Artificial Intelligence (AI) Market – 56% of Growth to Originate from North America, Technavio

Press Releases

Apr 03, 2024

NEW YORK, April 3, 2024 /PRNewswire/ — The global artificial intelligence (ai) market size is estimated to grow by USD 125.3 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 22.26% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 56%.

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North America is expected to play a pivotal role in propelling the global artificial intelligence (ai) market

Geographic Landscape:

The AI market is experiencing significant growth, with the North American region, particularly the US, leading in AI spending. Parallel computing and proprietary software are key technologies driving this growth. Policy and public policy are shaping the AI landscape, with a focus on real-time data and simulation in areas such as healthcare, education, and autonomous driving. The scientific community, including scientists in cities like Ottawa and Pune, are making strides in AI research. However, a shortage of expertise and resources persists, leading to increased investment from tech giants like Google, IBM, Microsoft, and Amazon, as well as startups. Strategies like algorithmic trading, ARM architecture family, and application-specific integrated circuits are also gaining traction. The wealth management industry is embracing AI for speech recognition and visualization, while the world wide web facilitates the exchange of ideas and knowledge. Trade in AI-related technologies, such as chipsets and cloud gaming, is on the rise. Symbiosis between AI and various industries is creating new opportunities, while the use of AI in areas like cancer diagnosis and video analysis continues to advance. The future of AI is a complex and exciting blueprint, with many breakthroughs yet to come. (Sources: Business Insider, Riverside Drive, Cluster analysis, Cognition, Community)

Market Drivers

In the global tech landscape, Ottawa and Pune emerge as significant hubs for Artificial Intelligence (AI) innovation. Parallel computing and proprietary software are key focus areas, with the scientific community and scientists driving advancements. However, public policy and portfolio management in the finance sector face challenges due to the shortage of real-time data and cognitive capabilities. Policy makers are exploring strategies to address this, such as symbiosis between public and private sectors. In this regard, public cloud solutions from tech giants like Amazon offer scalable resources for businesses. Real-time data processing is crucial for industries like algorithmic trading and video streaming, which are increasingly adopting cloud-based services. Meanwhile, the scientific community continues to push boundaries with AI applications in fields like cancer research and visualization. In hardware development, ARM architecture family and application-specific integrated circuits are gaining popularity. Despite these advancements, there are concerns around the use of black box algorithms and the need for transparency. As we move towards a more interconnected world through the World Wide Web, it is essential to strike a balance between innovation and ethical considerations. Keywords: Ottawa, Parallel computing, Policy, Portfolio (finance), Proprietary software, Public policy, Pune, Real-time data, Riverside Drive (Manhattan), Scientific community, Scientist, Shortage, Simulation, Speech, Strategy, Symbiosis, Trade, Video, Visualization (graphics), Wealth, Wealth management, World Wide Web, ARM architecture family, Algorithmic trading, Amazon (company), Application-specific integrated circuit, Arm (company), Baner.

Market Overview

The Artificial Intelligence (AI) market is experiencing significant growth and innovation, driven by advancements in technology such as machine learning, deep learning, and natural language processing. Companies like Algorithm, Apple, Google, and Microsoft are investing heavily in AI research and development, creating a competitive landscape. The AI market encompasses various applications, including image and speech recognition, predictive analytics, and autonomous vehicles. In 2020, the global AI market size was valued at USD62.35 billion and is projected to reach USD1,110.9 billion by 2027, growing at a CAGR of 36.6% from 2020 to 2027. The market’s growth is attributed to the increasing adoption of AI in various industries, including healthcare, finance, and retail, to improve efficiency, accuracy, and customer experience. Additionally, the integration of AI in everyday devices and applications is expanding its reach and potential applications. Overall, the AI market holds immense potential for innovation and growth in the coming years.

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Market Landscape

The Artificial Intelligence (AI) market is a significant segment of the global technology hardware, storage, and peripherals market. This market encompasses corporations specializing in computing platforms and AI technologies. Factors driving market growth include the digital transformation and increasing demand for data analysis and mining in various sectors. Financial services, for instance, leverage AI for credit risk assessment using data analysis and credit scoring. In the healthcare sector, AI is used for medical device development and diagnosis through optical character recognition and interdisciplinarity. The European Union and the Government of India are investing in AI technologies as part of their digital transformation initiatives. Companies like Facebook and McKinsey & Company are leading the market with flagship AI projects. Moreover, AI is essential in digital electronics, such as electric vehicles and intelligent networks, reducing electric energy consumption and improving navigation. The niche market for AI in sectors like food and agriculture also shows momentum. Despite the challenges posed by divestment and hypothetical concerns, the AI market continues to gain traction, with applications ranging from loan processing to HIV/AIDS research and optometry.

Key Topics Covered:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
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