Press Release

Global Artificial Intelligence Market to Reach USD 6 Trillion by 2026, Bolstered by the Rising Digitisation of Data

Global Artificial Intelligence Market

According to a new report by EMR titled, ‘Global Artificial Intelligence Market Report and Forecast 2021-2026’, the global artificial intelligence market attained a value of USD 1.2 trillion in 2020. The industry is further expected to grow at a CAGR of 23% in the forecast period of 2021-2026 to reach a value of USD 6 trillion by 2026.

The global artificial intelligence market is being driven by the rising digitisation of data and the growing adoption of the technology across various industries. Artificial intelligence is finding growing applications in predicting the weather, space explorations, autonomous cars, and other technological advancements. It is increasingly being adopted in the healthcare sector to help analyse the large genomic data sets, along with providing more accurate treatment and prevention options. The solutions offered by the artificial intelligence market has, thus, proved beneficial in tracking, researching, and treating COVID-19 cases. In fact, in 2020, it was the Canadian startup, BlueDot, that was one of the first to identify the ‘unusual pneumonia’ cluster cases in China that eventually came to be known as COVID-19 through its platform, which uses artificial learning, big data, and machine learning to track and predict the outbreak of infectious diseases. Meanwhile, Google (NASDAQ: GOOGL) launched the COVID-19 Research Explorer, a semantic search interface, in May 2021 to help researchers and scientists find answers and evidence to their COVID-19 related queries.

In the coming years, the global artificial intelligence market is expected to continue witnessing a significant growth, with major technology companies increasing their investment into this sector. In May 2021, Microsoft, a leading player in the industry, announced that it had invested USD 75 million to build a new office dealing with Artificial Intelligence (AI) and Cloud space in Georgia, United States. Earlier in July 2020, the company had partnered with OpenAI, to launch a billion-dollar project, which was based on its Azure Cloud platform.

Market Analysis by Solution, Technology, Type, End Use, and Region:

  • The market, on the basis of solution, can be divided into hardware, software, and services.
  • Based on technology, the industry can be divided into machine learning, natural language processing (NLP), context-aware computing, computer vision, and robotics.
  • The major types in the industry are narrow/weak AI and general/strong AI.
  • On the basis of end-uses, the market is segmented into healthcare, BFSI, automotive and transportation, security, aerospace, defence, agriculture, retail, financial, manufacturing, and advertisement and marketing, among others.
  • The regional markets for artificial intelligence include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global artificial intelligence market is being driven by the growing need to collect and analyse large data sets.
  • The market is also being catalysed by improvements in cloud infrastructure and technological advancements taking place in the industry.
  • The growing number of tech startups who are increasingly relying on artificial intelligence is aiding the market growth further.
  • In the coming years, the market expansion could be attributed to the adoption of artificial intelligence across a wide range of industries like healthcare, automotive, finance, retail, and manufacturing.

Key Offerings of the Report:

  • The EMR report gives an overview of the global artificial intelligence market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the solutions, technology, types, end uses, and major regions of artificial intelligence.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global artificial intelligence market are Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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