Artificial Intelligence (AI) Market Report 2021 | Size, Share, Latest Development, Trends, Top Key Players and Outlook 2026

The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020.

According to IMARC Group’s latest report, titled “Artificial Intelligence (AI) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026. the global artificial intelligence market to exhibit robust growth during the next five years.

Artificial Intelligence (AI) is a computer science division that replicates human intelligence in machines. AI-integrated machines are capable of speech-recognition, learning, decision-making, and problem-solving applications. The hardware components of AI are various chipsets, such as graphics processing unit (GPU), central processing unit (CPU), application-specific integrated circuits (ASIC), and field-programmable gate array (FPGA). The software components are core technologies that include natural language processing (NLP), deep learning, machine learning (ML), augmented and virtual reality (AR/VR).

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Market Trends

The thriving IT industry, along with rapid digitization across several industries, is primarily driving the market for artificial intelligence. The rising adoption of cloud-based solutions has propelled the demand for AI-integrated systems. Furthermore, the rapid shift towards AI-integrated systems to analyze data and extract insights for enhanced operational efficiencies and consumer experience also drives the market. Moreover, the introduction of 5G technology, coupled with the increasing penetration of virtual assistants, has bolstered the market growth. Numerous social media and e-commerce platforms are employing AI-based algorithms in their applications to improve customer engagement. Additionally, the development of AI-powered industrial and surgical robots is further anticipated to drive the artificial intelligence market.

Competitive Landscape:

  •  Alphabet Inc. (NASDAQ: GOOGL)
  • Amazon Web Services Inc. (NASDAQ: AMZN)
  • Apple Inc.(NASDAQ: AAPL)
  • Baidu (NASDAQ: BIDU)
  • Cisco Systems Inc. (NASDAQ: CSCO)
  • Facebook Inc. (NASDAQ: FB)
  • General Electric Company (NYSE: GE)
  • Google LLC (NASDAQ: GOOGL)
  • International Business Machines (NYSE: IBM)
  • Intel Corporation (NASDAQ: INTC)
  • Micron Technology Inc.(NASDAQ: MU)
  • Microsoft Corporation (Microsoft Corporation)
  • Nvidia Corporation (NASDAQ: NVDA)
  • Oracle Corporation (NYSE: ORCL)
  • Rockwell Automation Inc. (NYSE: ROK)
  • Samsung Electronics Co. Ltd. (KRX: 005930)
  • Siemens AG (OTCMKTS: SIEGY)

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Breakup by Type:

  • Narrow/Week Artificial Intelligence
  • General/Strong Artificial Intelligence

Breakup by Offering:

  • Hardware
  • Software
  • Services

Breakup by Technology:

  • Machine Learning
  • Natural Language Processing 
  • Context-Aware Computing
  • Computer Vision
  • Others

Breakup by System:

  • Intelligence Systems
  • Decision Support Processing
  • Hybrid Systems
  • Fuzzy Systems

Breakup by End-Use Industry:

  • Healthcare
  • Manufacturing
  • Automotive
  • Agriculture
  • Retail
  • Security
  • Human Resources
  • Marketing
  • Financial Services
  • Transportation and Logistics
  • Others

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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