Artificial Intelligence Market

By Offering Type (Custom solution, Predefined solution),
By Technology (Machine learning, Natural language processing, Computer vision),
By Deployment (On-premise, Cloud),
By Business operation (Finance, Law and order, Identification and security, Marketing and sales, other),
By Industry Vertical (IT and communication, BFSI, Government and defense, Logistics automotive and manufacturing, Health and pharma, Environment and energy, FMCG, FMCD and others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):

Global Analysis and Forecast 2023-2033.

Internet, Communications & Technology (ICT)
Report Code:
Published Date:
July 2023

The global artificial intelligence market is worth 83.44 billion in the world and is supposed to rise in the upcoming forecasting period of 2022-2032.

The increasing scope of applications for artificial intelligence across various sectors such as hospitality, logistics, military, healthcare electronics, computers, and vehicle manufacturing. Increasing the scope of technological advancement and multiple others are primary factors supporting the market growth opportunities for AI. The increasing awareness about the technology and IT sector and the usage of electronic devices and gadgets in the current scenario, backed by rising budget allocation towards such activities, is accelerating business opportunities. Mega projects on artificial intelligence development are done by countries such as the UK, U.S., China, Japan, Russia, Germany, and Singapore, among others, to notably support the market growth of artificial intelligence (AI). For instance, like giant companies, Amazon has launched various products wholly based on AI. Such initiatives will generate vast business opportunities and provide long-term B2B engagement opportunities.

The companies operating within the artificial intelligence industry are undergoing mergers, collaboration, acquisitions, long-term contracts, and service agreements to increase their global footprint. The acquisition was in line with the efforts taken by several other corporations. Furthermore, notable investment towards research and development to launch new and innovative services that support operational integration at multiple levels is also practiced by industry stakeholders. AI is currently in huge demand due to its various applications in companies. AI helps companies smoothen their business operations and perform various critical tasks at one time, which is impossible for a human being.

According to leaders and experts in the artificial intelligence industry, this market has a great opportunity, and it will grow continuously in the upcoming period. Currently, the North-American region, especially the USA, has a considerable demand for cost-effective electronic devices. At the same time, Asia-Pacific is also witnessing the fastest growth in Al. Due to the increase in urbanization, the country's consumers are demanding products that are working on the technology of AI. During the period of 2020, there was extreme chaos due to the outbreak of COVID-19. However, AI helped healthcare organizations at the global level by providing the correct updates about the situation in the healthcare field.

The artificial intelligence market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, North America, Latin America, and Middle East & Africa. Quick adoption of new technologies, support by organizations and regional governments towards integration of high-definition of technologically advanced AI products, and the presence of major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are Amazon Inc., Apple.Inc, Alphabet.Inc, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Inc., SAP SE, NVIDIA Corporation.

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Dhvanil Dave
Quadrant Market Insights