Artificial Intelligence Global Market Is Expected To Grow At A Rate Of 22% Through 2023 – 2027
15 Mar, 2023
The global artificial intelligence market size will grow from $56.89 billion in 2022 to $73.38 billion in 2023 at a compound annual growth rate (CAGR) of 29.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global artificial intelligence market size is expected to grow to $167.29 billion in 2027 at a CAGR of 22.9%.
Global Artificial Intelligence Market Key Driver
Growing investment in AI technologies contributed to the growth of the Artificial intelligence market. Many companies are investing in AI technologies or AI start-ups to increase the efficiency of AI software as AI enables them to make more informed decisions and achieve better results. For instance, Microsoft has invested around $1 billion in OpenAI a San Francisco company. The two companies had formed a partnership to develop AI supercomputing technologies on Microsoft's cloud Azure.
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Global Artificial Intelligence Market Segments
The global artificial intelligence market is segmented:
• By Offering: Hardware, Software, Services
• By Technology: Machine learning, Natural language processing, Context-Aware Computing, Computer Vision, Other Technologies (Image processing, Speech recognition)
• By End-user Industry: Healthcare, Automotive, Agriculture, Retail, Marketing, Telecommunication, Defense, Aerospace, Media & Entertainment, Other End-User Industries
• By Geography: The regions covered in the artificial intelligence global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global artificial intelligence market.
Major Artificial Intelligence Industry Players
Google, IBM, Baidu, Microsoft, Apple Inc., Ipsoft, NVIDIA corporation, Samsung Electronics Co.Ltd., MicroStrategy Inc., Qlik Technologies
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Artificial Intelligence Market Overview
Artificial intelligence (AI) is a simulation of the human intelligence in machines that are programmed to think and behave like humans. AI helps to complete the job quickly and with relatively few errors.
Artificial Intelligence Global Market Report 2023provides data on the global artificial intelligence market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artificial intelligence market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.