Artificial intelligence is a branch of science and technology which deals with the process of making machines and related processes smart with the help of intelligent computer programming. The prime purpose of artificial intelligence is to create an expert system capable of exhibiting intelligent behaviors such as learning, demonstrate and implementation. Machines enabled with artificial intelligence are capable of performing tasks efficiently under different circumstances with understanding, learning and thinking abilities similar to human beings. Artificial intelligence enables organizations to improve the performance of already installed systems with simple modifications in their pre-existing infrastructure. The overall efficiency of the process is raised significantly with minimum or no dependability on human judgments and supervision.

Artificial intelligence has been adopted by a variety of end-use industry verticals such as manufacturing and processing, BFSI, oil and gas, healthcare, agriculture, automotive and retail, among others. Manufacturing and healthcare industries were one of the first end-use industries which benefited significantly due to the adoption of artificial intelligence. The proliferation of artificial intelligence in the aforementioned industries has aided organizations to achieve optimum working capabilities through complete utilization of resources. In addition, many established players such as Google, IBM and Microsoft Cooperation, among others have been making heavy investments in order to develop the whole array of technologies falling under artificial intelligence category. Major international companies have invested approximately US$ 30 Bn towards the development and promotion of artificial intelligence in the year 2020.  With increasing number of companies engaged in the development of artificial intelligence and rise in the demand for technology by different end-use industry verticals, the overall artificial intelligence market is expected to demonstrate significant growth in the following years.

The report titled “Artificial Intelligence Market- Growth, Future Prospects and Competitive Landscape, 2021-2029” offers strategic insights into the global artificial intelligence market with a focus on the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of market segments based on technology, end-use industry and cross-sectional study across different geographies. The study covers the comparative analysis of each sub-segment for the years 2020-2029. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities.

In order to help strategic decision makers, the report also includes competitive profiling of the leading artificial intelligence developers, their strategies, market positioning and key developments. Some of the major players profiled in the report include Google, Inc., IBM Corporation, Microsoft Corporation, Nvidia Corporation, Intel Corporation, General Vision, Inc., Numenta, Inc., Sentient Technologies Holdings Ltd., Fingenius Limited, Inbenta Technologies, Inc.

Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the artificial intelligence industry
• Market fuelers, market impediments, and their impact on the market growth
• Market inclination insights and key trend analysis for artificial intelligence market
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2019 – 2020)

Overall, the research study provides a holistic view of the global artificial intelligence market, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above-mentioned factors.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Artificial Intelligence market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Artificial Intelligence market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Artificial Intelligence market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Artificial Intelligence market?
• Which is the largest regional market for Artificial Intelligence market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Artificial Intelligence market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Artificial Intelligence market worldwide?