In the global market, artificial intelligence (AI) projects a market size of $428 billion in 2022 and a CAGR of 21.6% from 2023 to 2030. The market is driven by several factors, such as the increasing availability of data, the development of new AI technologies, and the growing demand for AI-powered solutions in a variety of industries.
The AI market is divided by function, industry, and region. The market segmentation by function is:
- Machine learning
- Natural language processing
- Computer vision
- And etc.
The market segmentation by industry is:
- Financial services
The manufacturing industry is the largest AI user, with 30% of the market in 2022.
The AI market is segmented by region.
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
North America accounted for over 40% of the market in 2022. The leading market players in the AI market are:
- Amazon Web Services
The companies are heavily invested in research and development, partnerships, and acquisitions to gain a competitive edge in the market. The factors behind the growth are the availability of an increased amount of data, the development of new AI technologies, and the growing demand for AI-powered solutions in a variety of industries.
The key trends in the AI market contributing to shaping the market are:
- The rise of deep learning, which uses artificial neural networks to learn from data, Deep learning is responsible for many recent breakthroughs in AI, such as self-driving cars and voice-activated assistants.
- The increasing availability of data in businesses and organizations makes it possible to train AI models to make predictions, solve problems, and automate tasks.
- The growing demand for AI-powered solutions in businesses and organizations is to look for more AI-powered solutions to improve operations and compete in the marketplace by automating tasks, improving customer service, and making better decisions.
There is rapid growth in the AI market in different regions.
- North America is the largest AI market, accounting for over 40% of the global market. The US is the leading country, followed by Canada. The North American market is driven by the high adoption of AI technologies in sectors like healthcare, manufacturing, and financial services.
- Europe is the second-largest market in AI, accounting for over 30% of the global market. The market is led by countries such as the UK, Germany, and France. The European market is driven by strong R&D as well as the availability of funding for AI startups.
- Asia Pacific is the third-largest market in AI, accounting for over 25% of the global market. China, Japan, and India are the leading countries.
- Latin America is the fourth-largest market in AI, accounting for over 10% of the global market. Brazil, Mexico, and Argentina are the leading countries in increasing the adoption of AI technologies in industries such as healthcare, manufacturing, and retail.
- The Middle East and Africa are the smallest markets for AI, accounting for only 5% of the global market. Saudi Arabia, the UAE, and South Africa are the leading countries.