Artificial Intelligence Market to Witness Huge Growth by 2026 | Key Players are Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Baidu, Inc. (China), Intel Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Amazon Web Serv

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 2026

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The report includes the study of key players offering AI solutions and services. It profiles major vendors in the global AI market. The major vendors in the global AI market are include include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Baidu, Inc. (China), Intel Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Amazon Web Services, Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (US), NVIDIA Corporation (US), Oracle (US), Cisco (US), Siemens (US), Huawei (China), Alibaba Cloud (China), iFLYTEK (China), Hewlett Packard Enterprise Development LP (US), General Vision Inc. (US), Graphcore (UK), Mellanox Technologies (US), Darktrace (UK), Cylance Inc. (US), Didi Chuxing Technology Co. (China), Zoox (US), Face++ (China), Inbenta (US), Zephyr Health Inc. (US), Butterfly Network (US), Atomwise Inc. (US), Vicarious (US), Preferred Network Inc. (Japan), AIBrain LLC (US), Wave Computing Inc. (US), Mythic (US), Adapteva (US), Koniku Inc. (US), KnuEdge Inc. (US), SK Hynix Inc. (South Korea), Progress DataRPM (US), Descartes Labs (US), Gamaya (Switzerland), EC2CE (Spain), Precision Hawk(US), Agribotix (US), Neurala (US), Iris Automation (US), Pilot AI Labs Inc.(US), Sentient Technologies (US), Applied Brain Research (Canada), Twitter (US), InsideSales (US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US), Appier (Taiwan), Zensed (Sweden), and GumGum Inc. (US).

"New practices such as work from home and social distancing are creating the need for remote monitoring, smart payment technologies, and building the digital infrastructure for large-scale deployments. With a sudden surge in remote workers and online learners, there is an increase in the demand for advanced AI solutions and services."

The global AI market size to grow from USD 58.3 billion in 2021 to USD 309.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 39.7% during the forecast period. Various factors such as growth of data-based AI and advancement in deep learning and need to achieve robotic autonomy to stay competitive in a global market are expected to drive the adoption of the AI solutions and services.

The COVID-19 pandemic has encouraged new applications and technological developments within the sector. It has accelerated the adoption of AI in sectors such as healthcare. AI-based tools and solutions are being deployed at scale for responding to the crisis. Technology giants such as Microsoft, Google, Apple, Amazon, and Facebook are taking initiatives related to remote communications between patients and clinicians, contact tracing, and drug development. During the pandemic, various companies experienced significant increase in pressure from customers, while their number of available employees decreased. Various contact centers were unable to cope with demand or closed because of lockdown restrictions, leading to long delays in customer service queries, which dramatically affected the customer experience. Hence, the demand for conversational AI has been increasing to the forefront of technology enablers. Besides the healthcare sector, AI has been revolutionizing various industries to uphold business resilience. The education sector started using AI, while even online education start-ups began to offer personalized services in line with the needs and specific requirements of the students. The COVID-19 crisis has reinforced the need to transform the conventional education system into one driven by technology. Apart from changing the learning methodology, AI-powered machines also enabled educators in several ways, such as tracking student performances, identifying gaps in teaching techniques, and automating mundane administrative tasks.

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The software segment to have largest market size during the forecast period

Based on components, the AI market is segmented into hardware, software, and services. The software segment of the report is subsegmented into application programming interface (API) and ML framework, the hardware segment is bifurcated into processor, memory, and network, whereas the services segment is segmented into deployment and integration, and support and maintenance. The software segment is expected to account for largest market size during the forecast. The software integrated into computer systems carries out complex operations. It synthesizes the data received from the hardware systems and processes it in an AI system to generate an intelligent response.

Large enterprises segment to have the largest market size during the forecast period

The AI market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. Large organizations in BFSI, retail, healthcare, and telecommunications verticals need NLP technology for identifying patterns in data. AI helps data management realize which of their practices are ineffective and what all are working best, leading to the adoption of AI solutions in large enterprises.

Among regions, North America to account for largest market size during the forecast period

North America is expected to hold the largest market size in the global AI market. In contrast, APAC is expected to grow at the highest CAGR during the forecast period. The presence of global vendors such as IBM, Google, Microsoft, and AWS would play a vital role in the adoption of AI solutions in the region.

Research Coverage

The market study covers the AI market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as offerings, deployment mode, organization size, technology, business function, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

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