Artificial Intelligence Market Worth $407.0 Billion By 2027, Growing At A CAGR Of 36.2%: Report By MarketsandMarkets™

Chicago, May 17, 2023 (GLOBE NEWSWIRE) — The global Artificial Intelligence Market size to grow from USD 86.9 billion in 2022 to USD 407.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 36.2% during the forecast period, according to a new report by MarketsandMarkets™.  The acceptance of cutting-edge technology is being fueled by ongoing technology and development carried out under the direction of the technology companies in sectors including manufacturing, healthcare, retail, and finance.

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497 – Tables
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441 – Pages

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Scope of the Report

Since its release on the market, artificial intelligence technology has quickly acquired acceptance. The worldwide artificial intelligence market is expanding considerably as a result of the increasing demand for artificial intelligence technology across several industry verticals, including retail, BFSI, healthcare, food and beverage, automotive, and logistics. Additionally, it is anticipated that the market growth in the next years would be significantly impacted by the growing implementation of AI technology in drug manufacturing.

By business function, the artificial intelligence market has been divided into inane, security, HR, marketing and sales, and law. Businesses are adopting digital transformation to modernize customer communication and improve internal processes. AI allows machines to learn from experience, adjust to new inputs, and perform human-like tasks. As business leaders and innovators race to reach the promise of AI to deliver a competitive advantage and cost and time savings, technology is altering industries from finance to manufacturing with new products, processes, and capabilities.

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The artificial intelligence market, by offering, has been segmented into hardware, software, and services. The hardware market has been further segmented into processors, memory, and network. The different types of processors considered in this report are Microprocessor Units (Microprocessing Units), Graphics Processing Units (Graphics Processing Units s), Field-programmable Gate Arrays (Field Programmable Gate Arrayss), and other processors (ASIC, DSP, IPU, and VPU). AI systems require highly effective and efficient hardware to display intelligent capabilities like the human brain. This factor is driving the growth of the AI market for hardware. The AI market for software has been further segmented into AI platforms and AI solutions. The service market has been classified into deployment, integration, support, and maintenance. Software integrated with hardware, such as Microprocessing Units and Graphics Processing Units, is responsible for carrying out complex operations and providing learning capabilities.

The artificial intelligence market, by organization size, has been segmented into large enterprises and SMEs. The market size of the large enterprises segment is estimated to be higher, whereas that of the SMEs segment is expected to grow at a higher CAGR in the coming years. Large enterprises are the leading adopters of AI. These enterprises are focusing on delivering enhanced customer experience to customers and gaining a leading edge in the market. This section discusses the AI market size and the growth trends across organization size.

The AI market has been segmented into six geographic regions: North America, Europe, Asia Pacific, Middle East and Africa, Central America, and Latin America. Among these regions, North America is expected to account for the largest market share during the forecast period. The key factor supporting the growth of the AI market in this region is the wide-scale adoption of AI technologies in several industries, such as healthcare, automotive, agriculture, retail, marketing, and law. The strong presence of key AI vendors, such as NVIDIA (US), Intel (US), IBM (US), General Vision (US), and end-user software/platform developers is complementing the growth of the AI market in the region. The market in Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. This growth can be attributed to the adoption of AI services in end-user industries, such as manufacturing, healthcare, and automotive in countries, such as Japan, China, Australia, and South Korea.

Frequently Asked Questions (FAQ)

What is the projected market value of the global artificial intelligence market?

The global market of artificial intelligence is projected to reach USD 407.0 billion.

What is the estimated growth rate (CAGR) of the global artificial intelligence market for the next five years?

The global artificial intelligence market is projected to grow at a Compound Annual Growth Rate (CAGR) of 36.2% from 2022 to 2027.

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