Artificial Intelligence Market - Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)

Several IT industry giants have been investing heavily in AI R&D efforts to gain a competitive advantage. As this technology continues to reshape the current business processes, the demand for AI solutions is expected to increase. Consequently, the global Artificial Intelligence market is on track to achieve sound maturity. the analyst notes that the global Artificial Intelligence market is slated to grow from its US$29.9 Bn market worth in 2019 and reach a mammoth valuation of US$718.7 Bn by 2030. In the study period of 2022-2030, the market will register in impressive CAGR of 31.2%.

AI has been one of the most exciting tech innovations in recent years. IT organizations, and tech enthusiasts are constantly researching the technology to realise its full potential and uncover newer horizons. To this end, it has emerged as one of the fastest-progressing technologies with an extremely deep application pool. From finance to security, marketing and sales, defence, manufacturing, healthcare, retail, and supply chain, many industries are aiming to utilize AI to improve their operational efficiency and profitability.

Artificial Intelligence Market to be Shaped by Following Key Trends

• The industry participants are poised to focus on service-based models in the developmental strategies of AI
• The Banking, Finance Services, and Investment (BFSI) segment contributes to a stellar 28% of the total revenue share of the AI market
• Between 2020 and 2022, the total annual corporate AI investments in startups increased by nearly US$5 Bn globally

Increasing Deployment Across Healthcare Industry to Create Fruitful Business Landscape

The application pool of AI is extremely diverse. For instance, the healthcare industry is particularly researching ways to improve care delivery by utilising AI. From earlier diagnostics to personalised medicine and real-time monitoring, the use cases of AI in healthcare are endless. The pharmaceutical industry can also benefit from it via decreasing drug development expenses and overall improvements in processes. Modern AI-enabled chatbots are also improving patient experience via enhanced assistance. AI solutions are also being employed to reduce the risks of insurance fraud in the healthcare domain. All these opportunities in healthcare are incenting the expansion of Artificial Intelligence market at a stellar pace.

North America to Spearhead Artificial Intelligence Market Based on Paced Public Sector Investments

North America is leading the Artificial Intelligence market owing to the thriving end-use industries in the region. The public sector’s interest in exploring AI technologies is a major factor in the region’s market dominance. It is prolonging its first-mover advantage in adopting AI technologies. Major regional economies such as the USA are leading contributors to this trend. In addition, a growing application pool, robust R&D activities, and a high concentration of major industry stakeholders are improving the regional market’s promising growth trajectory. Elsewhere, Asia Pacific is also growing owing to its thriving start-up sector and growing inclination toward process automation.

Major Market Frontrunners

The global artificial intelligence market is expected to be spearheaded by several tech giants including IBM, Microsoft Corporation, HITACHI, Cisco Systems, Oracle, DELL, Centrify Corp, Sailpoint Technologies, Micro Focus, CA Technologies, and Okta among others.