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, Natural Language Processing, Machine Vision), By End Use, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-1-68038-955-5
  • Number of Pages: 125
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Technology

Report Overview

The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. The continuous research and innovation directed by the tech giants are driving the 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 Artificial Intelligence (AI) business. However, technology has always been an essential element for these industries, but AI has brought technology to the center of organizations.

 Asia Pacific artificial intelligence market size, by solution, 2020 - 2030 (USD Billion)

For instance, from self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually into every apparatus and program. 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 the 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 AI start-up Tel Aviv to provide a personalized customer experience using AI.

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 the ANN to improve their route and work on the feedback received using the 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. The continuous research in computer vision has built the foundation for digital image processing in security and surveillance, healthcare, and transportation, among other sectors. Such emerging machine learning methods are anticipated to alter the manner AI versions are trained and deployed.

The WHO has declared the novel coronavirus (COVID-19) outbreak a pandemic, causing a massive impact on businesses and humankind. This pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech giants and start-ups are working on preventing, mitigating, and containing the virus. For instance, the 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 the sample data from over 5,000 positive coronavirus cases. For instance, in June 2020, Lunit developed an AI solution for x-ray analysis of the chest for simpler management of Covid-19 cases and offered assistance in interpreting, monitoring, and patient trials.

COVID - 19 outbreak is expected to stimulate the market growth of next-generation tech domains, including artificial intelligence, owing to the mandated WFH (work-from-home) policy due to this 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 and 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 the coronavirus (COVID-19) outbreak over voice, chat, and other social channels. 

Solution Insights

The software solutions segment led the market and accounted for a revenue share of more than 38.0% in 2021. 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 positioned this segment to capture the largest portion of the market. AI software in dynamic end-use verticals. Artificial intelligence software solutions include libraries for designing and deploying AI 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.

The companies adopt AI services to reduce their overall operational cost, yielding more profit. Artificial Intelligence as a Service, or AIAAS, is being used by companies to obtain a competitive advantage over the 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 Graphics Processing Unit (GPU), CPU, Application-specific Integrated Circuits (ASIC), and Field-programmable Gate Array (FPGA). GPUs and CPUs currently dominate the AI 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

The deep learning segment led the market and accounted for a revenue share of around 37.0% in 2021. This growth is attributed to its complicated data-driven applications, including text/content or speech recognition. 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. It includes 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.

The 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 the 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, the NLP segment is expected to gain momentum. NLP is becoming increasingly widely used in various businesses to understand better client preferences, evolving trends, purchasing behavior, decision-making processes, and more.

End-use Insights

The advertising and media segment led the market and accounted for a revenue share of more than 20.0% in 2021. This high share is attributable to the 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 the celebrity with the help of an AI tool. However, the healthcare sector is anticipated to gain a leading share by 2030. The 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. Artificial intelligence has witnessed a significant share in the BFSI due to the sector's high demand for risk and compliance applications.  

 Global artificial intelligence market share, by end use, 2021 (%)

Other verticals for artificial intelligence systems include retail, law, automotive and transportation, agriculture, and others. The 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 the coronavirus (COVID-19) outbreak over voice, chat, and other social channels. Retail 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 a revenue share of over 42.0% in 2021. This high share is attributable to favorable government initiatives to encourage the adoption of AI across various industries. For instance, in February 2019, U.S. President Donald J. Trump launched the American AI Initiative as the 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 its development and real-life implementation across different industrial sectors. 

In Asia Pacific, the market is anticipated to witness significant CAGR over the forecast period. 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 AI 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 the customer base to gain a competitive edge. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships. 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 the cloud gaming market space. Both companies have planned to create a set of tools and 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 AI-powered tracking technology 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 of the prominent players in the 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.

Artificial Intelligence Market Report Scope

Report Attribute


Market size value in 2022

USD 136.6 billion

Revenue forecast in 2030

USD 1,811.8 billion

Growth rate

CAGR of 38.1% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 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, and segment scope.

Pricing and purchase options

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


Segments Covered in the Report

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:

  • 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)

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