The latest market research report titled Artificial Intelligence (AI) Market by Product/Service, Enterprise Size Band, Vertical, and Region 2021-2026 has been published by GlobalData Plc on their report store. The report estimates the market witnessed a growth of USD 68.1 billion in 2021. Various factors including the rising adoption of AI in security solutions post-COVID-19 disruptions coupled with many countries making AI a priority will lead the AI market to garner a CAGR of 14.8% during 2021-2026.

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AI Market Segment Highlights

By Product

  • Specialized AI applications: Specialized AI applications will emerge as the largest revenue contributor from 2021 through 2026. Widespread integration and use of AI in specialized software applications and platforms such as image recognition, speech recognition, computer vision applications, natural language processing, sentiment analysis, risk management, content workflow management, and context awareness will especially drive revenue prospects for the specialized AI applications segment.
  • AI hardware
  • AI platforms
  • AI consulting & support services

By Vertical

  • BFSI: BFSI sector is the largest end-use vertical market for AI with revenue opportunities for AI products and services. The accelerated pace of digital transformation with a majority of companies shifting towards data-led strategies and services makes the BFSI sector a major spender on AI products and solutions. Banking and financial companies typically capture and manage huge volumes of customer data and the use of AI on such datasets can help generate valuable insights for the companies to provide better and personalized services to customers and enable better customer experiences. Other key areas where AI can help BFSI companies are back-office automation, credit risk assessment, identity verification, enhanced fraud detection, and better regulatory compliance.
  • Healthcare
  • Retail
  • Government
  • Information Technology
  • Communication
  • Consumer Goods
  • Transport and Logistics
  • Manufacturing
  • Energy
  • Utilities
  • Construction
  • Education
  • Media
  • Pharmaceuticals
  • Others

By Enterprise Size Band

  • Large Enterprise: While both large enterprises (more than 1000 employees) and micro, small, and medium-sized enterprises (MSMEs) (below 1000 employees) are keen on AI investments, the spending on AI products and services by large enterprises is relatively high than AI spending by the latter.
  • MSME

Regional Opportunities

  • North America: According to GlobalData’s analysis, North America will garner the highest regional AI market share during the forecast period. The US contributes the largest revenue as the country hosts some of the largest tech companies like Apple, Google, IBM, and Microsoft, which have played a major role in the development and adoption of AI technology. Government initiatives to drive the development and adoption of AI and the steady flow of investments from both government and private establishments in the research and development of AI technology for use in various applications also make the US a major market for AI products and services.
  • Asia Pacific
  • Central & Eastern Europe
  • Middle East & Africa
  • South & Central America
  • Western Europe

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AI Market Vendor Landscape

The AI market competitive landscape is highly fragmented as companies are investing considerable sums and the industry is witnessing the emergence of various start-ups possessing cutting-edge expertise. The report has classified the vendors as a mix of contenders and flag bearers.

Top AI market players –

  • IBM: The company manufactures and sells system hardware and software, and offers infrastructure, hosting, and consulting services. In June 2022, IBM launched an automation innovation center at Brigade World Trade Centre Info Park in Kerala’s Kakkanad, allowing IBM and IBM Ecosystem partners to build automation solutions throughout their lifecycle (i.e.) product design, engineering, and support. In February 2022, IBM acquired Neudesic, a cloud services consultancy, focused on Microsoft Azure, AI, and multi-Cloud.
  • Microsoft Corp: The company offers a comprehensive range of operating systems, cross-device productivity applications, server applications, software development tools, business solution applications, desktop and server management tools, video games, and training and certification services. In June 2022, Microsoft launched MLOps v2 which will allow AI professionals to deploy an end-to-end standardized and unified machine learning lifecycle scalable across multiple workspaces.
  • Alphabet Inc.: It offers a wide range of products and platforms, including search, maps, calendar, ads, Gmail, Google Play, Android, google cloud, chrome, and YouTube. The company offers online advertising services through its AdSense, internet, TV services, licensing, and research and development services. In April 2022, Google Cloud launched AI management platform, which helps users build, deploy, and manage AI projects in the cloud without needing extensive data science knowledge.
  • Intel Corp: The company’s product portfolio comprises microprocessors, chipsets, embedded processors and microcontrollers, flash memory, graphic, network and communication, and conferencing. In May 2022, Intel launched two second-generation deep learning processors; Gaudi2, a chip focused on AI computing, and Greco, a chip for AI inferencing.
  • Apple Inc: The company also offers software and related services, accessories, networking solutions, and third-party digital content and applications. In September 2021, Apple announced its iPhone 13’s processor, the A15 Bionic, a chip with 15 billion transistors and new graphics and AI abilities.

Other AI companies covered in this report:

  • Advanced Micro Devices Inc.
  • Alibaba
  • SenseTime
  • Alteryx
  • SparkCognition Inc.

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