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Global Artificial Intelligence (AI) Market 2021 Net Worth is US$ 360.36 billion and Forecasts by 2028 | Top Key Players are: Amazon, Inc., Apple Inc., Facebook LLC, OpenAI, LLC, Qualcomm Technologies, Inc....
Artificial Intelligence (AI) Market 2021-2028
New study report " Artificial Intelligence (AI) Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview:
The global Artificial Intelligence (AI) market size is expected to gain momentum by reaching USD 360.36 billion by 2028 while exhibiting a CAGR of 33.6% between 2021 to 2028. In its report titled, “Artificial Intelligence (AI) Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 35.92 billion in 2020.
Artificial Intelligence has become immensely popular, and industries across the globe are rapidly incorporating it into their processes to improve business operations and customer experience. Not only the big companies but also the small and medium businesses are investing in this technology. Besides, the advancement and implementation of 5G, cloud computing, and a huge database are the factors, which are propelling its demand.
Thus with its increased demand all over, many companies are offering AI solutions. For instance, in August 2021, Steller Cyber made collaboration with BlackBerry to come up with AI-powered end-to-end security for managed security service providers and enterprises. This will help in identifying and preventing unknown and complex attacks before execution.
Key Players in this market are:
Amazon, Inc. (Washington, U.S.)
Apple Inc. (California, U.S.)
Facebook LLC (California, U.S.)
OpenAI, LLC (California, U.S.)
Qualcomm Technologies, Inc. (California, U.S.)
IBM Corporation (New York, U.S.)
Microsoft Corporation (Washington, U.S.)
Salesforce.com Inc. (California, U.S.)
Google LLC (Alphabet Inc.) (California, U.S.)
NVIDIA Corporation (California, U.S.)
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COVID-19 Impact-
The COVID-19 pandemic adversely affected the world economy. However, the demand for AI Technology amid the pandemic increased dramatically. It was significantly used in the healthcare system during the pandemic crisis as its incorporation helps in enhancing the accuracy and efficiency of diagnostics, treatments, and predictions. For instance, in the US, the government is making use of data from wearable devices to track the COVID-19 symptoms in the citizens. Likewise, the Indian healthcare provider, Aster DM, also made collaboration with the Indian hospitals to offer AI-powered support systems for the healthcare workers in telemedicine.
Competitive Landscape-
Key Players to Focus on Acquisitions to Strengthen Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
July 2021 – Qualcomm Technologies, Inc. announced the acquisition of Twenty Billion Neurons GmbH. With this acquisition, the company will use an on-board AI research team and assets such as the AI research community’s high-quality video dataset from Twenty Billion Neurons GmbH.
Segmentation-
By component, the market is divided into hardware, software, and services. By technology, the market is segmented into computer vision, machine learning, natural language processing, and others. By deployment, it is segmented into cloud and on-premises. By industry, it is divided into healthcare, retail, IT & Telecom, BFSI, automotive, advertising & media, manufacturing, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights-
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period. This is attributable to the increasing investment done by the United States in AI technology. Moreover, the presence of various market players in the US is expected to boost the regional market. The region’s market stood at USD 14.86 billion in 2020.
Asia Pacific is expected to showcase significant artificial intelligence market share in upcoming years, owing to the increasing implementation of 5G technology in countries such as China, South Korea, Japan, Singapore, and India is likely to escalate the AI use cases in the region.
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
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Table Of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter’s Five Force Analysis
Global Artificial Intelligence (AI) Key Players Market Share Insights and Analysis, 2020
Continue….
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