Northbrook, IL -- (SBWIRE) -- 03/07/2022 -- According to a research report "Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Deployment Mode, Organization Size, Business Function (Law, Security), Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets, The global AI market size to grow from USD 58.3 billion in 2020 to USD 309.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 39.7% during the forecast period. Various factors such as growth of data-based AI, advancement in deep learning, enormous availability of big data, increasing adoption of ML by enterprises and federal agencies to gain useful insights, and need to achieve robotic autonomy to stay competitive in a global market are expected to drive the adoption of the AI solutions and services.

COVID-19 is disrupting the world, businesses, and economies, impacting the livelihood of people, their interactions, education systems, and the way people manage their businesses. The ability to sustain has become the new normal as enterprises are concentrating on implementing drastic measures to mitigate the impact of the COVID-19 pandemic. The development of AI solutions has witnessed a slow growth in the first half of 2020 due to the global lockdown. However, the adoption of AI solutions is expected to increase tremendously during the forecast period. A wide range of tools and solutions are being adopted during the pandemic to detect and enforce social distancing and limit the spread of COVID-19. The competition among major AI companies is expected to be furious as new opportunities for AI solutions have grown due to remote work and remote education. New practices such as work from home and social distancing are creating the need for remote monitoring, smart payment technologies, and building the digital infrastructure for large-scale deployments. With a sudden surge in remote workers and online learners, there is an increase in the demand for advanced AI solutions and services. Moreover, AI can be harnessed for forecasting the spread of virus and developing early warning systems by extracting information from social media platforms, calls and news sites and provide useful information about the vulnerable regions and for prediction of morbidity and mortality.

Browse 339 market data Tables and 300 Figures spread through 430 Pages and in-depth TOC on "Artificial Intelligence Market"

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The software segment to have larger market size during the forecast period

Based on components, the AI market is segmented into hardware, software, and services. The software segment of the report is subsegmented into application programming interface (API) and ML framework, the hardware segment is bifurcated into processor, memory, and network, and the services segment is segmented into deployment and integration, and support and maintenance. The software segment is expected to account for larger market size during the forecast period due to the growing use of AI software having a number of capabilities including reasoning, learning, problem-solving, perception, and knowledge representation, and being widely for smartphone assistants, ATMs that read checks, voice and image recognition software on social network, and software that serves up ads on various websites.

The machine learning segment to have larger market size during the forecast period

The AI market has been segmented by technology into ML, NLP, context-aware computing, and computer vision. The market share of ML technology is higher attributed to the enormous availability of data, also called big data, and the increasing adoption of ML by enterprises and federal agencies to gain useful insights. AI and ML are working to boost human efforts, to take on just about everything from quality of life to cybersecurity, and so on.

Healthcare and Life Sciences segment to have the higher CAGR during the forecast period

The AI market by vertical has been categorized into 8 different verticals, namely, BFSI, retail and eCommerce, automotive, government and defense, healthcare and life sciences, telecom and IT, energy and utilities, manufacturing, and others (education, media and entertainment, and travel and hospitality). 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 start-ups in this segment are fueling the growth of healthcare and life sciences segment in AI market. AI can enhance preventive care and quality of life, produce more accurate diagnoses and treatment plans, lead to better patient outcomes overall, and help make healthcare more predictive and proactive by analyzing big data to develop improved preventive care recommendations for patients. AI can also predict and track the spread of infectious diseases by analyzing data from a government, healthcare, and other sources.

North America to account for larger market size during the forecast period

The AI market is segmented into five geographic regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market share during the forecast period. The key factor supporting the growth of the AI market in this region is the wide-scale adoption of AI technologies in several industries, such as healthcare, automotive, agriculture, retail, marketing, and law. The ecosystem in this region is extremely mature and focused on distinguishing itself as the leader in building ethical AI. Companies here are exceedingly influential and should take the lead in driving international standards on ethical design, use, and explainability.

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Major vendors in the global AI market include Google (US), Microsoft Corporation (US), IBM Corporation (US), Baidu, Inc. (China), Intel Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Amazon Web Services, Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (US), NVIDIA Corporation (US), Oracle (US), Cisco (US), Siemens (US), Huawei (China), Alibaba Cloud (China), iFLYTEK (China), Hewlett Packard Enterprise Development LP (US), General Vision Inc. (US), Graphcore (UK), Mellanox Technologies (US), Darktrace (UK), Cylance Inc. (US), Didi Chuxing Technology Co. (China), Zoox (US), Face++ (China), Inbenta (US), Zephyr Health Inc. (US), Butterfly Network (US), Atomwise Inc. (US), Vicarious (US), Preferred Network Inc. (Japan), AIBrain LLC (US), Wave Computing Inc. (US), Mythic (US), Adapteva (US), Koniku Inc. (US), KnuEdge Inc. (US), SK Hynix Inc. (South Korea), Progress DataRPM (US), Descartes Labs (US), Gamaya (Switzerland), EC2CE (Spain), Precision Hawk(US), Agribotix (US), Neurala (US), Iris Automation (US), Pilot AI Labs Inc.(US), Sentient Technologies (US), Applied Brain Research (Canada), Twitter (US), InsideSales (US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US), Appier (Taiwan), Zensed (Sweden), and GumGum Inc. (US).

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