Artificial Intelligence Market to 2027, Future Outlook, COVID-19 Impact Analysis, Forecast 2021-2027

Global Artificial Intelligence market is estimated to reach $196.7 billion in 2027, by growing at a CAGR of 25.2% during the forecast period (2021-2027). This growth is attributed to increasing research and development (R&D) owing to extensive funding by government and major market players. Each sector is experiencing significant growth owing to funding programs. For instance, in 2019, SentinelOne, which provides real-time endpoint protection on devices and cloud services through an AI-based platform, has raised $120 million in a Series D round. Further, AI technology is gaining significant importance as it enables to solve complex issues in several industries, including education, entertainment, health, utilities, and transport. AI applications can be classified into five classes, such as reasoning, knowledge, planning, communication, and perception. The reasoning capability of AI technology enables to solve problems through logical deduction. This makes AI an ideal solution for financial asset management, financial application processing, games, legal assessment, and autonomous weapon systems.

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Advances in self-driving cars

Advances in autonomous vehicles have witnessed over the last decades. For instance, NVIDIA and Tesla with Google’s Waymo are highly focusing on R&D on self-driving vehicles. For instance, in April 2019, Tesla launched the new self-driving chip, a 260 sq. mm silicon piece, with 6 billion transistors. The company’s claim offers 21 times better performance of the Nvidia chips that was being used earlier. This enables the user to have better and safer driving experience. Moreover, NVIDIA applies AI and deep learning to provide an advanced end-to-end solution from data collection, model training, and testing in simulation to the deployment of safe, smarter, and autonomous cars. The manufacturers of self-driving vehicles are significantly focusing on AI technology to improve data processing and predicting the behavior of cars. As a result, it is offering significant opportunity for the growth of the market.

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Scope of the Global Artificial Intelligence Market

Market Coverage

• Market number available - 2021-2027
• Base year- 2020
• Forecast period- 2021-2027
• Segment Covered- By Technology, and End user
• Regions Covered- North America (US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World (Middle East and Africa, Latin America)
• Competitive Landscape- AIBrain, Amazon, Google, Anki, Apple, CloudMinds, Facebook, IBM, iCarbonX, Intel, Iris AI, Next IT, SoundHound, Visenze and Zebra Medical Vision

Recent Strategic Initiatives in the Global Artificial Intelligence Market

• In May 2018, AIBrain has released the Open Beta of fAutonomy (fA) for the Unity game developers, it is a free downloadable plug-in system. This launch has broadened the product portfolio of the company and aided in sales of the company from the US.
• In June 2019, Amazon.com Inc. launched the StyleSnap, an AI-powered shopping feature that will aid the buyers to provide fashion recommendations. The shoppers can upload a photo, that they wish to buy and present on the Amazon app and the StyleSnap will provide suggestions of similar items. Thus, this activity has aided in enhancing the revenue generation of the company.

Global Artificial Intelligence Market- Segmentation

By Technology

• Natural Language Generation
• Speech Recognition
• Virtual Agents
• Machine Learning

By End user

• Journalism. Entertainment
• Online Retail Stores
• Automobile Sector
• Healthcare

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Global Artificial Intelligence Market– Segment by Country

North America

• US
• Canada

Europe

• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

Company Profiles

• AIBrain, Amazon
• Google
• Anki
• Apple
• CloudMinds
• Facebook
• IBM
• iCarbonX
• Intel,
• Iris AI
• Next IT,
• SoundHound
• Visenze
• Zebra Medical Vision
• Artivatic Data Labs Pvt Ltd.
• Amazon.com, Inc.
• Anki, Inc.

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