Artificial Intelligence (AI) Market by Component (Hardware, Software, and Services), Deployment (Cloud and On-Premise), Application (Virtual Assistants/Chatbots, Forecasts & Modeling, Text Analytics, Speech Analytics, Computer Vision, Predictive Maintenan

Artificial Intelligence (AI) Market by Component (Hardware, Software, and Services), Deployment (Cloud and On-Premise), Application (Virtual Assistants/Chatbots, Forecasts & Modeling, Text Analytics, Speech Analytics, Computer Vision, Predictive Maintenance, and Others), and End-User Industry (BFSI, Government, Aerospace & Defense, Automotive, Healthcare IT & Telecom, Manufacturing, Education, Retail & E-commerce, Energy & Utilities, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2030
Artificial Intelligence (AI) Market size was valued at USD 95.60 billion in 2021 and is projected to reach USD 1,847.50 billion by 2030, clocking a CAGR of 32.9% during the forecast period from 2022 to 2030.

Growing urbanization, the need for efficient management & utilization of resources, demand for fast & efficient transport and commute, public safety concerns, and rising demand for a healthy environment with efficient energy consumption propel the demand for smart cities, driving the growth of the AI market.

In addition, AI has been extensively utilized in smart home infrastructure management for gathering data from home automation devices, predicting user behavior, providing maintenance information, and enhancing data security and privacy.

The lack of technical personnel with the appropriate experience and training to implement and operate AI solutions is a major obstacle to the growth of the AI market. In contrast, businesses with specialized technology companies and manufacturing units that require high efficiency are anticipated to adopt robots built into artificial intelligence (AI). This will present ample opportunities for the key players in the AI market in the next decade.

Segment Overview
The global AI market is segmented based on type, end-user, and geography.
Based on components, the market is classified into hardware, software, and services.
Based on deployment, the market is categorized into cloud and on-premise.
Based on application, the market is categorized into virtual assistants/chatbots, forecasts & modeling, text analytics, speech analytics, computer vision, predictive maintenance, and others.
Based on end-users, the market is categorized into BFSI, government, aerospace and defense, automotive, healthcare IT & telecom, manufacturing, education, retail & e-commerce, energy & utilities, media & entertainment, and others
Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Regional Analysis
The North American region is projected to hold the dominant share by 2030
North America has been at the forefront of AI research and development for decades. North America is home to a large number of technology firms, as well as a multitude of research and development institutions. The United States, Canada, and Mexico are among the major markets for AI-based services and technologies.

In addition, the expanding number of start-ups and government assistance, as well as the increasing use of machine learning to create novel therapeutic and diagnostic procedures in the medical field, are all contributing to the expansion of the regional market. Moreover, US companies are leading innovation in specific branches of artificial intelligence, including network analysis and face recognition for Facebook, and consumer analytics for Amazon.

These companies are developing commodity systems that can be harnessed by the broader business community, large and small, rather than using AI for their own purposes. In North America, AI is used most actively for customer service, research and development, manufacturing, and operations. The factors above are responsible for the growth of the regional AI market.

Key Market Players
The emerging and leading players in the AI market include:
• IBM
• Google
• Microsoft Corporation
• NVIDIA Corporation
• Intel Corporation
• AWS
• Oracle Corporation
• SAP SE
• Apple Inc.
• Salesforce

Recent Developments
July 2022
SAP SE announced the acquisition of a search-driven analytics firm, Askdata. This acquisition helped German multinational companies to provide better-informed decisions by leveraging AI-driven natural language searches.

June 2022
Alphabet Inc.’s Google launched Vertex AI, a new managed AI platform in the workspace. This new platform democratizes AI by accelerating the adoption of machine learning models across businesses, allowing for the deployment of models in production, ongoing monitoring, and the use of AI to generate business impact.

February 2022
Apple announced the strategic acquisition of AI Music, which uses artificial intelligence to generate tailor-made music. This acquisition would increase Apple’s audio technology that could be used across its slate of audio offerings.

June 2022
AWS launched a machine learning (ML)-powered service, Amazon CodeWhisperer. This service helps increase developers’ productivity by offering code suggestions based on their natural remarks and earlier code.

April 2022
Salesforce launched a new service and marketing cloud innovation that uses trusted data and AI-powered conversational intelligence for customers. These technologies help service teams and marketers to create more personalized experiences for every industry, including retail, manufacturing, and healthcare.

April 2022
HP launched the new HPE Machine Learning Development System. The new system integrates machine learning software platform, computing, accelerators, and networking to develop & train more accurate AI models faster and at scale.

November 2021
IBM announced a partnership with NeuReality to develop AI inference platforms. This partnership evaluated NeuReality’s products for use in IBM’s Hybrid Cloud, including AI use cases, system flows, virtualization, networking, and security.