Artificial Intelligence Market Opportunities, Industry Verticals and Forecast Assessment, 2022 to 2024

The rising demand for artificial intelligence technologies can be attributed to the stellar pace of digital transformation. A range of devices and equipment function on the principle of artificial intelligence, and this is an important consideration from the perspective of market growth. Furthermore, the growing value of the artificial intelligence market is a positive sign for the digital economy. Several industries have digitalised processes, and have invested in core AI technologies. The automation industry has caused positive disruptions across key industries, paving way for the popularity of artificial intelligence technologies.

  • Artificial intelligence technologies have helped in adding a new layer of security and safety to several industries. AI has helped in enhancing both physical and cyber security. Biometric sensors and identification devices are based on the concept of artificial intelligence. Moreover, high-security premises are secured with codes that function AI nodes.
  • There is growing relevance of AI in the healthcare industry. The advent of digital health technologies has generated formidable revenues within the global artificial intelligence market. Moreover, automated doors used in several commercial houses function on the principle of presence-sensing. It is legit to expect that the global artificial intelligence market would grow at dramatic pace in the coming times.

Artificial Intelligence Market in Brief

  • The artificial intelligence market is expected to register a CAGR of 24.5% between 2019 and 2027. The market is projected to be driven by rapid increase in dependency over automation and IoT.

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  • The global artificial intelligence market is expected to reach US$ 5,508.4 Bn by 2027 from US$ 953.5 Bn in 2019. Rising adoption of smartphones and digital devices is expected to boost the growth of the market.
  • The artificial intelligence market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America.
  • North America remains the dominant leader in the global artificial intelligence market in year 2019 primarily due to tremendous growth in adoption of smart devices among both millennial and older population.
  • North America is projected to see significant growth in the global artificial intelligence market during the forecast period. Strong network infrastructure and increasing adoption of digital and virtual devices is expected to drive the consistent growth of the North America artificial intelligence market.

A unique research methodology is utilized by TMR to conduct comprehensive research on the growth of the artificial intelligence market, and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the production of the artificial intelligence market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the artificial intelligence market, as a primary resource.

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These primary and secondary resources provided exclusive information during the interviews, which serves as a validation from artificial intelligence industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the artificial intelligence market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the artificial intelligence market more reliable and accurate.