Artificial Intelligence Products Market, by ProductType (Hardware, Software, Services), Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision), End-Use (Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Others) and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
"The global artificial intelligence products market was valued at US$ 87.2 billion in 2022 and is projected to reach US$ 571.52 billion by 2028, registering a CAGR of 36.8% during the forecast period."
Artificial Intelligence is one of the fastest-growing technologies within the past few years. AI products are related to human intelligence with similar features like reasoning, language understanding, problem-solving, learning, and others. Manufacturers within the industry witness huge underlying intellectual challenges within the development and revision of such a technology.
Growing need for smart machines: The extent to which people require systems that can perform tasks, come up with decisions and learn onto themselves for use across different sectors has been the major reason that has seen organizations embrace AI.
Advancements in Big Data Analytics: Due to its capacity to analyze structured and unstructured data, the probability of identifying what is usable is useful in the execution of several organizations.
COVID-19 Impact
The COVID-19 outbreak has positively influenced the artificial intelligence products industry. This pandemic is likely to stimulate the market growth of next-generation tech domains, including artificial intelligence, mainly due to the mandated work-from-home (WFH) policy. This coronavirus pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech giants and start-ups are working on preventing mitigating and containing the virus.
"The software segment accounted for the largest market share."
The market has been segmented into hardware, software, and services. Softwareis expected to be the dominant segment of the market, and it will hold a revenue share of more than 35% in 2021.
Technology Insights
"The deep learning segment accounted for the largest market share."
The market has been segmented into deep learning, machine learning, natural language processing, and machine vision.Deep Learning is expected to be the larger segment and it will hold a revenue share ofnearly 35% in 2021.
End-Use Insights
"The advertising & media segment accounted for the largest market share."
The artificial intelligence products market is categorized into healthcare, BFSI, law, retail, advertising & media, automotive & transportation, agriculture, manufacturing, and others. Advertising & Mediais expected to be the dominant segment of the market and it held a revenue share of more than 15% in 2021. Artificial intelligence products are used in the healthcare sector for various applications, such as dosage error reduction, robot-assisted surgery, clinical trial participant identifiers, virtual nursing assistants, preliminary diagnosis, hospital workflow management, and automated image diagnosis, thereby bolstering segment growth.
Regional Trends
"North Americaaccounted for the largest market share."
North America is expected to remain the largest market,and it will hold a revenue share of more than 40% in 2021. This is mainly ascribed to the strong presence of artificial intelligence players in the US. Also, the growing adoption of artificial intelligence (AI) across various industries such as automotive, healthcare, retail, agriculture, marketing, and law, further proliferates regional market growth.
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In-depth analysis of the Artificial Intelligence Products Market
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Global, regional and country level historical data and forecasts
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This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories:
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Artificial Intelligence is one in every of the fastest-growing technologies within the past few years. AI products are related to human intelligence with similar features like reasoning, language understanding, problem-solving, learning, and others. Manufacturers within the industry witness huge underlying intellectual challenges within the development and revision of such a technology.
Advanced Micro Devices (US), AiCure (US), Arm Limited (UK), Atomwise, Inc. (US), Ayasdi AI LLC (US), Baidu, Inc. (China), Clarifai, Inc. (US), Cyrcadia Health (US), Enlitic, Inc. (US), and Google LLC (US) are among the key players in the artificial intelligence products market.
A surge in the number of innovative start-ups and technological advancements has resulted in an increase in investment in artificial intelligence technologies, which boosts product penetration in the coming years. In addition, strong growth in demand for interpreting and analyzing large amounts of data is further boosting the market growth. However, the lack of experienced and trained professionals is likely to hamper the industry growth.
