Artificial Intelligence Market to Reach $313.18 Billion by 2026 at 42.9% CAGR: ReportCrux Market Research

ReportCrux Market Research has published a new report titledArtificial Intelligence Market by Offering (Hardware, Software, and Services); by Technology (Deep Learning, Machine Learning, Machine Vision, and Natural Language Processing); by Application (Media & Advertising, BFSI, Healthcare, Manufacturing, Automotive & Transportation, IT & Telecom, Retail and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

According to the report, global demand for artificial intelligence market was valued at approximately USD 18.03 Billion in 2019 and is expected to generate revenue of around USD 313.18 Billion by end of 2027, growing at a CAGR of around 42.9% between 2020 and 2027.

Based on technology, the market is categorized into deep learning, machine learning, machine vision, and natural language processing. The deep learning segment held almost 27% share of the market in 2019 due to its complicated data-driven applications that involve sound recognition or text/content recognition technology. Deep learning offers lucrative investment opportunities, as it helps to solve high data volume challenges.

Based on the application, the global market for artificial intelligence is segmented into media & advertising, BFSI, healthcare, manufacturing, automotive & transportation, IT & telecom, retail and others. The media & advertising segment accounted for almost 31% share of the market in 2019. The healthcare sector is expected to gain leading share by 2027 tough. This section is divided based on use cases, like robot-assisted surgery, virtual nursing assistants, hospital process management, reduction of dosage errors, identification of participants in clinical trials.

Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 37% owing to the involvement of leading regional players, a strong technological base for adoption and the availability of government funding. Moreover, the growing acceptance of cloud services in developed countries such as the U.S. and Canada contributes significantly to the global market. Cloud-based AI deployment in Europe is also likely to see substantial growth in the coming years due to increased user demand for faster and on-demand data access and easy document control. In addition, many private and public agencies are collecting domain-specific data that covers topics such as cyber security, medical computer science, national intelligence, marketing, and fraud detection. Asia Pacific is likely to grow at high CAGR in the forecast period.

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ReportCrux Market Research

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