AI Market to Reach USD 266.92 Bn by 2027 at 33.2% CAGR; Tech Giants Such as Google and Amazon to Focus on Developing AI-powered Services for End ...
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Source: Fortune Business Insights
April 07, 2021 08:25 ET
AI Market to Reach USD 266.92 Bn by 2027 at 33.2% CAGR; Tech Giants
Such as Google and Amazon to Focus on Developing AI-powered Services
for End Users: Fortune Business Insights™
Top Players in Global AI Market are SAP SE (Walldorf, Germany), Qlik Technologies Inc. (Pennsylvania, USA),
MicroStrategy, Inc. (Virginia, USA), IPsoft Inc. (New York, USA), Baidu Inc. (Beijing, China), Alphabet (Google
Inc.) (California, USA), Verint Systems Inc. (Next IT Corp) (New York, USA), NVIDIA Corporation (California,
USA), Microsoft Corporation (Washington, USA), IBM Corporation (New York, USA), Apple Inc. (California, USA)
and others
Pune, India, April 07, 2021 (GLOBE NEWSWIRE) -- The overall AI market is expected to grow from USD 27.23
Billion in 2019 to USD 266.92 Billion by 2027 at a CAGR of 33.1% during the forecast period. Emergence of the
COVID-19 pandemic is generating several growth opportunities for the market, observes Fortune Business
Insights™ in its report, titled “Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By
Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural
Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT &
Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2020-
2027”.
Smart technologies are being extensively utilized around the globe to battle the unprecedented health crisis
created by the coronavirus pandemic. In France, the start-up Clevy.io has introduced a chatbot to make it easy
for people to discover official French government and World Health Organization (WHO) communications about
COVID. In the UK, an agri-tech start-up called Mantle Labs is offering its AI-powered crop monitoring solution to
retailers for free to ensure stable supply chains across the UK. Another example is the Canadian start-up BlueDot
which has deployed its AI capabilities to detect disease outbreaks and was one of the first to raise the alarm when
the virus broke out in Wuhan. Thus, the COVID-19 pandemic is widening and deepening the applications of AI-
based technologies around the world.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114
The report states that the value of the global AI market stood at USD 27.23 billion in 2019 and offers the following:
Exhaustive analysis of the factors driving and restraining the market;
Microscopic examination of the different market segments;
Detailed evaluation of the key market players, their performance, and main strategies; and
Projections about the upcoming regional opportunities and investment pockets for the market
Industry Developments:
July 2020: Google’s Project Loon announced that it will be providing stable internet connectivity to
subscribers on Telkom Kenya’s network through 35 tennis court-sized balloons. Using its Machine
Learning capabilities, Loon will operate and deliver internet services to over 35,000 Kenyans through this
project.
June 2020: Microsoft’s AI for Health Program sanctioned a grant to the Mount Sinai Health System to
develop AI-powered digital tools to enhance care for COVID-19 patients. The system involves leading
researchers across Mount Sinai and the grant will allow them to support data science centers working in
COVID-19 research.Market Driver
Proliferation of Artificial Intelligence Start-Ups to Augment Market Potential
Promising business opportunities spawned by the advent of AI in the world of technology has led to a proliferation
of start-ups worldwide specializing in AI tools and solutions for diverse application areas. For example, the US-
based company LivePerson has become a pioneer in understanding customer needs through AI-powered
messaging, ensuring a wholesome experience to users. Wint, to take another example, is a company that
provides artificial intelligence-based solutions for water treatment applications. In India, AI-based start-ups are
speedily gaining traction. For instance, Niramai Health Analytix is a novel start-up based in Bangalore, which has
developed innovative software to detect breast cancer. Broadening horizons of these and many more upcoming
companies is feeding the artificial intelligence market growth.
Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-
pdf/artificial-intelligence-market-100114
Regional Insights
Growing Adoption of Smart Technologies to Expand Market Size in Asia Pacific
Economies in Asia Pacific are displaying steady growth on account of considerable rise in the adoption of smart
technologies such as AI and Internet of Things (IoT), especially in the industrial sector. China and India have been
making massive investments in advanced technologies in a bid to digitize their economies, thus aiding the AI
market growth in the region.
North America, with a market size of USD 11.40 billion in 2019, is expected to dominate the artificial intelligence
market share during the forecast period. Companies the United States and Canada have been developing AI-
powered solutions and devices to optimize business processes and increase productivity. In Europe,
governments are steadily deploying 5G infrastructure across the continent, which is set to raise the global market
value.
Competitive Landscape
Top Players to Focus on Expanding AI to Deliver Enhanced Services
The field of artificial intelligence is a highly specialized one and technological behemoths such as Google and IBM
are investing heavily in R&D to come up with novel solutions to improve worldwide connectivity. These
companies are constantly initiating projects to deliver enhanced services to backward areas, thus enabling freer
access to information globally.
Quick Buy- AI Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100114
List of Key Players Covered in the AI Market Report:
SAP SE (Walldorf, Germany)
Qlik Technologies Inc. (Pennsylvania, USA)
MicroStrategy, Inc. (Virginia, USA)
IPsoft Inc. (New York, USA)
Alphabet (Google Inc.) (California, USA)
Verint Systems Inc. (Next IT Corp) (New York, USA)
NVIDIA Corporation(California, USA)
Microsoft Corporation (Washington, USA)
IBM Corporation (New York, USA)
Apple Inc. (California, USA)
Major Table of Contents:
Introduction
Definition, By SegmentResearch Methodology/Approach
Data Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter’s Five Force Analysis
Global Market Share Analysis and Matrix, 2019
Key Market Insights and Analysis, By Segments
Global Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-
2027
By Component (Value)
Hardware
Software
Services
By Technology (Value)
Computer Vision
Machine Learning
Natural Language Processing
Others
By Deployment (Value)
On-premises
Cloud
By Industry (Value)
Healthcare
Retail
IT & Telecom
BFSI
Automotive
Advertising & Media
Manufacturing
Others (Education, Government, etc.)
By Region (Value)
North America
EuropeAsia Pacific
Middle East & Africa
Latin America
North America Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By
Segments, 2016-2027
By Component (Value)
Hardware
Software
Services
By Technology (Value)
Computer Vision
Machine Learning
Natural Language Processing
Others
By Deployment (Value)
On-premises
Cloud
By Industry (Value)
TOC Continued…!
Speak To Our Analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/artificial-intelligence-
market-100114
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About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all
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