The artificial intelligence solution market is projected to grow at a CAGR of 20.14% to reach US$242.255 billion by 2027, from US$67.046 billion in 2020.Over the years, the use of artificial intelligence has increased across the globe. Smart bots, location tracking, machine/program learning, and increased adoption of cloud-based technology are a few of the segments where artificial intelligence is being implemented on a large scale. Through various industry verticals such as automotive, manufacturing, retail, healthcare, and many others the market players are making use of the ongoing technological advancements through rigorous research and development.
The emergence of cloud-based networks in various service industries will propel the market growthMajor companies are moving toward cloud-based networks, in which artificial intelligence software is highly integrated. For instance, in the software as a service segment, the setup cost for SaaS is generally cheaper than on-premises software deployments, this is because of the ease of distribution, as the operating costs are distributed over customers. The subscription model makes it a flexible payment option as the customer doesn’t have to purchase the software or install any additional hardware. The integration of Artificial Intelligence has also attracted consumers toward the model, therefore in the near future, a wide range of the population will be dependent on the SaaS vendors.
Furthermore, the growth in big data as a service segment will also aid in market expansion. On witnessing a surge toward such technological advancements, the IT sector is rapidly investing and working on R&D in order to help the market player do well in their business, helping them to reduce complexities, and increase flexibility.
Moreover, the governments of many countries are actively investing in Artificial Intelligence.For example, the Indian government boosted the budget for Digital India in 2020 to $477 million in order to advance robots, IoT, AI, big data, cybersecurity, and machine learning. India's leading digital project promoted e-governance, e-banking, e-education, and e-health while working to increase internet accessibility. Similarly, The UK government launched its first National AI strategy to consolidate its position as a global science superpower. Furthermore, back in August 2019, UK Health Secretary announced an investment worth £250 million in AI to improve the health of the patients in the country.
- In July 2022, the Indian defense ministry launched the first-ever Artificial intelligence exhibition and symposium. The exhibition showcased the AI-enabled solutions that were developed by different service organizations, research institutions, start-ups, industries, and innovators along with the launch of AI-enhanced products. On the account of 75 years of Independence, the ministry launched 75 products in the domain of robotics, cyber security, intelligent monitoring system, and many more.
- In October 2021, Deloitte launched ConvergeHEALTH CognitiveSpark, a brand new Artificial Intelligence based solution for marketing. With the help of this product, the marketing specialist will be able to make decisions on the basis of artificial intelligence, which will help them to boost their return on investment with speed and scale. Artificial intelligence will be helpful in providing insights and recommendations as it will be applying machine learning and analytics technologies.
- In October 2022, an artificial intelligence (AI) software development firm, Dynam Al, which automates critical decision-making for the industrial sector formed an alliance with CloudFactory, the leader in human-in-the-loop artificial intelligence. The terms of the partnership allow both organizations to accelerate their application of Artificial Intelligence solutions for decision-making. Dynam.AI users will also be allowed to access CloudFactory’s data analysts, which will help them in creating high-quality datasets at scale.
North America and Asia Pacific will hold significant shares during the anticipated periodThe North American and Asia Pacific countries are continuously witnessing technological advancements due to rapid urbanization and modernization. The governments of both regions are also actively taking initiatives to fuel the market with the ongoing wave of science and innovations. Along with that, the market players are also keeping up with research and development plans in order to make mindful investments and innovations, and launch products to expand the product offerings of the artificial intelligence market. For instance, in October 2021, Microsoft announced an initiative to empower AI startups in India. It was a 10-week initiative to support startups in India by imparting knowledge about leveraging AI technologies, building industry expertise, driving innovation, and making them well-versed in scaling operations. The initiative was supported by TiE Mumbai. Microsoft believes that India has the third-largest AI startup ecosystem in the world and if the investment is done right in artificial intelligence, around US$ 90 billion can be added to the Indian economy by the year 2035 by maximizing AI’s potential and mitigating its risk factors in order to develop AI in the best way possible.
- Computer Vision
- Machine Learning
- Natural Language Processing
- Forecasting and Optimization
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
Frequently Asked Questions about the AI Solutions Market
What is the estimated value of the AI Solutions Market?
The AI Solutions Market was estimated to be valued at $67.05 billion in 2020.
What is the growth rate of the AI Solutions Market?
The growth rate of the AI Solutions Market is 20.1%, with an estimated value of $242.26 billion by 2027.
What is the forecasted size of the AI Solutions Market?
The AI Solutions Market is estimated to be worth $242.26 billion by 2027.
Who are the key companies in the AI Solutions Market?
Key companies in the AI Solutions Market include IBM Corporation, Microsoft, Google LLC, Accenture, Oracle, IPsoft Inc., QlikTech International A.B., NVIDIA Corporation and SAS Institute Inc..
|No. of Pages||135|
|Forecast Period||2020 - 2027|
| Estimated Market Value ( USD
||USD 67.05 billion|
| Forecasted Market Value ( USD
||USD 242.26 billion|
|Compound Annual Growth Rate||20.1%|
|No. of Companies Mentioned||10|
Table of ContentsINTRODUCTION
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2.1. Research Data
3.1. Research Highlights
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
AI SOLUTIONS MARKET, BY DEPLOYMENT
AI SOLUTIONS MARKET, BY FUNCTION
6.2. Computer Vision
6.3. Machine Learning
6.4. Natural Language Processing
6.5. Forecasting and Optimization
AI SOLUTIONS MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9.1. IBM Corporation
9.3. Google LLC
9.6. IPsoft Inc.
9.7. QlikTech International A.B.
9.8. NVIDIA Corporation
9.10. SAS Institute Inc.
- IBM Corporation
- Google LLC
- IPsoft Inc.
- QlikTech International A.B.
- NVIDIA Corporation
- SAS Institute Inc.