Artificial Intelligence Market size is expected to grow at a Compound
Annual Growth Rate (CAGR) of 36.2% during the forecast period, to reach
USD 407.0 billion by 2027 from USD 86.9 billion in 2022 according to report
published by MarketsandMarkets. Since its introduction in the market,
artificial intelligence technology had quickly acquired acceptance. The
worldwide artificial intelligence market is expanding significantly as a result
of the increasing demand for artificial intelligence technologies across
numerous industry verticals.
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As per verticals, the healthcare and life
sciences segment to grow at highest CAGR during the forecast period
The artificial
intelligence market is segmented on verticals into BFSI, IT/ITES,
Telecommunication, Healthcare and Life Sciences, Manufacturing, Retail and
eCommerce, Government and Defense, Automotive Transportation and Logistics,
Energy and Utilities, and other verticals, such as travel and hospitality, and
education. As per verticals, the healthcare and life sciences vertical is
expected to grow at the highest CAGR during the forecast period. Healthcare and
life sciences, as an industry, is growing at a good pace and is expected to
contribute significantly to the globally artificial intelligence market.
Applications for artificial intelligence in healthcare include patient data and
risk analysis, medical imaging and diagnostics, precision medicine, drug
discovery, and much more. Patient data is expanding as a result of the
widespread use of electronic medical records, and the risk analysis market is
also expanding because to benefits like risk management and predictive
analytics provided by AI systems to payers and healthcare providers.
Cloud Segment to grow at the highest CAGR
during the forecast period
As per deployment mode,
cloud Segment to grow at the highest CAGR for the artificial intelligence
market during the forecast period. The artificial intelligence market by
deployment mode is segmented into cloud and on-premises. Various advantages,
such as lower operational expenses, hassle-free deployment, and more, are
provided by the cloud deployment approach. With increasing awareness of the
advantages of cloud-based solutions, cloud adoption for Machine Learning and
Natural Language Processing tools in AI is anticipated to increase. It gives
businesses more operational flexibility and makes real-time analytics
implementation easier for businesses.
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As per region, North America to have the
highest market size during the forecasted period
As per region, North America to have the
highest market size during the forecasted period. The Americas AI digital age
that has grown in the retail operation is the foundation of AI in industrial
developments. All sectors of retail have seen an improvement in speed,
productivity, and reliability, in large part due to cutting-edge data and
advanced analytical technology that help businesses make decisions based on
data. Businesses are now able to compile and assess individual customer data in
order to run promotional campaigns because of cutting-edge AI technology. For
this reason, regional retailers are using cutting-edge technology to improve
their e-commerce platforms.
Market Players
Some of the major artificial intelligence market
vendors are Google Inc. (US), Microsoft Corporation (US), NVIDIA
Corporation (US), Intel Corporation (US), Samsung Electronics Co., Ltd. (South
Korea), IBM Corporation (US), Amazon Web Services, Inc. (US), Oracle (US), Meta
(US), Salesforce (US), Cisco (US), Siemens (US), Huawei (China), SAP SE
(Germany), SAS Institute (US), Baidu, Inc. (China), Alibaba Cloud (China),
iFLYTEK (China), and Hewlett Packard Enterprise Development LP (US).
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