According to IMARC Group’s latest report, titled “Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,’ the global artificial intelligence market reached a value of US$ 40.21 Billion in 2020. Looking forward, the market is expected to exhibit robust growth during 2021-2026.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Artificial Intelligence (AI) is a computer science division that replicates human intelligence in machines. AI-integrated machines are capable of speech-recognition, learning, decision-making, and problem-solving applications. The hardware components of AI are various chipsets, such as graphics processing unit (GPU), central processing unit (CPU), application-specific integrated circuits (ASIC), and field-programmable gate array (FPGA). The software components are core technologies that include natural language processing (NLP), deep learning, machine learning (ML), augmented and virtual reality (AR/VR).

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artifical intelligence market 30

Market Trends

The thriving IT industry, along with rapid digitization across several industries, is primarily driving the market for artificial intelligence. The rising adoption of cloud-based solutions has propelled the demand for AI-integrated systems. Furthermore, the rapid shift towards AI-integrated systems to analyze data and extract insights for enhanced operational efficiencies and consumer experience also drives the market. Moreover, the introduction of 5G technology, coupled with the increasing penetration of virtual assistants, has bolstered the market growth. Numerous social media and e-commerce platforms are employing AI-based algorithms in their applications to improve customer engagement. Additionally, the development of AI-powered industrial and surgical robots is further anticipated to drive the artificial intelligence market.

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List of Key Companies Covered in this Market Report:

Amazon Web Services Inc.
Apple Inc.
Baidu
Cisco Systems Inc.
Facebook Inc.
General Electric Company
Google LLC (Alphabet Inc.)
International Business Machines
Intel Corporation
Micron Technology Inc.
Microsoft Corporation
Nvidia Corporation
Oracle Corporation
Rockwell Automation Inc.
Samsung Electronics Co. Ltd.
SAP SE
Siemens AG

Breakup by Type:

Narrow/Weak Artificial Intelligence
General/Strong Artificial Intelligence

Breakup by Offering:

Hardware
Software
Services

Breakup by Technology:

Machine Learning
Natural Language Processing
Context-Aware Computing
Computer Vision
Others

Breakup by System:

Intelligence Systems
Decision Support Processing
Hybrid Systems
Fuzzy Systems

Breakup by End-Use Industry:

Healthcare
Manufacturing
Automotive
Agriculture
Retail
Security
Human Resources
Marketing
Financial Services
Transportation and Logistics
Others

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

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Key highlights of the report:

Market Performance (2015-2020)
Market Outlook (2021- 2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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