Global AI Market is expected to increase at a CAGR of 32%

The "Global Artificial Intelligence Market" report assesses the global market for Artificial Intelligence (AI) based on its type and use. The information is comprehensive and thoroughly analyzes the market's historical and projected size and trends analysis. In addition, market share analysis and the production capabilities of leading companies, an overview of the competition, the key strategic considerations, growth potential areas, and competitive analysis of the companies based on the Global AI market study are discussed in the report.

Market overview, dynamics, and trends: Continuous government support is essential to propel the development of the global AI market

The global market for artificial intelligence is projected to expand at a rate of 32% over the period 2022-2028. The rising use of AI across various industries has attracted the government's attention, resulting in increasing initiatives and investments. For instance, in 2022, National Security Commission on AI (NSCAI) announced that it would seek to raise funds for research and development to ensure a high level of AI readiness in the US remains AI-ready.

Moreover, NSCAI declared that federal R&D investment in AI will increase by a third each year until 32 billion dollars in 2026. This kind of government support significantly expands the Global AI market opportunities.

Access to historical data sets is essential in driving the pace of AI development. Health institutions and government agencies are producing unstructured data accessible to the research community as storage and recovery have become less expensive. These are expected to increase the need for AI over the next few years.

Moreover, thanks to access to massive data sets, next-generation computing technologies are allowing researchers and information scientists to create more rapidly. In addition, advances in deep learning, ANN (Artificial Neural Networks) have driven AI adoption in various industries, such as manufacturing, aerospace, healthcare, and automobile.

In addition, the financial benefits of automation, the advancements in deep learning, which have led to various applications across industries, and the growing use of IoT technology in daily life are driving the expansion of the Global AI market. AI is gaining traction in many regions, such as sales, marketing production, management of corporate BFSI, and more. AI allows users to improve productivity without sacrificing quality, resulting in lower costs, improved time management, and fewer supervisor tasks.

Segmental Analysis

Based on components, the software segment is expected to dominate the global AI market due to awareness of detecting fraud and preventing cyber-attacks.
Based on the End-user, Banking, Financial Services & Insurance (BFSI) segment is anticipated to hold a dominant share in the market as Consumers look for banks that can provide security for their funds, especially in online transactions. AI can single out irregularities that would otherwise go unnoticed by humans.

Competition Analysis: Increasing adoption from various industry verticals to drive the market demand

Due to the presence of many well-established companies in the Global AI market, there is intense competition. The Global AI market is expected to witness a pool of export opportunities due to the increased adoption of AI in various industry verticals.

Acquisitions, product launches, and partnerships are the identified industry trend in the Global AI market. Significant consolidation is expected in the Global market during the forecasting period 2022-2028.

In August 2022, Amazon entered into a definitive merger agreement under which Amazon will acquire iRobot. iRobot builds innovative cleaning products for the home, making the lives of households easier. The deal has been valued at about US$ 1.7 billion.
In June 2022, Salesforce announced to expand financial services offerings built specifically for banking, wealth management, and insurance institutions. Salesforce for financial services will now offer more targeted and trusted automation and AI powered by Client 360.

Some of the prominent players that contribute significantly to the market include IBM Corp., Intel Corp., Google LLC, Microsoft Corp., Cisco Systems Inc., Oracle Corp., SAP SE, Meta, Salesforce Inc., Amazon.com Inc., Apple Inc., Nvidia Corp., Palantir Technologies Inc., C3.ai Inc., Micron Technology Inc., and others. These players adopt various strategies to reinforce their market share and gain a competitive edge over other rivals in the market. Mergers and acquisitions, product launches, partnerships and collaborations, and geographical expansions are some of the strategies adopted to strengthen their market presence.

By Component

Hardware
Software
- Cloud
- On-premise
Services

By Technology
- Natural Language Processing (NLP)
- Image Processing
- Machine Learning (ML)
- Speech Recognition
- Others (Robotic Process Automation, Computer Vision)
By Organization Type
- Enterprise
- SMEs
- Large Enterprise
- Public Administration
By End User
- Automobile & Transportation
- Healthcare
- Retail & Warehousing
- Manufacturing
- Banking, Financial Services & Insurance (BFSI)
- Media & Entertainment
- IT & Telecom
- Others (Construction, Legal, Education, Energy & Power, etc.)
By Region
- North America
  - US
  - Canada
- Latin America
  - Brazil
  - Mexico
  - Rest of Latin America
- Western Europe
  - Germany
  - UK
  - France
  - Spain
  - Italy
  - Benelux
  - Nordic
  - Rest of Western Europe
- Eastern Europe
  - Russia
  - Poland
  - Rest of Eastern Europe
- Asia Pacific
  - China
  - Japan
  - India
  - South Korea
  - Australia
  - ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Middle East & Africa
  - GCC
  - South Africa
  - Turkey
  - Rest of the Middle East & Africa

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