GVR Report cover Artificial Intelligence Market Size, Share & Trends Report

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

  • Report ID: GVR-1-68038-955-5
  • Number of Pages: 125
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Technology

Report Overview

The global artificial intelligence market size was valued at USD 136.55 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. The continuous research and innovation directed by tech giants are driving adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. For instance, in November 2020, Intel Corporation acquired Cnvrg.io, an Israeli company that develops and operates a platform for data scientists to build and run machine learning models, to boost its artificial intelligence business. Technology has always been an essential element for these industries, but artificial intelligence (AI) has brought technology to the center of organizations. For instance, from self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually into every apparatus and program.

Asia Pacific Artificial Intelligence Market size, by solution, 2020 - 2030 (USD Billion)

AI is proven to be a significant revolutionary element of the upcoming digital era. Tech giants like Amazon.com, Inc.; Google LLC; Apple Inc.; Facebook; International Business Machines Corporation; and Microsoft are investing significantly in research and development of AI. These companies are working to make AI more accessible for enterprise use cases. Moreover, various companies adopt AI technology to provide a better customer experience. For instance, in March 2020, McDonald’s made its most significant tech investment of USD 300 million to acquire an AI start-up in Tel Aviv to provide a personalized customer experience using artificial intelligence.

The essential fact accelerating the rate of innovation in AI is accessibility to historical datasets. Since data storage and recovery have become more economical, healthcare institutions and government agencies build unstructured data accessible to the research domain. Researchers are getting access to rich datasets, from historic rain trends to clinical imaging. The next-generation computing architectures, with access to rich datasets, are encouraging information scientists and researchers to innovate faster.

Furthermore, progress in profound learning and ANN (Artificial Neural Networks) has also fueled the adoption of AI in several industries, such as aerospace, healthcare, manufacturing, and automotive. ANN works in recognizing similar patterns and helps in providing modified solutions. Tech companies like Google Maps have been adopting ANN to improve their route and work on feedback received using ANN. ANN is substituting conventional machine learning systems to evolve precise and accurate versions. For instance, recent advancements in computer vision technology, such as GAN (Generative Adversarial Networks) and SSD (Single Shot MultiBox Detector), have led to digital image processing techniques. For instance, images and videos taken in low light, or low resolution, can be transformed into HD quality by employing these techniques. Continuous research in computer vision has built the foundation for digital image processing in security & surveillance, healthcare, and transportation, among other sectors. Such emerging methods in machine learning are anticipated to alter the manner AI versions are trained and deployed.

The WHO (World Health Organization) declared novel coronavirus (COVID-19) outbreak a pandemic in 2020, causing a massive impact on businesses and humankind. This pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the outbreak, as several tech giants and start-ups started working on preventing, mitigating, and containing the virus. For instance, Chinese tech giant Alibaba's research institute Damo Academy has developed a diagnostic algorithm to detect new coronavirus cases with the chest CT (Computed Tomography) scan. The AI model used in the system has been trained with sample data from over 5,000 positive coronavirus cases. In June 2020, Lunit developed an AI solution for X-ray analysis of chest for simpler management of COVID-19 cases and offered assistance in interpreting, monitoring, and patient trials.

COVID-19 outbreak is expected to stimulate market growth of next-generation tech domains, including artificial intelligence, owing to mandated WFH (work-from-home) policy due to the pandemic. For instance, LogMeIn, Inc., a U.S.-based company that provides SaaS (Software-as-a-Service) and cloud-based customer engagement and remote connectivity & collaboration services, has experienced a significant increase in new sign-ups across its product portfolios amid the pandemic. Also, tech companies are expanding their product offerings and services to widen availability across the globe. For instance, in April 2020, Google LLC launched an AI-enabled chatbot called Rapid Response Virtual Agent for call centers. This chatbot is built to respond to issues customers might be experiencing due to coronavirus (COVID-19) outbreak over voice, chat, and other social channels. 

Market Dynamics

The introduction of big data is projected to accelerate the expansion of the artificial intelligence market as a large volume of data needs to be stored, captured, and analyzed. End-users are increasingly concerned about the need to manage and improve the computational model of such data. This is encouraging companies to introduce artificial intelligence solutions at a faster pace. Several private and public organizations have gathered tasks or application-specific information comprising issues, such as medical informatics, fraud detection, national intelligence, marketing, and cybersecurity. Artificial Intelligence algorithms enable automated analysis of unsupervised and unorganized data by continuously improving each set of data.

Artificial intelligence is becoming increasingly important in big data because it enables the extraction of high-level and complex abstractions through a centralized learning process. The need for extracting and mining meaningful patterns from large amounts of data propels the growth of artificial intelligence in big data analytics. Furthermore, the technology aids in overcoming big data analytics challenges such as data analysis trustworthiness, raw data format variation, imbalanced input data, and highly distributed input sources. Another issue is a lack of efficient storage and information retrieval, as data is collected in large quantities and made available across multiple domains. These difficulties are overcome by using semantic indexing, which improves comprehension and knowledge discovery.

Solution Insights

Software solutions led the market and accounted for more than 36.7% of the global revenue in 2022. This high percentage can be attributed to prudent advances in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end services. Furthermore, the ability to extract data, provide real-time insight, and aid decision-making has positioned this segment to capture a significant portion of the market. Artificial intelligence software solutions include libraries for designing and deploying artificial intelligence applications, such as primitives, linear algebra, inference, sparse matrices, video analytics, and multiple hardware communication capabilities. The need for enterprises to understand and analyze visual content to gain meaningful insights is expected to spur the adoption of artificial intelligence software over the forecast period.

Companies adopt AI services to reduce their overall operational costs, yielding more profit. Artificial Intelligence as a Service, or AIaaS, is being used by companies to obtain a competitive advantage over cloud. Artificial intelligence services include installation, integration, maintenance, and support undertakings. The segment is projected to grow significantly over the forecast period. AI hardware includes chipsets such as GPU (Graphics Processing Unit), CPU, application-specific integrated circuits (ASIC), and field-programmable gate arrays (FPGAs). GPUs and CPUs currently dominate the artificial intelligence hardware market due to their high computing capabilities required for AI frameworks. For instance, in September 2020, Atomwise partnered with GC Pharma to offer AI-based services to the former and help develop more effective novel hemophilia therapies.

Technology Insights

On the back of its growing prominence because of its complicated data-driven applications, including text/content or speech recognition, deep learning segment led the market and accounted for around 36.4% share of global revenue in 2022. Deep learning offers lucrative investment opportunities as it helps overcome the challenges of high data volumes. For instance, in July 2020, Zebra Medical Vision collaborated with TELUS Ventures to enhance the availability of the former’s deep learning solutions in North America and expand AI solutions to clinical care settings and new modalities.

Machine learning and deep learning cover significant investments in AI. They include both AI platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, and visualization, which facilitate the development of advisory, intelligent, and cognitively enabled solutions. Growing deployment of cloud-based computing platforms and on-premises hardware equipment for the safe and secure restoration of large volumes of data has paved a way for the expansion of the analytics platform. Rising investments in research and development by leading players will also play a crucial role in increasing the uptake of artificial intelligence technologies. During the forecast period, NLP segment is expected to gain momentum. NLP is becoming increasingly widely used in various businesses to understand client preferences, evolving trends, purchasing behavior, decision-making processes, and more, in a better manner.

End-use Insights

The advertising & media segment led the market and accounted for more than 19.5% of the global revenue share in 2022. This high share is attributable to growing AI marketing applications with significant traction. For instance, in January 2022, Cadbury started an initiative to let small business owners create their AD for free using the face and voice of a celebrity, with the help of an AI tool. However, the healthcare sector is anticipated to gain a leading share by 2030. Healthcare segment has been segregated based on use cases such as robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identifier, hospital workflow management, preliminary diagnosis, and automated image diagnosis. The BFSI segment includes financial analysis, risk assessment, and investment/portfolio management solicitations.

Global Artificial Intelligence Market share, by End-use, 2022 (%)

Artificial intelligence has witnessed a significant share in the BFSI sector due to high demand for risk & compliance applications along with regulatory and supervisory technologies (SupTech). By using AI-based insights in Suptech tools in financial markets, the authorities are increasingly examining FinTech-based apps used for regulatory, supervisory, and oversight purposes for any potential benefits. In a similar vein, regulated institutions are creating and implementing FinTech applications for reporting and regulatory and compliance obligations. Financial institutions are using AI applications for risk management and internal controls as well. The combination of AI technology with behavioral sciences enables large financial organizations to prevent wrongdoing, moving the emphasis from ex-post resolution to proactive prevention.

Other verticals for artificial intelligence systems include retail, law, automotive & transportation, agriculture, and others. Conversational AI platform is one of the most used applications in every vertical. For instance, in April 2020, Google LLC launched a Rapid Response Virtual Agent for call centers. This new chatbot is built to respond to issues customers might be experiencing due to coronavirus (COVID-19) outbreak over voice, chat, and other social channels. Retail segment is anticipated to witness a substantial rise owing to the increasing focus on providing an enhanced shopping experience. An increasing amount of digital data in text, sound, and images from different social media sources is driving the need for data mining and analytics. In the entertainment and advertising industry, AI has been creating a positive impact, and companies are using AI techniques to promote their products and connect to the customer base.

Regional Insights

North America dominated the market and accounted for over 36.8% share of global revenue in 2022. This high share is attributable to favorable government initiatives to encourage the adoption of artificial intelligence (AI) across various industries. For instance, in February 2019, U.S. President Donald J. Trump launched American AI Initiative as nation’s strategy for promoting leadership in artificial intelligence. As part of this initiative, Federal agencies have fostered public trust in AI-based systems by establishing guidelines for their development and real-life implementation across different industrial sectors. 

Artificial Intelligence Market Trends by Region

The regional market in Asia Pacific is anticipated to witness significant growth in artificial intelligence market. This growth owes to the significantly increasing investments in artificial intelligence. For instance, in April 2018, Baidu, Inc., a China-based tech giant, announced that it had entered into definitive agreements with investors concerning the divestiture of its financial services group (FSG), providing wealth management, consumer credit, and other business services. The investors are led by Carlyle Investment Management LLC and Tarrant Capital IP, LLC, with participation from ABC International and Taikanglife, among others. Also, a growing number of start-ups in the region are boosting the adoption of AI to improve operational efficiency and enable process automation.  

Key Companies & Market Share Insights

Vendors in the market are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. For instance, in April 2020, Advanced Micro Devices announced a strategic alliance with Oxide Interactive LLC, a video game developer company, to develop graphics technologies for cloud gaming market space. Both companies have planned to create a set of tools & techniques to address the real-time demands of cloud-based gaming. Also, in December 2019, Intel Corporation completed the acquisition of Habana Labs Ltd., an Israel-based deep learning company. This acquisition is anticipated to strengthen Intel Corporation’s AI portfolio and boost its efforts in the AI silicon market. 

In September 2019, IBM Watson Health signed an agreement with Guerbet, a France-based medical imaging company, to develop an AI software solution for cancer diagnostics and monitoring. This partnership has marked an extension of their earlier collaboration with live cancer diagnostics and monitoring. Furthermore, in January 2019, Intel Corporation announced its partnership with Alibaba Group Holding Limited (China) to co-develop an AI-powered tracking technology to be deployed at the Olympic Games 2020. This technology is based on Alibaba’s cloud computing technology and Intel’s hardware to power a deep learning application to extract athletes’ 3D forms in competition or training. Some prominent players in the global artificial intelligence market include:

  • Advanced Micro Devices

  • AiCure

  • Arm Limited

  • Atomwise, Inc.

  • Ayasdi AI LLC

  • Baidu, Inc.

  • Clarifai, Inc

  • Cyrcadia Health

  • Enlitic, Inc.

  • Google LLC

  • H2O.ai.

  • HyperVerge, Inc.

  • International Business Machines Corporation

  • IBM Watson Health

  • Intel Corporation

  • Iris.ai AS.

  • Lifegraph

  • Microsoft

  • NVIDIA Corporation

  • Sensely, Inc.

  • Zebra Medical Vision, Inc.

Recent Developments

  • In June 2023, AMD unveiled its AI Platform strategy with the introduction of the AMD Instinct MI300 Series accelerator family, which included a first look at the AMD Instinct MI300X accelerator. The accelerator has been developed for the purpose of large language model training and inference for generative AI workloads.

  • In June 2023, IBM announced that it would be partnering with The All England Lawn Tennis Club at the 2023 Wimbledon Championship. The company would be leveraging IBM watsonx’s generative AI technology to product commentary for video highlights during the tournament. Additionally, the IBM AI Draw Analysis will offer insights regarding how favorable the draws would be for every singles player.

  • In April 2023, H20.ai announced a strategic partnership with GeoTechnologies, a Japan-based provider of map data & location information solutions for vehicle navigation systems. The company has leveraged H20.ai’s H2O AI Cloud to develop an AI-powered platform that uses on-board camera footage for gauging sidewalk safety.

  • In January 2023, Iris.ai announced that it had received the EIC Accelerator Blended finance, which is EIC’s flagship startup funding program. The funding includes a €2.4 million grant as well as up to €12 million in investments from the EIC and the European Investment Grant.

  • In September 2022, AiCure launched its clinical site services program that partners with sponsors and sites through the course of research and offers data-driven, actionable insights to minimize study risks and optimize the workflow.

  • In August 2022, Atomwise announced an exclusive, strategic research collaboration with Sanofi for AI-powered drug discovery. As part of the deal, Sanofi is leveraging Atomwise’s AtomNet platform for the purpose of computational discovery & research of up to 5 drug targets.

  • In July 2022, Clarifai announced the launch of its ‘Clarifai Community’ free service for enabling everyone to share, create, and use The World’s AI. Moreover, it also announced the development of the ‘AI Lake’ product category, which collects and centralizes every AI resource of an enterprise, and offers tools for sharing across the enterprise.

  • In June 2022, Francisco Partners announced that it had acquired the healthcare analytics and data assets that formed a part of Watson Health business of IBM. As part of this development, the new standalone company was named Merative, with its products organized in 6 product categories.

  • In April 2022, Sensely and Keralty S.A.S, along with its American affiliate Sanitas USA, Inc., announced a multi-year partnership. Through this collaboration, Sanitas aims to power its next-gen mySanitas application by leveraging Sensely’s advanced visual UI and multilingual symptom assessment tool.

  • In March 2023, Enlitic introduced the latest release of Enlitic Curie, a platform that makes it easy for radiology departments to manage their workflow. The platform hosts Curie|ENDEX, which utilizes NLP and computer vision for the analysis & processing of medical images; and Curie|ENCOG, which leverages AI to identify and protect Protected Health Information.

Artificial Intelligence Market Report Scope

Report Attribute


Market size value in 2023

USD 196.63 billion

Revenue forecast in 2030

USD 1,811.75 billion

Growth rate

CAGR of 37.3% from 2023 to 2030

Base year for estimation


Historical data

2017 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion, CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Solution, technology, end-use, region

Regional scope

North America; Europe; Asia Pacific; South America; MEA

Country scope

U.S.; Canada; Mexico; Germany; U.K.; China; Japan; India; Brazil

Key companies profiled

Advanced Micro Devices; AiCure; Arm Limited; Atomwise, Inc.; Ayasdi AI LLC; Baidu, Inc.; Clarifai, Inc; Cyrcadia Health; Enlitic, Inc.; Google LLC; H2O.ai.; HyperVerge, Inc.; International Business Machines Corporation; IBM Watson Health; Intel Corporation; Iris.ai AS.; Lifegraph; Microsoft; NVIDIA Corporation; Sensely, Inc.; Zebra Medical Vision, Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Artificial Intelligence Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global artificial intelligence market report based on solution, technology, end-use, and region:

Global Artificial Intelligence Market Segmentation

  • Solution Outlook (Revenue, USD Billion, 2017 - 2030)

    • Hardware

    • Software

    • Services

  • Technology Outlook (Revenue, USD Billion, 2017 - 2030)

    • Deep Learning

    • Machine Learning

    • Natural Language Processing (NLP)

    • Machine Vision

  • End-use Outlook (Revenue, USD Billion, 2017 - 2030)

    • Healthcare

      • Robot-Assisted Surgery

      • Virtual Nursing Assistants

      • Hospital Workflow Management

      • Dosage Error Reduction

      • Clinical Trial Participant Identifier

      • Preliminary Diagnosis

      • Automated Image Diagnosis

    • BFSI

      • Risk Assessment

      • Financial Analysis/Research

      • Investment/Portfolio Management

      • Others

    • Law

    • Retail

    • Advertising & Media

    • Automotive & Transportation

    • Agriculture

    • Manufacturing

    • Others

  • Regional Outlook (Revenue, USD Billion, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • Middle East and Africa (MEA)

Frequently Asked Questions About This Report

gvr icn


gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

gvr icn


We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

ESOMAR Certified Member Great Place to Work Certified

ESOMAR & Great Work to Place Certified

ISO 9001:2015 & 27001:2022 Certified

ISO 9001:2015 & 27001:2022 Certified

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.