The Global Artificial Intelligence (AI) Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 36.2% during the forecast period, to reach USD 407.0 billion by 2027 from USD 86.9 billion in 2022. Since its introduction in the market, artificial intelligence technology had rapidly acquired acceptance. The worldwide artificial intelligence market is expanding significantly as a result of the increasing demand for artificial intelligence technologies across numerous industry verticals.
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As per verticals, the healthcare and life sciences segment to grow at highest CAGR during the forecast period
The artificial intelligence market is segmented on verticals into BFSI, IT/ITES, Telecommunication, Healthcare and Life Sciences, Manufacturing, Retail and eCommerce, Government and Defense, Automotive Transportation and Logistics, Energy and Utilities, and other verticals, such as travel and hospitality, and education. As per verticals, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The market for the medical imaging and diagnostics segment is expected to grow at the highest CAGR during the forecast period. Factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this segment fuel the growth of medical imaging & diagnostics.
Computer vision Segment to grow at the highest CAGR during the forecast period
As per technology, computer vision Segment to grow at the highest CAGR for the artificial intelligence market during the forecast period. Computer vision is concerned with the automatic extraction, analysis, and understanding of useful information from a single image or a sequence of image. In the agriculture application, computer vision technology is widely used for monitoring crop health and detecting nutrient deficiency in plants. For instance, IBM offers a solution named “IBM Maximo Visual Inspection,” which enables it to unleash the power of computer vision to automate inspection and produce high-quality outputs.
As per region, North America to have the highest market size during the forecasted period
As per region, North America to have the highest market size during the forecasted period. North America has been the most-promising region across verticals, such as BFSI, retail and eCommerce, telecom, and travel and hospitality. The presence of prominent AI technology providers, such as IBM (US), Google (US), Microsoft (US), NVIDIA (US), Intel (US), Meta (US), Salesforce (US), Oracle (US), and AWS (US), is complementing the growth of the market in this region. The presence of such established AI companies and the emergence of new start-ups will strengthen the outlook of this region and enable it to witness a significant increase in investments and early adoption of Artificial Intelligence technology.
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Some of the major Artificial Intelligence Market vendors are Google Inc. (US), Microsoft Corporation (US), NVIDIA Corporation (US), Intel Corporation (US), Samsung Electronics Co., Ltd. (South Korea), IBM Corporation (US), Amazon Web Services, Inc. (US), Oracle (US), Meta (US), Salesforce (US), Cisco (US), Siemens (US), Huawei (China), SAP SE (Germany), SAS Institute (US), Baidu, Inc. (China), Alibaba Cloud (China), iFLYTEK (China), and Hewlett Packard Enterprise Development LP (US).
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