The artificial intelligence (AI) services market consists of sales of AI and related services that are used in telecommunications, government, retail, defense and healthcare. Companies in the artificial intelligence market provide outsourced services to cater to business requirements.
The global artificial intelligence services market is expected to decline from $0.85 billion in 2019 to $0.77 billion in 2020 at a compound annual growth rate (CAGR) of -9.46%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $1.97 billion in 2023 at a CAGR of 36.65%.
