The global artificial intelligence market is experiencing significant growth and is projected to reach a market value of US$350.4 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 29.9% from 2023 to 2028. Artificial intelligence, also known as AI, is a branch of computer science that enables computers to perform tasks that require human intelligence, such as decision-making, speech recognition, and visual perception.
AI is widely utilized across various industries, including manufacturing, agriculture, security, retail, transportation, and logistics, due to its ability to enhance accuracy, automate repetitive tasks, minimize errors, improve decision-making, and offer personalized recommendations. It consists of hardware components such as application-specific integrated circuits (ASIC), field-programmable gate arrays (FPGA), graphics processing units (GPU), and central processing units (CPU).
The growth of the artificial intelligence market is primarily driven by the increasing penetration of the internet and digital technologies worldwide. The demand for AI in sectors like automotive, healthcare, marketing, human resources, and financial services is also contributing to market expansion. As technological advancements continue to evolve, integrating natural language processing (NLP), machine learning (ML), virtual reality (VR), deep learning, and augmented reality (AR) into AI systems enables increased operational efficiencies.
The healthcare sector is experiencing significant growth with the incorporation of AI in robot-assisted surgery, virtual nursing assistants, clinical trial participant identifiers, hospital workflow management, preliminary diagnosis, and automated image diagnosis. Additionally, the automotive industry is leveraging AI technology to develop self-driving features in new vehicles. These factors are propelling the market growth further.
In conclusion, the global artificial intelligence market presents vast opportunities for growth and innovation across industries. With ongoing advancements in AI technology and its wide-ranging applications, the market is expected to continue its upward trajectory in the coming years.
Frequently Asked Questions (FAQ)
- What is artificial intelligence?
- What are the key drivers of the artificial intelligence market?
- What are the major growth-inducing factors in the AI industry?
- What are the segments of the artificial intelligence market?
Artificial intelligence refers to a branch of computer science that enables computers to perform tasks requiring human intelligence, such as decision-making, speech recognition, and visual perception.
The artificial intelligence market is primarily driven by the increasing penetration of the internet and digital technologies, as well as the growing demand for AI across various industries such as automotive, healthcare, marketing, human resources, and financial services.
The integration of natural language processing, machine learning, virtual reality, deep learning, and augmented reality into AI systems, along with the expanding healthcare sector and the adoption of AI in the automotive industry for self-driving features, are key growth factors in the AI industry.
The artificial intelligence market is segmented by type (narrow/weak AI, general/strong AI), offering (hardware, software, services), technology (machine learning, natural language processing, context-aware computing, computer vision, others), system (intelligence systems, decision support processing, hybrid systems, fuzzy systems), end-use industry (healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, others), and region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).
Source: IMARC Group – Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.