Artificial Intelligence Market Analysis 2023-2028, Industry Size, Share, Trends and Forecast

The global artificial intelligence market size reached US$ 70.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 350.4 Billion by 2028, exhibiting a growth rate (CAGR) of 29.9% during 2023-2028.

IMARC Group, a leading market research company, has recently releases report titled “Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global artificial intelligence market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the artificial intelligence market?

Report AttributesDetails
Market Size in 2022US$ 70.9 Billion
Market Forecast in 2028US$ 350.4 Billion
Growth rate (2023 to 2028)CAGR of 29.9%
Base Year of the Analysis2022
Forecast Period2023-2028

What is artificial intelligence?

Artificial intelligence (AI) refers to a vast branch of computer science that enables computers to perform tasks such as decision-making, speech recognition, visual perception, and language translation requiring human intelligence. It consists of hardware components, including application-specific integrated circuits (ASIC), field-programmable gate array (FPGA), graphics processing unit (GPU), and central processing unit (CPU). It enhances accuracy, helps with time-consuming and automated repetitive tasks, minimizes the risk of errors, improves decision-making quality, and offers personalized recommendations and tailored experiences. Owing to these benefits, artificial intelligence is widely utilized in manufacturing, agriculture, security, retail, transportation, and logistics industries across the globe.

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What are the growth prospects and trends in the artificial intelligence industry?

The market is primarily driven by the increasing penetration of the internet and digital technologies across the globe. In addition, the escalating demand for artificial intelligence in several verticals, such as automotive, healthcare, marketing, human resources, and financial services, is contributing to the market growth. Moreover, the integration of natural language processing (NLP), machine learning (ML), virtual reality (VR), deep learning, and augmented reality (AR) to increase operational efficiencies represents another major growth-inducing factor. Besides this, the expanding healthcare sector and the incorporation of AI in robot-assisted surgery, virtual nursing assistants, clinical trial participant identifiers, hospital workflow management, preliminary diagnosis, and automated image diagnosis are providing a positive thrust to the market growth. Along with this, the increasing product application in the automotive sectors for self-driving features in new vehicles is influencing the market growth. Furthermore, various tech companies are expanding their product offerings and services as Google LLC launched an AI-enabled chatbot called Rapid Response Virtual Agent for call centers, and OpenAI launched ChatGPT, which is also propelling the market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

  • Narrow/Weak 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 (U.S. Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East Africa

Who are the key players operating in the industry?

The report covers the major market players including:

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

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