ARTIFICIAL INTELLIGENCE MARKET GROWING AT A CAGR 39.7%

(I-SoftwareNews.Com, July 18, 2022 ) The global Artificial Intelligence 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% during the forecast period. 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.

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COVID-19 is disrupting the world, businesses, and economies, impacting the livelihood of people, their interactions, education systems, and the way people manage their businesses. The ability to sustain has become the new normal as enterprises are concentrating on implementing drastic measures to mitigate the impact of the COVID-19 pandemic. The development of AI solutions has witnessed a slow growth in the first half of 2020 due to the global lockdown. However, the adoption of AI solutions is expected to increase tremendously during the forecast period. A wide range of tools and solutions are being adopted during the pandemic to detect and enforce social distancing and limit the spread of COVID-19. The competition among major AI companies is expected to be furious as new opportunities for AI solutions have grown due to remote work and remote education. New practices such as work from home and social distancing are creating the need for remote monitoring, smart payment technologies, and building the digital infrastructure for large-scale deployments. With a sudden surge in remote workers and online learners, there is an increase in the demand for advanced AI solutions and services.

The services segment to hold higher CAGR 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 services segment is expected to account for higher CAGR during the forecast due to the growing use of AI and analytics for policymaking, environmental analysis, and real-time decision-making.

According to MarketsandMarkets, AI allows machines to learn from experience, intercept new inputs, and perform human-like tasks. Technologies such as Machine Learning (ML) and Natural Language Processing (NLP) are used to train computers to perform specific tasks by processing large volumes of data. AI is gaining momentum as it can add intelligence to the existing products. AI systems offer fast response, tailored approach, highly accurate information, and fewer redundancies — all of which important to achieve high efficiency in an organization. AI combines data from multiple resources and uses it as a knowledge store, which results in accurate predictions related to consumer needs.

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Some of the key players operating in the AI market include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Baidu, Inc. (China), Intel Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Amazon Web Services, Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (US), NVIDIA Corporation (US), Oracle (US), Cisco (US), Siemens (US), Huawei (China), Alibaba Cloud (China), iFLYTEK (China), Hewlett Packard Enterprise Development LP (US), General Vision Inc. (US), Graphcore (UK), Mellanox Technologies (US), Darktrace (UK), Cylance Inc. (US), Didi Chuxing Technology Co. (China), Zoox (US), Face++ (China), Inbenta (US), Zephyr Health Inc. (US), Butterfly Network (US), Atomwise Inc. (US), Vicarious (US), Preferred Network Inc. (Japan), AIBrain LLC (US), Wave Computing Inc. (US), Mythic (US), Adapteva (US), Koniku Inc. (US), KnuEdge Inc. (US), SK Hynix Inc. (South Korea), Progress DataRPM (US), Descartes Labs (US), Gamaya (Switzerland), EC2CE (Spain), Precision Hawk(US), Agribotix (US), Neurala (US), Iris Automation (US), Pilot AI Labs Inc.(US), Sentient Technologies (US), Applied Brain Research (Canada), Twitter (US), InsideSales (US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US), Appier (Taiwan), Zensed (Sweden), and GumGum Inc. (US). These AI vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global AI market.

Google, a publicly held company, was founded in 1998 and is headquartered in California, US. The company’s parent organization, Alphabet, was founded in 2015. Google’s product innovations help increases the use of its services, and the company is one of the most recognized brands in the world. Its core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over 1 billion active users every month. Google has built a platform in the cloud and invests in infrastructure, security, data management, analytics, and AI. The company’s global clientele is spread across verticals, such as automotive, BFSI, retail and eCommerce, education, energy, engineering, entertainment, environment, food, beverage, government, healthcare, manufacturing, media, telecommunications and IT, transportation, and travel and hospitality. As more digital experiences are being built in the cloud, the company’s cloud products are focusing on helping enterprises of all sizes take advantage of the latest technologies and efficiently run their businesses. Google invests in platforms, such as Android mobile OS, Chrome browser, Chrome OS, and Daydream Virtual Reality (VR). It operates through 70 offices in more than 50 countries worldwide. In February 2020, the company completed the acquisition of Looker, a unified platform provider for business intelligence, data applications, and embedded analytics. In the AI market, Google offers numerous products, including Google AI Platform, TensorFlow, Conversational AI, Recommendation AI, and Cloud Tensor Processing Units. These products and solutions help users build AI and ML models in the areas of computer vision, image processing, pattern recognition, NLP, ML, deep learning, neural network, speech and voice recognition, and predictive analytics.

Microsoft was founded in 1975 and is headquartered in Washington, US. The company develops software, services, devices, and solutions to compete in the era of an intelligent cloud and an intelligent edge. The company’s offerings include cloud-based solutions that provide customers with software, platforms, and content. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s platforms and tools help drive the productivity of small businesses, the competitiveness of large businesses, and the efficiency of the public sector. The company works on three pillars, which include privacy, cybersecurity, and responsible AI, to provide tools and frameworks for its customers to encourage policy change. It focuses on investing in data centers and other hybrid and edge infrastructure to enhance its service offerings. Microsoft operates in three segments that include productivity and business processes, intelligent cloud, and more personal computing. The productivity and business processes offer Dynamics business solutions, including Dynamics 365, a set of cloud-based applications across ERP and CRM, Dynamics ERP on-premises, and Dynamics CRM on-premises. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, energy and utilities, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. Microsoft offers the strong portfolio of AI consisting of NLP and ML-based solutions widened its reach across different industry groups. With the development of new Azure Machine Learning (AML), new Visual Studio Tools for AI, Cognitive Services, and new enterprise AI solutions, Microsoft has strengthened its presence in the AI market across the globe.

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ARTIFICIAL INTELLIGENCE MARKET GROWING AT A CAGR 39.7%