Chandigarh Herald

Artificial Intelligence Market To Grow At A CAGR Of 38.1% By 2030, Due To Adoption Of Advanced Technologies In Automotive, Healthcare, Retail, And Manufacturing Industries | Grand View Research, Inc.

 Breaking News
  • No posts were found

Artificial Intelligence Market To Grow At A CAGR Of 38.1% By 2030, Due To Adoption Of Advanced Technologies In Automotive, Healthcare, Retail, And Manufacturing Industries | Grand View Research, Inc.

June 07
07:15 2022
Artificial Intelligence Market To Grow At A CAGR Of 38.1% By 2030, Due To Adoption Of Advanced Technologies In Automotive, Healthcare, Retail, And Manufacturing Industries | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to a new report published by Grand View Research, Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.

Artificial Intelligence Industry Overview

The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is expected to reach USD 1,811.8 billion by 2030, exhibiting a CAGR of 38.1% over the forecast period. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. For instance, In November 2020, Intel Corporation acquired Cnvrg.io., an Israeli company that develops and operates a platform for data scientists to build and run machine learning models, to boost Artificial Intelligence (AI) business. However, technology has always been an essential element for these industries, but AI has brought technology to the center of organizations.

For instance, from self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually into every apparatus and program. AI is proven to be a significant revolutionary element of the upcoming digital era. Tech giants like Amazon.com, Inc.; Google LLC; Apple Inc.; Facebook, International Business Machines Corporation, and Microsoft are investing significantly in the research and development of AI. These companies are working to make AI more accessible for enterprise use-cases. Moreover, various companies adopt AI technology to provide a better customer experience. For instance, in March 2020, McDonald’s made its most significant tech investment of USD 300 million to acquire AI start-up Tel Aviv to provide a personalized customer experience using AI.

 

Gather more insights about the market drivers, restrains and growth of the Global Artificial Intelligence market

The essential fact accelerating the rate of innovation in AI is accessibility to historical datasets. Since data storage and recovery have become more economical, healthcare institutions and government agencies build unstructured data accessible to the research domain. Researchers are getting access to rich datasets from historic rain trends to clinical imaging. The next-generation computing architectures, with access to rich datasets, are encouraging information scientists and researchers to innovate faster. Furthermore, progress in profound learning and ANN (Artificial Neural Networks) has also fueled the adoption of AI in several industries, such as aerospace, healthcare, manufacturing, and automotive. 

ANN works in recognizing similar patterns and helps in providing modified solutions. Tech companies like Google Maps have been adopting the ANN to improve their route and work on the feedback received using the ANN. ANN is substituting conventional machine learning systems to evolve precise and accurate versions. For instance, recent advancements in computer vision technology, such as GAN (Generative Adversarial Networks) and SSD (Single Shot MultiBox Detector), have led to digital image processing techniques. For instance, images and videos taken in low light, or low resolution can be transformed into HD quality by employing these techniques. The continuous research in computer vision has built the foundation for digital image processing in security and surveillance, healthcare, and transportation, among other sectors. Such emerging machine learning methods are anticipated to alter the manner AI versions are trained and deployed.

Asia Pacific artificial intelligence market size, by solution, 2020 - 2030 (USD Billion)

 

The WHO has declared the novel coronavirus (COVID-19) outbreak a pandemic, causing a massive impact on businesses and humankind. This pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech giants and start-ups are working on preventing, mitigating, and containing the virus. For instance, the Chinese tech giant Alibaba’s research institute Damo Academy has developed a diagnostic algorithm to detect new coronavirus cases with the chest CT (Computed Tomography) scan. The AI model used in the system has been trained with the sample data from over 5,000 positive coronavirus cases. For instance, in June 2020, Lunit developed an AI solution for x-ray analysis of the chest for simpler management of Covid-19 cases and offered assistance in interpreting, monitoring, and patient trials.

COVID – 19 outbreak is expected to stimulate the market growth of next-generation tech domains, including artificial intelligence, owing to the mandated WFH (work-from-home) policy due to this pandemic. For instance, LogMeIn, Inc., a U.S.-based company that provides SaaS (Software-as-a-Service) and cloud-based customer engagement and remote connectivity and collaboration services, has experienced a significant increase in new sign-ups across its product portfolios amid the pandemic. Also, tech companies are expanding their product offerings and services to widen availability across the globe. For instance, in April 2020, Google LLC launched an AI-enabled chatbot called Rapid Response Virtual Agent for call centers. This chatbot is built to respond to issues customers might be experiencing due to the coronavirus (COVID-19) outbreak over voice, chat, and other social channels.

 

Artificial Intelligence Market Segmentation

Based on the Solution Insights, the market is segmented into Hardware, Software, and Services.

  • The software solutions segment led the market and accounted for a revenue share of more than 38.0% in 2021. This high percentage can be attributed to prudent advances in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end services.
  • The segment is projected to grow significantly over the forecast period. AI hardware includes chipsets such as Graphics Processing Unit (GPU), CPU, Application-specific Integrated Circuits (ASIC), and Field-programmable Gate Array (FPGA).

 

Based on the Technology Insights, the market is segmented into Deep Learning, Machine Learning, Natural Language Processing (NLP), and Machine Vision.

  • The deep learning segment led the market and accounted for a revenue share of around 37.0% in 2021. This growth is attributed to its complicated data-driven applications, including text/content or speech recognition.
  • Machine learning and deep learning cover significant investments in AI. It includes both AI platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, and visualization, which facilitate the development of advisory, intelligent, and cognitively-enabled solutions.

 

Based on the End-use Insights, the market is segmented into Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, and Others.

  • The advertising and media segment led the market and accounted for a revenue share of more than 20.0% in 2021. This high share is attributable to the growing AI marketing applications with significant traction.
  • The healthcare segment has been segregated based on use-cases, such as robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identifier, hospital workflow management, preliminary diagnosis, and automated image diagnosis.

 

Based on the Artificial Intelligence Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, & Middle East & Africa.

  • North America dominated the market and accounted for a revenue share of over 42.0% in 2021. This high share is attributable to favorable government initiatives to encourage the adoption of AI across various industries.
  • In Asia Pacific, the market is anticipated to witness significant CAGR over the forecast period. This growth owes to the significantly increasing investments in artificial intelligence.

 

Market Share Insights:

  • September 2019: IBM Watson Health signed an agreement with Guerbet, a France-based medical imaging company, to develop an AI software solution for cancer diagnostics and monitoring.
  • January 2019: Intel Corporation announced its partnership with Alibaba Group Holding Limited (China) to co-develop AI-powered tracking technology deployed at the Olympic Games 2020.

 

Key Companies Profile:

Vendors in the market are focusing on increasing the customer base to gain a competitive edge. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships.

Some of the prominent players in the artificial intelligence market include:

  • Advanced Micro Devices
  • AiCure
  • Arm Limited
  • Atomwise, Inc.
  • Ayasdi AI LLC
  • Baidu, Inc.
  • Clarifai, Inc
  • Cyrcadia Health
  • Enlitic, Inc.
  • Google LLC
  • H2O.ai.
  • HyperVerge, Inc.
  • International Business Machines Corporation
  • IBM Watson Health
  • Intel Corporation
  • Iris.ai AS.
  • Lifegraph
  • Microsoft
  • NVIDIA Corporation
  • Sensely, Inc.
  • Zebra Medical Vision, Inc.

 

Order a free sample PDF of the Artificial Intelligence Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-ai-market

Related Articles