The Global Artificial Intelligence Market is Expected to Reach $115 Billion by 2027

According to a new market report published by Lucintel, the future of the global artificial intelligence market looks attractive with opportunities in the healthcare, security, retail, automotive, manufacturing, and financial technology (fintech) sectors. The global artificial intelligence market is expected to reach $115 billion by 2027 with a CAGR of 23.5% from 2021 to 2027. The major drivers for this market are increasing demand for virtual assistance for easy accessibility of services and growing adoption of cloud-based technology.

In this market, different artificial intelligence technologies, such as machine learning and natural language processing, are used in various end use industries. Lucintel forecasts that the machine learning technology will remain the largest segment, and it is also expected to witness the highest growth over the forecast period due to increasing adoption of this technology in the autonomous applications and growing consumer preference for IoT-enabled devices.

Within the artificial intelligence market, media and advertising will remain the largest end use industry segment due to an increasing adoption of customer-centric marketing strategies and increasing use of social platform for advertisements. The healthcare segment is expected to witness the highest growth over forecast period due to advancements in clinical research and growing demand for electronics-based medical equipment and sensors in healthcare applications.

APAC will remain the largest region, and it is also expected to witness the highest growth over the forecast period due to the growing adoption of IoT (internet of things), increasing installation of smart home devices, and growing industrial automation in countries, such as China, India, and Taiwan.

Emerging trends, which have a direct impact on the dynamics of the industry, include growing adoption of artificial intelligence in IoT applications and increasing demand for AI-enabled processors. Intel, IBM, Amazon, Facebook, NVIDIA, Apple, Microsoft, General Electric, and NEC Corporation are some of the major artificial intelligence providers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed the global artificial intelligence market by end use industry, technology, product and service, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Artificial Intelligence Market 2022-2027: Trends, Opportunities and Competitive Analysis”.  The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global artificial intelligence market by end use industry, technology, product and service, and region as follows:

By End Use Industry [$B shipment analysis from 2016 to 2027]:

Media and Advertising

Security

Automotive

Healthcare

Retail

Fintech (Financial Technology)

Manufacturing

Others

 

By Technology [$B shipment analysis from 2016 to 2027]:

Machine Learning

Natural Language Processing (NLP)

Others

 

By Product and Service [$B shipment analysis from 2016 to 2027]:

Hardware

Processor

Memory

Network

Software

Service

 

By Region [$B shipment analysis from 2016 to 2027]:

North America

United States

Canada

Mexico

Europe

United Kingdom

France

Germany

Asia Pacific

China

Japan

India

The Rest of the World

This 205-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/artificial-intelligence-market.aspx or write to us at  helpdesk@lucintel.com.

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.