Artificial Intelligence Products Market Report
Artificial Intelligence Products Market, By Type (Hardware, Software, Services), By Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision), By End-Use (Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Others) and Region - COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence products market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Artificial Intelligence Products Market, By Type (Hardware, Software, Services), By Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision), By End-Use (Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Others) and Region - ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Artificial Intelligence Products Market is estimated to grow from USD 61.2 billion in 2020 to USD 460.9 billion by 2026 at a healthy CAGR of 40.7% during the forecast period.
Artificial Intelligence is one in every of the fastest-growing technologies within the past few years. AI products are related to human intelligence with similar features like reasoning, language understanding, problem-solving, learning, and others. Manufacturers within the industry witness huge underlying intellectual challenges within the development and revision of such a technology.
Key players operating in the artificial intelligence products market are-
A surge in the number of innovative start-ups and technological advancements has resulted in an increase in investment in artificial intelligence technologies, which boosts product penetration in the coming years. In addition, strong growth in demand for interpreting and analyzing large amounts of data is further boosting the market growth. However, the lack of experienced and trained professionals is likely to hamper the industry growth.
Based on end-use, the artificial intelligence products market is categorized into healthcare, BFSI, law, retail, advertising & media, automotive & transportation, agriculture, manufacturing, others. The healthcare segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Artificial intelligence products are used in the healthcare sector for various applications, such as dosage error reduction, robot-assisted surgery, clinical trial participant identifier, virtual nursing assistants, preliminary diagnosis, hospital workflow management, and automated image diagnosis, thereby bolstering the segment growth.
By region, the North American market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the strong presence of artificial intelligence players in the US. Also, the growing adoption of artificial intelligence (AI) across various industries such as automotive, healthcare, retail, agriculture, marketing, and law, further proliferates the regional market growth.
The COVID-19 outbreak has positively influenced the artificial intelligence products industry. This pandemic is likely to stimulate the market growth of next-generation tech domains, including artificial intelligence, mainly due to the mandated work-from-home (WFH) policy. This coronavirus pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech giants and start-ups are working on preventing mitigating, and containing the virus.
Here is the list of the group of customers that the artificial intelligence products market hopes to have the greatest opportunity to convert-
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The artificial intelligence products market size is expected to reach USD 460.9 billion in the foreseeable future.
Advanced Micro Devices (US), AiCure (US), Arm Limited (UK), Atomwise, Inc. (US), Ayasdi AI LLC (US), Baidu, Inc. (China), Clarifai, Inc. (US), Cyrcadia Health (US), Enlitic, Inc. (US), and Google LLC (US) are among the key players in the artificial intelligence products market.
The artificial intelligence products market is expected to witness an impressive growth of 40.7% CAGR in the coming years.
The healthcare segment is expected to register the healthy CAGR in the artificial intelligence products market in the coming years.
North America is expected to grow at the highest CAGR in the artificial intelligence products market during the next five years.
Artificial intelligence products vendors, Artificial intelligence products retailers, Advertising & media companies, Automotive companies are the target audience in the artificial intelligence products market.