Saturday, December 3, 2022 | 12:03 pm

Artificial Intelligence Market Size to Surpass Around US$ 1,597.1 Bn By 2030

Artificial Intelligence Market Size to Surpass Around US$ 1,597.1 Bn By 2030

The global artificial intelligence (AI) market size was valued at US$ 87.04 billion in 2021. The artificial intelligence technology has gained rapid traction since its introduction in the market. The rising demand for artificial intelligence technology across various induce verticals such as retail, BFSI, healthcare, food, and beverages, automotive, and logistics is significantly contributing to the growth of the global artificial intelligence market. Furthermore, the rising adoption of AI technology in pharmaceutical manufacturing is expected to have a significant impact on market growth in the forthcoming years.

Biopharmaceutical companies are increasingly adopting artificial intelligence technology in various applications such as research, drug discovery, and clinical trials, which is significantly fueling the demand for artificial intelligence technology across the globe. The growing penetration of advanced digital technologies across the globe in various applications is supporting the growth of the AI market. The ability of AI technology to self-learn based on the data and information stored in it is expected to be the most significant feature of AI technology.

Report ScopeDetails
Market Size in 2021USD 87.04 Billion
CAGR38.1% from 2022 to 2030
Largest MarketNorth America
Fastest Growing RegionAsia Pacific
Companies CoveredIntel Corporation, Microsoft, IBM, Google, Amazon Web Services, Baidu, Inc., NVIDIA Corporation, H2O.ai., Lifegraph, Sensely, Inc., Enlitic, Inc., AiCure, HyperVerge, Inc., Arm Limited

Report Highlights

  • Based on the solution, the software segment led the global AI market in 2021. The rising applications of voice, visual, and text recognition have fueled the adoption of advanced software technologies. The rising investments in the up gradation and development of new software features based on AI are further fueling the market growth.
  • Based on technology, the deep learning segment accounted for a market share of around 38% in 2021 and dominated the market. Deep learning technology deals with the management and storage of a huge volume of complex data and information, which is a major need for modern businesses.
  • By end-user, the healthcare segment is expected to become the leading segment during the forecast period. This is attributed to the increased adoption of AI technology in the robot-assisted surgeries, diagnosis, and monitoring of patients. Furthermore, the rising adoption of telehealth is propelling the demand for AI in the healthcare sector.