Artificial Intelligence

COVID-19’s Impact On Artificial Intelligence (AI) Market 2021 In Terms of Volume and Value Till 2027 – KSU


The rising demand for artificial intelligence technologies can be attributed to the stellar pace of digital transformation. A range of devices and equipment function on the principle of artificial intelligence, and this is an important consideration from the perspective of market growth. Furthermore, the growing value of the artificial intelligence market is a positive sign for the digital economy. Several industries have digitalised processes, and have invested in core AI technologies. The automation industry has caused positive disruptions across key industries, paving way for the popularity of artificial intelligence technologies.

  • Artificial intelligence technologies have helped in adding a new layer of security and safety to several industries. AI has helped in enhancing both physical and cyber security. Biometric sensors and identification devices are based on the concept of artificial intelligence. Moreover, high-security premises are secured with codes that function AI nodes.
  • There is growing relevance of AI in the healthcare industry. The advent of digital health technologies has generated formidable revenues within the global artificial intelligence market. Moreover, automated doors used in several commercial houses function on the principle of presence-sensing. It is legit to expect that the global artificial intelligence market would grow at dramatic pace in the coming times.

Artificial Intelligence Market in Brief

  • The artificial intelligence market is expected to register a CAGR of 24.5% between 2019 and 2027. The market is projected to be driven by rapid increase in dependency over automation and IoT.
  • The global artificial intelligence market is expected to reach US$ 5,508.4 Bn by 2027 from US$ 953.5 Bn in 2019. Rising adoption of smartphones and digital devices is expected to boost the growth of the market.
  • The artificial intelligence market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America.
  • North America remains the dominant leader in the global artificial intelligence market in year 2019 primarily due to tremendous growth in adoption of smart devices among both millennial and older population.
  • North America is projected to see significant growth in the global artificial intelligence market during the forecast period. Strong network infrastructure and increasing adoption of digital and virtual devices is expected to drive the consistent growth of the North America artificial intelligence market.

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Artificial Intelligence Market Definition

  • The artificial intelligence market report provides analysis of the global artificial intelligence market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
  • The report studies the artificial intelligence market from the perspective of different type and application.

North America Artificial Intelligence Market – Snapshot

North America is seen as a new growth hub for AI technology. Asia Pacific is expected to see highest opportunity addition in the artificial intelligence market globally, with Europe being the next closest region.

fa global artificial intelligence market

Key Growth Drivers of the Artificial Intelligence Market

  • Companies leveraging on disruptive technologies for effective customer reach – Most companies are currently leveraging on new and innovative disruptive technologies to reach out to customers. These marketing activities include social, mobile, analytics, and cloud (SMAC) which helps in transforming the enterprise into a global digital business. In social activities, the different networking sites are monitored, and relevant or raw information is collected in the virtual format. Pervasive analytics and embedded analytic solutions are deployed for analyzing the information, and relevant marketing information is shared over the cloud database with customers. The SMAC process is continuously evolving on a daily basis. Disruptive technologies are expected to drive the demand for artificial intelligence solutions among companies investing in online marketing activities. For instance, several leading E-commerce companies such as Amazon, Flipkart are currently focusing on tapping SMAC capabilities to enhance their online shopping experience through artificial intelligence. The driver is anticipated to have a high impact throughout the forecast period from 2019 to 2027.
  • Expanding application base of artificial intelligence solutions – With the growing advancements in big data analytics, the widening application base of artificial intelligence solutions can be seen as a major factor which is driving the global artificial intelligence market. Majority of the applications of artificial intelligence can be observed across sectors such as health informatics, BFSI, E-commerce, and retail, among others.  For instance, in 2013, London Brand Management Ltd. developed an innovative artificial solution to promote BMW’s first electric production car with the help of an automated information service for UK customers. In the healthcare sector, artificial intelligence solutions are being utilized for different purposes including medical diagnosis, and medical data processing and analysis, among others. Artificial intelligence solutions usually work alongside doctors in order to provide highest care quality. Moreover, in the banking and financial sector, the artificial intelligence systems can be used to ensure minimum risk by identifying all the potential threats through the extensive analysis of historical and existing data or information. The widening application base of artificial intelligence solutions is encouraging enterprises across the world to increase their IT spending across these sectors including healthcare, finance, and E-commerce, among others.

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Key Challenges Faced by Artificial Intelligence Market Players

  • The global artificial intelligence market is currently challenged by the low upfront investment across the world. Most of the artificial intelligence companies are facing extreme difficulties in accumulating the early stage funds for research and development of prototypes and supporting technologies. Moreover, the long investment horizon for various artificial intelligence innovations is also acting as a major barrier towards the market growth. As the artificial intelligence is one of the cutting-edge technology, the interested companies may delay or reconsider the high investments.

Artificial Intelligence Market – Company Profile Snapshot

The research study includes profiles of leading companies operating in the global artificial intelligence market. Key players profiled in the report include

  • QlikTech International AB
  • MicroStrategy Inc.
  • IBM Corporation
  • Google, Inc.
  • Brighterion Inc.
  • Microsoft Corporation
  • IntelliResponse Systems Inc.
  • Next IT Corporation
  • Nuance Communications
  • eGain Corporation



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