Artificial Intelligence Market Size, Share & Trends Analysis Report By Solution (Hardware, Software, Services), By Technology (Deep Learning, Machine Learning, NLP), By Function, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the artificial intelligence market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for artificial intelligence market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of artificial intelligence market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Artificial Intelligence Market Categorization:

The artificial intelligence market was categorized into four segments, namely solution (Hardware, Software, Services), technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision), end-use (Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing), regions (North America, Europe, Asia Pacific, South America, Middle East and Africa).

Segment Market Methodology:

The artificial intelligence market was segmented into solution, technology, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The artificial intelligence market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, Middle East and Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Canada; Mexico; Germany; the UK; China; Japan; India; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Artificial intelligence market companies & financials:

The artificial intelligence market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Advanced Micro Devices. - Advanced Micro Devices (AMD) is a multinational corporation known for its semiconductor production. The company’s offerings include Graphics Processing Units (GPUs), Accelerated Processing Units (APUs), and System-on-Chip (SoC) solutions. They also provide technology for gaming consoles, chipsets, and processors for embedded systems and servers. AMD operates under two main business divisions: Computing and Graphics, and Enterprise, Embedded and Semi-custom. The Computing and Graphics segment focuses on GPUs, APUs, and chipsets, while the Enterprise, Embedded and Semi-custom segment concentrates on server and embedded processors, semi-custom SoC products, and technology for game consoles. AMD’s clientele is diverse and extensive. It includes large direct data centers, which are primarily cloud service providers. Original Design Manufacturers (ODMs), Original Equipment Manufacturers (OEMs), and online retailers are also part of AMD’s customer base. Additionally, the company serves add-in-board manufacturers (AIBs), PC OEMs, independent distributors, and system integrators. This wide range of customers underscores AMD’s significant presence in the global semiconductor industry.

• AiCure - Established in 2010, AiCure is a company based in the United States that designs and implements AI technologies that have been clinically validated to enhance medication compliance and patient behavior. The company provides a software-as-a-service (SaaS) model that incorporates motion detection and facial recognition technology. AiCure is in the process of creating a mobile technology platform that integrates the latest advancements in artificial intelligence, including machine learning, predictive analytics, deep learning, and computer vision. This platform leverages AI on mobile devices to verify medication intake in high-risk groups and clinical trials. The company’s areas of expertise include artificial intelligence, risk management, clinical research, population health, health outcomes, and randomized clinical trials. This wide range of specializations highlights AiCure’s commitment to leveraging advanced technology to improve health outcomes.

• Arm Limited - Arm Limited, a subsidiary of ARM Holdings Plc, is a global player in the semiconductor Intellectual Property (IP) sector. The company licenses its technology to semiconductor and systems companies, and designs these technologies both in the UK and internationally. Original Equipment Manufacturers (OEMs) utilize Arm’s technology for a variety of applications, including digital set-top boxes, mobile handsets, network routers, and car braking systems. Arm offers a comprehensive suite of solutions encompassing processors, graphics and multimedia, physical IP, development tools, IoT solutions, system IP, and wireless IP. With a presence in North America, Europe, the Middle East, and the Asia Pacific, Arm has a truly global footprint.

• Atomwise Inc. - Atomwise, Inc. is a company that utilizes deep learning technology for the purpose of drug discovery. It has formed partnerships with several biotechnology and pharmaceutical corporations, such as Jiangsu Hansoh Pharmaceutical Group Co., Ltd. in China, the Drugs for Neglected Diseases initiative (DNDi) in Switzerland, and BridgeBio Therapeutics in the U.S., to create superior medicines using its AI platform. The company’s solution is driven by AtomNet technology, a deep learning neural network designed specifically for structure-based drug design and discovery. This technology leverages insights gathered from a multitude of experimental affinity measurements and protein structures to predict the binding of small molecules to proteins.

• Ayasdi AI LLC - Established in 2008, Ayasdi AI LLC is an analytics firm based in California, U.S. The company specializes in the development and provision of machine intelligence platforms. These platforms offer applications and software to organizations that aim to construct and scrutinize predictive models using big data and high-dimensional data sets. Ayasdi’s machine intelligence platform integrates substantial data infrastructure and scalable computing with topological data analysis, statistical and geometric algorithms, and machine learning to enhance productivity. The software provided by Ayasdi has been implemented by governments and organizations for various purposes. These include anomaly detection, national security applications, information security, drug development, disease research, oil & gas well development, anti-money laundering, customer segmentation, fraud detection, trading strategies, and the creation of clinical pathways for hospitals.

• Baidu, Inc. - Baidu, Inc., founded in 2000 and headquartered in Beijing, China, is a leading internet search provider in the country. The company offers a variety of channels for information access and primarily operates within China. Baidu’s operations are divided into two segments: online marketing services and others. Its search services employ a keyword-based approach to user queries, akin to the Google search engine. Baidu also offers transaction services, including Baidu Wallet, Baidu Nuomi, Baidu Maps, among others. iQiyi, a platform comparable to YouTube, is an online video service that hosts movies, videos, songs, and more. Baidu caters to four main participant types: Users, Customers, Baidu Union Members, and Content Providers.

• Clarifai, Inc. - Clarifai, Inc. is a company specializing in artificial intelligence, offering solutions in visual recognition. It provides sophisticated image recognition systems capable of detecting visual searches and near-duplicates. The company’s image recognition system can identify objects, tags, and various categories in images, and can also search for similar images. Catering to both enterprises and the developer community, Clarifai provides visual recognition and computer vision AI. Its products have a wide range of applications, including custom face recognition, demographics, and moderation.

• Cyrcadia Health - Cyrcadia Health, a U.S.-based medical biosensor company, specializes in surgical and medical instruments. The company leverages predictive analytics to facilitate early detection of breast cancer through personalized wearable devices. Lifeline Biotechnologies, Inc., the parent company, holds a 30% stake in Cyrcadia Health. The company’s business encompasses medical and hospital equipment. The Cyrcadia Health solution is a user-friendly system committed to enhancing patient outcomes, refining surgical decision-making processes, and curbing healthcare costs via early detection and screening. Clinical tests of its patented wearable technology are conducted at The Ohio State University and El Camino Hospital in Mt. View, CA. These tests aim to detect breast cancer using circadian predictive analytic analysis and dynamic testing. The current development and design of the company’s technology are undertaken by Flextronics in Haifa, Israel, a global leader in the manufacture of wearable medical-grade technology.

• Enlitic, Inc. - Enlitic, Inc. is a company that specializes in the application of artificial intelligence (AI) in the healthcare sector. The firm is known for creating software solutions that offer valuable insights into treatment planning, early detection, and disease monitoring. A significant part of Enlitic’s work involves the development of tools that enable physicians to effectively utilize collected medical data. In addition to this, the company also creates clinical decision support solutions and products. To develop these AI solutions, Enlitic has formed partnerships with various academic research institutions, healthcare providers, and pharmaceutical solution providers. These collaborations have been instrumental in advancing the company’s mission to revolutionize healthcare through AI.

• Google LLC - Google LLC is a multinational internet and computer software solutions provider that specializes in offering internet-related services and products. It is a wholly-owned subsidiary of Alphabet, Inc. The company operates through three business segments: Google Services, Google Cloud, and Other Bets. Google’s products and services include Application Programming Interfaces (APIs), enterprise products, productivity tools, search engines, social networking applications, mobile devices, and advertisement services. Google’s voice recognition product portfolio includes Google Now and application programming interfaces such as Google Cloud Search API. The company’s primary clients are ARM, Intel, Snapchat, Twitter, and Uber. TensorFlow, Google Inc.'s artificial intelligence solution, was developed by researchers and engineers working within a machine intelligence research organization. Google LLC operates its business from 70 offices in over 40 countries across the globe.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Artificial Intelligence Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Artificial Intelligence Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.