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Artificial Intelligence (AI) Market Size to reach USD 135.8 Billion By 2026 Growing at 14.8% CAGR | GlobalData Plc

Artificial Intelligence (AI) Market Size, Share, Trends, Analysis and Forecast by Product/Service (Specialized AI Applications, AI Hardware, AI Platforms, AI Consulting and Support Services), Enterprise Size Band, Vertical and Region, 2021-2026

LONDON, UK, October 21, 2022 / -- The global Artificial Intelligence (AI) market size reached USD 68.1 billion in 2021, according to a new report by GlobalData Plc. The growing popularity of the metaverse and its integration with AI is expected to bode well for market growth over the forecast period. Furthermore, increasing adoption of explainable AI (XAI) technique in BFSI, retail, and e-commerce, advancements in quantum computing is also projected to favor market growth from 2021 to 2026.

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The COVID-19 disruptions have accelerated AI adoption across industries. For instance, according to GlobalData’s Global Emerging Technology Trends Survey 2020, over 75% of companies believe AI has played a role in helping them survive the COVID-19 pandemic. Conversational platforms have been one of the lucrative segments in the last two years owing to an increase in demand for support services. The pandemic has also accelerated AI research in federated learning, which allows for collaboration on models without disclosing sensitive information.

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Artificial Intelligence (AI) Market Report Highlights
• The global Artificial Intelligence (AI) market is projected to witness a CAGR of 14.8% from 2021 to 2026, reaching a value of $135.8 billion. A positive sentiment towards AI, COVID-19 disruptions and increasing adoption by different industries is contributing to the AI market growth worldwide.
• In 2021, Specialized AI Applications segment captured a significant share with market size projected to surpass US$ 40 billion by 2026 at a CAGR exceeding 10% from 2021 to 2026. The segment growth is mainly driven by the integration and use of AI in specialized software applications and platforms such as image recognition, speech recognition, natural language processing, and others.
• BFSI, largely driven by the use of digital technologies to manage and leverage data was the largest end-use market for artificial intelligence (AI) in 2021. The transport and Logistics segment is expected to witness the fastest growth over the forecast period.
• COVID-19 disruptions led to increased adoption of artificial intelligence (AI). Major areas of adoption included vaccine development, training of healthcare workers, and virtual agents for customer service.
• Asia Pacific and North America together captured over 60% of the overall artificial intelligence (AI) demand in 2021. With increasing adoption across verticals, the market for artificial intelligence (AI) is expected to grow worldwide.
• Big players such as Google and Apple with large spending capabilities and access to large repositories of data to power AI models captured a significant share of the artificial intelligence (AI) market in 2021.
• The key artificial intelligence (AI) market players analyzed as part of this report include International Business Machines Corporation (IBM), Microsoft Corp., Alphabet Inc., Intel Corp., Apple Inc., Advanced Micro Devices Inc., Alibaba, SenseTime, Alteryx, SparkCognition Inc.

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GlobalData Plc has segmented the Artificial Intelligence (AI) market report by product/services, vertical, enterprise size band, and region:

AI Market Product/service Outlook (Revenue, USD Million, 2019-2026)
• Specialized AI applications
• AI hardware
• AI platforms
• AI consulting & support services

AI Market Vertical Outlook (Revenue, USD Million, 2019-2026)
• Healthcare
• Retail
• Government
• Information Technology
• Communication
• Consumer Goods
• Transport and Logistics
• Manufacturing
• Energy
• Utilities
• Construction
• Education
• Media
• Pharmaceuticals
• Others

AI Market Enterprise Size-band Outlook
• Large Enterprise

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AI Market Regional Outlook (Revenue, USD Million, 2019-2026)

• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Rest of Asia Pacific

• North America
o U.S.
o Canada
o Mexico

• South & Central America
o Brazil
o Argentina
o Chile
o Colombia
o Peru
o Rest of South & Central America

• Western Europe
o Germany
o United Kingdom
o France
o Italy
o Netherlands
o Others

• Central & Eastern Europe
o Russia
o Turkey
o Rest of Central & Eastern Europe

• Middle East & Africa
o United Arab Emirates
o South Africa
o Saudi Arabia
o Kuwait
o Qatar
o Rest of MEA

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GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData's mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.

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