The global artificial intelligence market is set to grow from its 2019 valuation of US$29.9 Bn and reach a whopping US$718.7 Bn valuation by 2030. Particularly, between 2022 and 2030, the expected CAGR of the market will be 32.1%.
In recent times, Artificial Intelligence (AI) has emerged as a pivotal technological advancement of the digital age. The versatility and wide-ranging applications of AI have revolutionized various industries, from finance to healthcare, leading to increased productivity and efficiency. As a result, the global artificial intelligence market is experiencing tremendous growth. AI has enabled companies to streamline their operations and provide personalized services to their customers, ultimately improving customer satisfaction. The technology has paved the way for innovative solutions that have transformed the way businesses operate. Moreover, AI has facilitated the analysis of vast amounts of data, enabling companies to make informed decisions and gain a competitive advantage in the market. Several leading tech organisations are pouring funds to push the limits of AI technologies and discover newer use cases.
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Increasing Opportunities in BFSI Domain to Ascertain Global Artificial Intelligence Market Expansion
The increasing deployment of cutting-edge AI tools in the BFSI industry is a source of fructuous business outcomes. Several FinTech, financial analysis, portfolio and investment management, and risk assessment applications are utilising this technology. These solutions are also very useful for regular customers who might lack the confidence and financial know-how to succeed in investments. In addition, several organisations are able to uphold regulatory compliance by using advanced AI tools. Many industry entities are investing in this technology to fully realise its economic and business potential. The possibility of lucrative financial opportunities will motivate many stakeholders to deploy AI and enjoy improved profitability. The global artificial intelligence market is set to grow with players such as Microsoft Corporation, IBM, Oracle, Cisco Systems, HITACHI, DELL, Centrify Corp, CA Technologies, Sailpoint Technologies, Micro Focus, and Okta pioneering novel innovations.
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Healthcare Segment to Utilise AI for Robotic Surgeries and Operational Efficiency
Healthcare is quickly emerging as an instrumental artificial intelligence market segment. Many government bodies, healthcare industry participants, and other stakeholders are researching ways to use AI in improving healthcare. These R&D activities are creating notable medical science breakthroughs in diagnostics, drug discovery, and treatment. Besides, AI is also being used for hospital workflow management, nursing and medication assistance, robotic surgeries, and clinical trials among others. Beyond healthcare, manufacturing, retail, defence, automotive, and agriculture are also adopting AI at a promising rate. Among these, government & defence and manufacturing industries cumulatively contribute to over 25% of the total revenue of the market.
High Concentration of Leading Players to Instate North America as Leading Market Region
North America, Europe, and Asia Pacific are the major artificial intelligence market regions. North America benefits from its high public sector AI investments and notable R&D activities. It also homes some of the leading IT giants who are leading the AI-based advancements in various industries. The USA offers a robust infrastructure and policy framework to nurture AI adoption. North America and Europe collectively boast a whopping market share of about 55%. On the other end of the globe, Asia Pacific is creating notable growth prospects amidst increasing investments and a growing number of startups.
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