Artificial Intelligence Market Report | 2022-2028

Market Insights

The Artificial Intelligence market was projected to grow from USD 74.4 billion in 2021 to USD 723.64 billion by 2028 at a CAGR of over 38.4% during the forecast period.

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What is Artificial Intelligence?

Artificial intelligence (AI), one of the fastest-growing technologies in past few years, is associated to human intelligence with similar characteristics including reasoning, language understanding, problem solving, learning, and others. Manufacturers experience significant underlying intellectual challenges in the development & revision of such a technology.

Key Players

The key players operating in the AI Market are-

• IBM Corporation (US)
• Intel Corporation (US)
• Microsoft Corporation (US)
• Google LLC (US)
• Amazon Web Services Inc. (US)
• Oracle Corporation (US)
• Salesforce.com Inc. (US)
• SAP SE (Germany)
• SAS Institute Inc. (US)
• Cisco Systems Inc. (US).

Market Dynamics

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Growing number of innovative start-ups as well as technology advancements have resulted in an increase in investment in artificial intelligence technologies which are likely to boost the market growth. Also, substantial growth in demand for analyzing along with interpreting large amounts of data are proliferating the product demand. However, dearth of trained staff is expected to hamper the industry growth.

COVID-19 Impact

The COVID-19 pandemic has positively impacted the artificial intelligence industry. The rapid spread of the virus has led to several thousands of hospital admissions. This resulted in less testing of genetic disorders. Also, fear of catching infection and stringent social distancing norms has further affected the demand for Artificial Intelligence amid the pandemic. This pandemic has developed as an opportunity for AI-enabled computer systems to fight against the disease as many tech giants and start-ups are focusing on mitigating, preventing, and containing the virus.

Critical Questions Answered

• What are the key trends in the AI Market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on AI Market?
• What are the key strategies adopted by the major vendors to lead in the AI Market?
• What is the market share of the top vendors?

Segment Analysis

Solution Type

The market has been classified into hardware, software, and services. Under these, the software segment held a significant market share of around 39% in 2021. This is mainly attributed to practical improvements in high computing power, information storage capacity, and parallel processing capabilities to offer high-end AI software in dynamic industries, which boosts the segment growth.

Technology type

The market has been classified into Deep Learning, Machine Learning, Natural Language Processing, Machine Vision. Under these, deep learning segment held a significant market share of more than 35.0% in 2021. and is projected to grow at a robust CAGR in the coming years.

End-Use type

The market has been classified into Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Others. Under these, the advertising and media segment held a significant market share of more than 18.0% in 2021. and is projected to grow at a robust CAGR in the coming years.

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Regional Trends

By region, the North American market held the highest market share of over 40% in 2021 and is projected to grow at a fastest CAGR in the coming years. This is ascribed to large presence of major players, favorable government initiatives to promote the adoption of artificial intelligence (AI) across different verticals, which bolsters the regional market growth.

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Report – Features
Market Segmentation	4
Regions Covered	4
Countries/Sub-Regions Covered	16
No. of Figures & Tables	>150
Company Profiles	10

Target Audience

The target audience of Artificial Intelligence (AI) Market includes-

• AI companies
• AIdistributors
• Software companies
• Government organization

Report Features

This report provides intelligence in the most comprehensive way and the structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

The following are the key features:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

• This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the companies across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Customization

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking,