry tasks in the manufacturing segment also aid global Artificial Intelligence market demand.
In business, AI machine learning algorithms can be employed in analytics and customer relationship management (CRM) to enhance user experience.
Its functions, like automating grading in the educational sector, can increase efficiency. It also finds application in finance, helping provide financial advice by collecting personal data.
The study covers global Artificial Intelligence market in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Global Artificial Intelligence Market Key Players
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- Wipro Limited
- Infosys Limited
Market Players Descriptions
Google LLC- Google LLC (Google) is an internet search and advertising service provider concentrated on areas like search, enterprise and hardware products, advertising, platforms, and operating systems functioning all over Asia-Pacific, the Middle East, the Americas, Europe, and Africa.
International Business Machines Corporation- International Business Machines Corporation (IBM) is a multinational technology corporation based in Armonk, New York, America operating in more than 171 countries. They manufacture and supply computer software, middleware and hardware with consulting and hosting services.
Microsoft Corporation- Microsoft is a software development enterprise based in Washington that operates in 190 countries employing over 220,000 people globally.
Wipro Limited- Wipro Limited is a consulting and technology services company that focuses on creating solutions that are innovative and address the clients' shift to digitalisation. They employ over 240,000 employees and business partners in over 66 countries to provide design, operations, consulting, and engineering services.
Infosys Limited- Infosys is a next-generation consulting and digital services provider worldwide. They assist their clients in navigating digital transformation with over 335,000 employees in more than 50 Countries.
1. Executive Summary
2. Global Artificial Intelligence Market Snapshot
2.1. Artificial Intelligence Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.2. Europe
2.2.3. Asia Pacific
2.2.4. Others
3. Impact of Recent Events
4. Artificial Intelligence Value Chain Analysis
5. Major Risk Factors in Sourcing
6. Artificial Intelligence Price Analysis
7. Key Demand Indicator Analysis
8. Key Price Indicator Analysis
9. Artificial Intelligence Market Dynamics
9.1. Drivers & Constraints
9.2. Industry Events
9.3. Innovations & Trends
9.4. SWOT Analysis
9.5. Porter’s Five Forces
9.5.1. Buyer Power
9.5.2. Supplier Power
9.5.3. Threat of New entrants
9.5.4. Threat of Substitutes
9.5.5. Industry Rivalry
10. Industry Best Practices
10.1. Sourcing Strategy
10.2. Procurement Model
10.3. Contract Structure
10.4. Negotiation Levers
10.5. Pricing Model
10.6. Key Factors Influencing the Quotation
11. Key Supplier Analysis
11.1. Google LLC
11.2. International Business Machines Corporation
11.3. Microsoft Corporation
11.4. Wipro Limited
11.5. Infosys Limited
The global Artificial Intelligence market size was valued at USD 192 Billion in 2021.
As per the end-uses provided, the marketing segment is anticipated to lead the market between the period 2022 – 2027.
The paramount need to acquire robotic autonomy to remain competitive in a global market is one of the essential drivers of the Artificial Intelligence market growth.
Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation are some of the leading companies in the market.
The global Artificial Intelligence market development is heavily concentrated in the North America region with the United States leading the market.
The global Artificial Intelligence market price is advancing at an estimated CAGR of 23%.
The following companies Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Apple Inc., NVIDIA Corporation are dominating the market scenario.
During the forecast years of 2022-2027 the market is likely to obtain a total value of 7.38 trillion by 2027.
The global Artificial Intelligence Market attained a value of USD 192 Billion in 2021, driven by the development of the information technology (IT) sector and the growing usage of cloud-based applications throughout the world. Technological advancements in the AI industry, the ever-increasing need for intelligent virtual assistants and the expansion of 5G infrastructure, growing demand for cloud-based intelligence services, and the increasing trend of multi-cloud operations are boosting the market. Aided by the widespread use of AI-integrated systems in various industries such as telecommunications, healthcare, automotive, banking, financial services, and insurance (BFSI), the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 23%. The market is projected to reach USD 664.86 Billion by 2027.
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