DUBLIN--(BUSINESS WIRE)--Nov 29, 2022--
The "Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Deployment Mode, Organization Size, Business Function (Law, Security), Vertical and Region - Global forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The 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%
Faster speech recognition and natural language processing are some instances of how technological developments in the AI sector are helping businesses. In the upcoming years, it is anticipated that such developments in artificial intelligence technology would help the sector grow.
Business innovators and executives are racing to achieve AI's promise of cost and time savings as well as a competitive advantage. Faster and more precise consumer behaviour data analysis empowers companies to plan their future marketing strategies and campaigns, fueling the expansion of the AI market.
Data management is assisted by AI in understanding which of their methods are inefficient and which are all the most effective. Additionally, it ensures that data reaches the intended user without being tampered by cybercriminals using man-in-the-middle, ransomware, or other forms of cyberattack.
The major market players such as including IBM, Microsoft, AWS, Intel, Google, Oracle, and Salesforce have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.
Based on deployment mode, cloud deployment mode to register for the largest market size during the forecast period
Based on the deployment mode, the artificial intelligence market is segmented into on-premises and cloud deployment mode. The market size of the cloud deployment mode segment is estimated to be the largest during the forecast period.
Scalability, speed, and IT security are all benefits of the cloud deployment approach. Data-driven innovation benefits greatly from the combination of AI and Cloud computing. The popularity of the cloud deployment mode is facilitated by the cognitive powers of AI and machine learning, which thrive on massive volumes of data that are scalable and easily available in a cloud environment.
The Law segment to account for the highest CAGR during the forecast period
Based on business function, the artificial intelligence market is segmented into Finance, Security, Human Resources, Law, Marketing and Sales and other business functions.
The Law segment is expected grow at a higher CAGR during the forecast period. Large and small legal firms both are using AI technologies in growing numbers. Artificial intelligence technology, in particular Machine Learning and Natural Language Processing, are being used to boost efficiency, expand profit margins, and offer creative and effective legal counsel. The market for AI is expanding as a result of rising litigation and rising demand to cut operational expenses.
Asia Pacific to hold the highest CAGR during the forecast period
The Asia Pacific artificial intelligence market is expected to grow at the highest CAGR of 40.8% from 2022 to 2027. In countries such as China, India, Japan, and others, the use of AI services in end user industries like manufacturing, healthcare, retail, and e-commerce can be responsible for this increase.
In this region, the adoption of new and emerging technologies has gained momentum in recent years. The storage, processing, and data availability of computing systems have all risen, as well as their overall capacity. A new generation of more autonomous AI systems has been made possible by the convergence of complementary technologies, which has increased the demand for automating operations as a result of ongoing improvements in hardware and software.
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- Marketing and Sales to Account for Largest Function During Forecast Period
- Software and Bfsi Segments to Account for Significant Respective Market Shares, 2022
- North America Dominated AI Market in 2021
Market Dynamics
Drivers
- Growth of Data-based AI and Advancement in Deep Learning
- Need to Achieve Robotic Autonomy to Stay Competitive in Global Market
Restraints
- Limited Number of AI Experts
Opportunities
- Growth in Ethical AI Development to Boost Adoption of AI Technology
- Increase in Government Initiatives and Growth in Investments to Leverage AI Technology
Challenges
- Data Security and Privacy Concerns
- Investments in Artificial Intelligence
Acquisitions in Market
- Cumulative Growth Analysis
Case Study Analysis
Retail and Ecommerce
- Use Case 1: Asos Used Microsoft Azure ML Service to Reduce Time-To-Market for Recommendation Models
- Use Case 2: Aws Helped Artfinder Give Recommendations to Its Customers
Marketing and Sales
- Use Case 1: US Foods Used Snowflake and Datarobot Solutions to Analyze Transactions from 300,000 Customers
- Use Case 2: Marketing Technology Companies Use H2O.AI Technology to Deliver Innovative Marketing Solutions
Healthcare and Lifesciences
- Use Case 1: Tamil Nadu Egovernance Agency (Tnega) Used an AI-based Mobile App to Enable Screening of People for Cataract
- Use Case 2: Inspire Used ML to Connect Millions of Patients and Caregivers on Aws
Fintech
- Use Case 1: Humana Used Watson Assistant to Address Customer Queries
- Use Case 2: H2O Driverless AI Used by Various Financial Institutions to Detect and Prevent Fraud
Security
- Use Case 1: Cybraics Nlighten Platform Helped Prevent Systems from Cyber Threats
- Use Case 2: Cognizant Created an AI-Enabled Smudging Solution for an Indian Insurance Company to Protect Biometric Data
Agriculture
- Use Case 1: Biochemical Company Built Digital Solution to Deliver Accurate Product Recommendations Through AI
- Use Case 2: An Agrochemical Company Used Precision Farming Solution to Predict Mildew Disease in Crops
Manufacturing
- Use Case 1: Kia Motors America Relied on Advanced Analytics and AI from Sas to Improve Products and Customer Satisfaction
- Use Case 2: Coca-Cola Used IBM Watson Services for Core ML to Identify Equipment Issues, Diagnose Problems, and Troubleshoot Repairs
Law
- Use Case 1: Law Society of British Columbia (Bc) Used Dataiku for Risk Ranking and Anomaly Detection
- Use Case 2: Nia Contracts Analysis of Infosys Leveraged Advanced ML Techniques to Help Customers Derive Insights from Legal Documents
Construction
- Use Case 1: General Contractor Leverages Alice on Silicon Valley Project to Save Millions
Technology Analysis
- Artificial Intelligence and Big Data
- Artificial Intelligence and Machine Learning
- Artificial Intelligence and Natural Language Processing
Company Profiles
Major Players
- Google
- Microsoft
- IBM
- Intel
- Oracle
- Aws
- Salesforce
- SAP
- Sas Institute
- Cisco
- Meta
- Hpe
- Siemens
- Huawei
- Nvidia
- Baidu
- Samsung
- Iflytek
- Alibaba Cloud
- General Vision
- Darktrace
- Blackberry Limited
- Didi Chuxing
- Face++
- Inbenta
- Anju Software
- Butterfly Network
- Atomwise
- Intrinsic
- Aibrain
- Adapteva
- Koniku
- Knuedge
- Sk Hynix
- Progress Datarpm
- Precision Hawk
- Ageagle Aerial System
- Neurala
- Twitter
- Aurea Software
- Persado
- 8X8
- Appier
- Gumgum
- Ipro
Other Players/SMEs
- Graphcore
- Preferred Networks
- Zensed
- Applied Brain Research
- Pilot AI Labs
- Iris Automation
- Gamaya
- Ec2Ce
- Descartes Labs
- Mythic
For more information about this report visit https://www.researchandmarkets.com/r/bovrc4
View source version on businesswire.com:https://www.businesswire.com/news/home/20221129005577/en/
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