Global Artificial Intelligence (AI) Market was estimated to be USD 50.13 Bn. in 2020, and is expected to reach USD 233.50 Bn. by 2027, registering a CAGR of 26.1%, during the period of 2021-2027.
Artificial Intelligence (AI) Market Overview:
The market report for Artificial Intelligence (AI) provides a comprehensive analysis of the competition together with data on market share and company profiles for the top international rivals. The study’s scope covers a thorough analysis of the Artificial Intelligence (AI) Market as well as the variables affecting regional variances in the sector’s growth.
Market Scope:
Extensive primary research was conducted to collect data and verify key figures once market engineering, which involved market statistics calculations, market size estimates, market projections, market breakdown, and data triangulation, was finished. Top-down, bottom-up, and other data triangulation approaches were frequently used throughout the market engineering process to conduct market estimates and forecasting for the overall market segments and sub-segments described in this study. All data gathered during the market engineering process is subjected to extensive qualitative and quantitative analysis in order to give crucial information throughout the study.
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Drivers:
The market for artificial intelligence will be driven during the forecast period by the expansion of predictive analytics products that utilise AI-based machine learning technology. Predictive modelling is being used by various end-user businesses all over the world to plan and grow in their specialised industries. One of the major markets for predictive analytics products has been the insurance sector.
The solutions open up numerous possibilities for enhancing crucial elements like services and satisfaction. For instance, the Guardian Life insurance Company of America (Guardian Life) announced a partnership with the AI and predictive analytics company at Atidot in March 2021. The partnership is focused on developing a platform that uses AI and ML to power data-driven decision-making, helping to increase consumer access to insurance products and services.
Segmentation:
The Artificial Intelligence (AI) Market is divided into two categories based on component: Software & Services and Hardware. Over the course of the forecast period, the software & Service segment will dominate the market. Digital assistants (bots) and fraud detection are just a couple of the technology solutions that are increasingly incorporating AI techniques. Opportunities for artificial intelligence solutions in the Fintech industry are being driven by the expansion of big data, flexible cloud platforms, the expansion of global commerce, and changes in the regulatory environment.
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Key Players:
Both primary and secondary research are carried out to determine the market’s leaders and forecast market revenue. The in-depth interviewees for the main study included CEOs, marketing executives, and seasoned front-line workers, to name just a few notable thought leaders and subject matter experts. In-depth interviews with significant thought leaders and business experts, including CEOs, marketing executives, and seasoned front-line personnel, were done as part of the primary research.
Reviewing the annual and financial reports of the major manufacturers was done as part of the secondary study. To compute percentage splits, market shares, growth rates, and global market breakdowns, secondary data is used. The outcomes of these calculations are then contrasted with original information. The following companies dominate the Artificial Intelligence (AI) market:
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Google LLC
• Amazon Web Services Inc.
• Oracle Corporation
• Salesforce.com Inc.
• SAP SE
• SAS Institute Inc.
• Cisco Systems Inc.
• Siemens SE
• NVIDIA Corporation
• Zebra Medical Vision Inc.
Regional Analysis:
The specific market driving forces and changes in market legislation affecting present and future market trends are also included in the regional market research report for Artificial Intelligence (AI) . In order to assess the potential market as a whole and identify profitable patterns to build a stronger foundation, current and upcoming trends are researched. The current environment and expected trends form the foundation of the regional market’s evaluation.
COVID-19 Impact Analysis on Artificial Intelligence (AI) Market:
The growth of end-user industries using Artificial Intelligence (AI) declined between January 2020 and May 2020 as a result of a halt in operations. These nations included China, the United States, the United Kingdom, Spain, France, Italy, and Spain. As a result, both the market for Artificial Intelligence (AI) manufacturers and the earnings of businesses involved in these industries saw a dramatic fall. The market’s growth in 2020 was impacted by this. End-user business demand for Artificial Intelligence (AI) has been significantly reduced as a result of lockdowns and an increase in COVID-19 incidents globally.
Key Questions Answered in the Artificial Intelligence (AI) Market Report are:
- What market sector represented the most percentage of Artificial Intelligence (AI) in 2021?
- To what extent is the marketplace competitive?
- What are the main elements impacting the development of the Artificial Intelligence (AI) market?
- Which region commands the largest market share in Artificial Intelligence (AI) ?
- What is the expected CAGR for the market from 2022 to 2029?
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