According to new market research report "Artificial Intelligence Market by Offering (Hardware, Software, Services),Technology (Machine Learning, Natural Language Processing), Deployment Mode,Organization Size, Business Function (Law, Security), Vertical, and Region -Global Forecast to 2026", published by MarketsandMarkets™,  the global Artificial Intelligence Market size to grow from USD 58.3billion in 2021 to USD 309.6 billion by 2026, at a Compound Annual Growth Rate(CAGR) of 39.7% during the forecast period.

Various factors such as growth of data-based AI and advancement in deeplearning and need to achieve robotic autonomy to stay competitive in a globalmarket are expected to drive the adoption of the AI solutions and services.

Browse and in-depth TOC on“Artificial Intelligence Market”

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COVID-19 is disrupting the world, businesses, and economies, impactingthe livelihood of people, their interactions, education systems, and the waypeople manage their businesses. The ability to sustain has become the newnormal as enterprises are concentrating on implementing drastic measures tomitigate the impact of the COVID-19 pandemic. The development of AI solutionshas witnessed a slow growth in the first half of 2020 due to the globallockdown. However, the adoption of AI solutions is expected to increasetremendously during the forecast period. A wide range of tools and solutionsare being adopted during the pandemic to detect and enforce social distancingand limit the spread of COVID-19. The competition among major AI companies isexpected to be furious as new opportunities for AI solutions have grown due toremote work and remote education. New practices such as work from home andsocial distancing are creating the need for remote monitoring, smart paymenttechnologies, and building the digital infrastructure for large-scaledeployments. With a sudden surge in remote workers and online learners, thereis an increase in the demand for advanced AI solutions and services.

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The services segment to hold higher CAGR during theforecast period

Based on components, the ArtificialIntelligence Market is segmented into hardware, software, andservices. The software segment of the report is sub segmented into applicationprogramming interface (API) and ML framework, the hardware segment isbifurcated into processor, memory, and network, whereas the services segment issegmented into deployment and integration, and support and maintenance. Theservices segment is expected to account for higher CAGR during the forecast dueto the growing use of AI and analytics for policymaking, environmentalanalysis, and real-time decision-making.

The ML segment to have larger market size during the forecastperiod

The AI market has been segmented by technology into ML, NLP,context-aware computing, and computer vision. The market share of ML technologyis higher attributed to the enormous availability of data, also called bigdata, and the increasing adoption of ML by enterprises and federal agencies togain useful insights.

Healthcare and Life Sciences segment to have the higher CAGRduring the forecast period

The AI market by vertical has been categorized into 8 differentverticals, namely, BFSI, retail and ecommerce, automotive, government anddefense, healthcare and life sciences, telecom and IT, energy and utilities,manufacturing, and others (education, media and entertainment, and travel andhospitality). Factors such as the presence of a large volume of imaging data,advantages offered by AI systems to radiologists in diagnosis and treatmentmanagement, and the influx of a large number of start-ups in this segment arefueling the growth of healthcare and life sciences segment in Artificial Intelligence Market.

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North America to account for larger market size during theforecast period

The AI market is segmented into five geographic regions: NorthAmerica, Europe, APAC, MEA, and Latin America. Among these regions, NorthAmerica is projected to hold the largest market share during the forecastperiod. The key factor supporting the growth of the AI market in this region isthe wide-scale adoption of AI technologies in several industries, such ashealthcare, automotive, agriculture, retail, marketing, and law.

Major vendors in the global Artificial Intelligence Market include Alphabet Inc. (US),Microsoft Corporation (US), IBM Corporation (US), Baidu, Inc. (China), IntelCorporation (US), Samsung Electronics Co., Ltd. (South Korea), Amazon WebServices, Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE(Germany), Salesforce.com, Inc. (US), NVIDIA Corporation (US), Oracle (US),Cisco (US), Siemens (US), Huawei (China), Alibaba Cloud (China), iFLYTEK(China), Hewlett Packard Enterprise Development LP (US), General Vision Inc.(US), Graphcore (UK), Mellanox Technologies (US), Darktrace (UK), Cylance Inc.(US), Didi Chuxing Technology Co. (China), Zoox (US), Face++ (China), Inbenta(US), Zephyr Health Inc. (US), Butterfly Network (US), Atomwise Inc. (US),Vicarious (US), Preferred Network Inc. (Japan), AIBrain LLC (US), WaveComputing Inc. (US), Mythic (US), Adapteva (US), Koniku Inc. (US), KnuEdge Inc.(US), SK Hynix Inc. (South Korea), Progress DataRPM (US), Descartes Labs (US),Gamaya (Switzerland), EC2CE (Spain), Precision Hawk(US), Agribotix (US),Neurala (US), Iris Automation (US), Pilot AI Labs Inc.(US), SentientTechnologies (US), Applied Brain Research (Canada), Twitter (US), InsideSales(US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US),Appier (Taiwan), Zensed (Sweden), and GumGum Inc. (US).

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