Artificial Intelligence Market Size, Share & Analysis Report, By Technology (Deep Learning, Machine Learning), By End-use (Automotive, Healthcare, Banking & finance, Manufacturing, Food and beverages, Logistics, and Retail), and Regional Forecasts, 2023 – 2030

Report Overview

The Artificial intelligence market was valued at 161.2 Billion in 2022 and expected to grow at CAGR of 39.12% over forecast period.

AI has become more accessible to both enterprises and people as cloud computing has grown. Scalability, cost-effectiveness, and access to powerful AI resources are all provided by cloud-based AI solutions, which do not require huge hardware investments.

AI has been used in medical diagnostics, drug development, personalized medicine, and patient care, resulting in better healthcare results and cost reductions. AI-powered systems can assess massive volumes of medical data, such as patient records, imaging scans, and genetic information, to assist healthcare practitioners in more precisely and efficiently detecting diseases. AI algorithms can spot trends and anomalies that human clinicians may find difficult to discern, resulting in early detection and treatment.

Artificial intelligence (AI) has made its way into consumer gadgets such as smartphones, smart speakers, and smart home devices. Voice assistants such as Siri, Google Assistant, and Alexa have grown in popularity, fueling demand for AI-powered goods. Growing applications of AI in various industries is expected to fuel the AI market growth over forecast period.

Technology Outlook

Based on Technology, the AI intelligence is segmented into deep Learning and machine Learning. Deep learning segment accounted for largest share in 2022 owing to the increasing investment in AI adoption. Deep learning research and development has been significantly funded by major technology businesses and startups. This has resulted in the development of novel applications, tools, and platforms, which have propelled the expansion of the deep learning market.

Researchers and practitioners have made great strides in the development of advanced machine learning algorithms and approaches. Deep learning, ensemble approaches, and reinforcement learning are examples of innovations that have enhanced the performance of machine learning models in a variety of applications.

End-Use Outlook

Based on End-Use, Artificial intelligence Market is segmented into Automotive, Healthcare, Banking & finance, Manufacturing, Food and beverages, Logistics, and Retail. Healthcare accounted for largest market share in 2022. Wearables and remote monitoring devices driven by artificial intelligence can continually measure patients' health parameters and send real-time data to healthcare providers. This allows for remote patient monitoring, early detection of health concerns, and proactive intervention, which reduces hospital readmissions and improves patient outcomes.

 Banking & finance accounted for second largest market share in 2022Customer transactions, financial market data, and historical records are all generated by the BFSI industry. AI-powered analytics and machine learning allow financial institutions to quickly process and evaluate this data, providing useful insights for decision-making and risk assessment. Chabots and virtual assistants, for example, provide tailored interactions with clients, quickly resolving their questions and problems. Furthermore, AI-powered recommendation systems can provide customized financial goods and services, increasing consumer happiness and loyalty.

Regional Outlook

North America is emerged as leading market for AI market in 2022. Majority of the world's leading technology corporations and research organizations are based in North America, primarily the United States. The region has a long history of technological achievements, which has paved the way for the development and adoption of AI technology. North America is home to many of the world's largest technological businesses, including significant AI players such as Google, Microsoft, IBM, and Amazon. Their continuing emphasis on AI research and product development sets the tone for the region's whole AI business. European industries, particularly in Germany, are embracing AI technologies to propel the notion of Industry 4.0 and smart manufacturing forward. Automation enabled by AI and predictive maintenance improve production efficiency and competitiveness.

Europe is expected to be the second-most prominent area in terms of AI market share. Many European governments have identified artificial intelligence (AI) as a vital sector for economic growth and development. Governments fund, award, and promote AI research and innovation, creating a hospitable climate for AI startups and enterprises. European governments are investigating artificial intelligence (AI) applications in public services, such as smart city initiatives, predictive policing, and improved public administration.

Artificial intelligence Market Report Scope

Global Artificial Intelligence Market, Report Segmentation

Artificial Intelligence Market, By Technology

• Deep Learning
• Machine Learning

Artificial Intelligence Market, By End-Use

• Automotive
• Healthcare
• Banking & finance
• Manufacturing
• Food and beverages
• Logistics
• Retail

Artificial Intelligence Market, Regional Outlook

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
• UK
• Spain
• Russia
• France
• Italy

Asia Pacific

• China
• Japan
• India
• South Korea
• Australia

CSA

• Brazil
• Argentina

MEA

• UAE
• Saudi Arabia
• South Africa