Artificial Intelligence (AI)
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AI industry overview
The global artificial intelligence market size is valued at USD 95.27 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 43% and hit USD 2.7 trillion by 2027. Full commercialization of AI has brought serious changes in various industries such as healthcare, financial, security, education and several other sectors with expanding application opportunities. Use of AI skyrocketed in the past year with the pandemic urging the healthcare industry to find new tools to manage and survive the crisis. AI has aided in early detection, diagnosis of infection, development of vaccines and reducing workload of healthcare workers. The predictive technology in AI has helped governments and key stakeholders to fight the spread of COVID-19 virus by finding various mutation patters and identifying people who could be vulnerable. One of the popular examples of AI used in healthcare is the algorithm developed by the Chinese tech giant Alibaba’s research institute Damo Academy which helps in the detection of new corona virus cases with the Computed Tomography (CT) scan.
Furthermore, advancement in Artificial Neural Networks (ANN) and profound learning has also fueled the adoption of AI in several industries, such as aerospace, education, manufacturing, and automotive. An artificial neural network (ANN) is biologically inspired piece of a computing system designed to model the way the human brain analyzes and processes information. Conventional machine learning systems are being now substituted by ANN as they are evolving to be more precise and accurate. Some of the examples of ANN application are handwriting recognition, image compression and stock exchange prediction.
Globally, over 567 AI start-up companies received investments in the year 2020. AI is helping companies bring operational efficiency in remote working, management and day and day to operations. Constant and rapid movements in AI technology are enticing many companies to adopt an AI-based customer service system. Predictive analysis combined with AI is helping marketers identify buying trends and automate their campaigns to target the most relevant customers AI enables industries to process large amounts of data as big as 44 trillion gigabytes per day which is recorded in the healthcare industry and provides meaning insights from it. Large companies such as RBS word pay and Mastercard have adopted AI and deep learning in their infrastructure to detect fraudulent transactions. Lastly, the automobile industry has seen many advancements because of AI where we now see autonomous cars being designed leveraging technology such as long-range radar, cameras and LIDAR. One example is Tesla using Computer Vision to train computers to reverse engineer human vision.
Segmentation in AI landscape
Core Tech
- AI
- Deep Learning
- Machine Learning
- NLP Platforms
- Predictive APIs
- Image Recognition
- Speech Recognition
Rethinking Enterprise
- Sales
- Security/Authentication
- Fraud Detection
- HR/Recruiting
- Marketing
- Personal Assistant
- Intelligence Tools
Rethinking Industries
- Agriculture
- Precision Farming
- Drone Analytics
- Agriculture Robots
- Livestock Monitoring
- Weather tracking and forecasting
- Disease diagnosis
- Intelligent spraying
- Crop and soil monitoring
- Education
- By Deployment Type
- Cloud- based
- On premise
- By component type
- Software
- Services
- By technology
- Machine learning
- Image processing
- NLP
- Speech recognition
- By Application
- Smart Content
- Intelligent Tutoring systems
- Content Delivery systems
- Real estate
- Online shopping
- By Deployment Type
- Insurance
- Entertainment
- Legal
- Manufacturing
- Oil/Gas
- Media/Content
- Consumer Finance
- Philanthropies
- Automotive
- Diagnostics
- Retail
- Smart homes
- AdTechFinance
- Digitizing Paper Documents
- Search through Large databases of documents
- Underwriting
- Credit scoring
- Managing credit risk across portfolios
- Fraud detection and anti-money laundering
- Insurance claims
- Reducing Overpayments and Claim Leakage
- Compliance
- Customer service
- Transport
- Self-Driving cars
- Traffic management
- Delay predictions
- Drone Taxis
- Gaming
- Identifying Toxic Players
- Hacked Accounts Detection
- AI Chatbots – Providing Users with Automated In-game Support
- Human-like Playtesting
- Sports
- Chatbots –
- Computer Vision (as it pertains to professional auto racing) –
- Automated journalism
- Wearable tech –
- Healthcare
- Robot-assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Diagnosis
- Clinical Trials
- Fraud Detection
- Cybersecurity
- Dosage Error Reduction
- Defense
- Warfare Platform
- Cyber Security
- Logistics & Transportation
- Target Recognition
- Battlefield Healthcare
- Simulation & Training
- Planning & Allocation
- Threat Monitoring & Situational Awareness
- Information Processing
Top players in the AI industry
- Amazon
- IBM
- Microsoft
- Autopilot AI
- Open AI
- Nauto
- Altair.io
- Nvidia
- HiSilico
- Syntiant
- SoftServe
- Intel
- Kasisto
- Tencent
- Deep 6
Regional Outlook (Revenue, USD Billion, 2021 – 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa (MEA)
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Report Attribute | Details |
Market size value in 2021 | 95.27 Bn USD |
Revenue forecast in 2027 | 2.7 trillion USD |
Growth rate | CAGR of 43% from 2020 to 2027 |
Base year for estimation | 2020 |
Historical data | 2014-2020 |
Forecast period | 2021 – 2027 |
Quantitative units | Revenue in USD million/billion and CAGR from 2021 to 2027 |
Report coverage | Revenue forecast, competitor landscape, growth drivers, industry segments, trends |
Segments covered | Application of AI, Top key players, Region |
Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope | US, Canada, Germany, United Kingdom, India, China, Japan and Brazil |
Key companies profiled | · Amazon · IBM · Autopilot AI · Microsoft · Nauto · Altair.io · Nvidia · HiSilico · Syntiant · SoftServe · Intel |
Customization scope | Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options | INDIVIDUAL LICENSE – $3,499/- CORPORATE LICENSE – $4,499/- |
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