What Is Artificial Intelligence or AI?

AI, or artificial intelligence, is the science and engineering of making intelligent computer programs to perform tasks. AI generally consists of two forms – narrow and general artificial intelligence. Narrow AI often works in conjunction with hardware mechanisms to perform narrowly defined tasks that are generally easy for humans but hard for autonomous machines. A self-driving car is an example of narrow-AI. Other examples of narrow AI include AI that is programmed to play chess, check the weather, and analyze data. The other form of AI is general AI – sometimes referred to as artificial general intelligence. This form of AI is more advanced, and the idea revolves around AI that possesses cognitive abilities much like a human.

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How big is the AI market?

Technavio anticipates that the global AI market size is expected to grow USD 75.54 billion from 2019-2023. As a direct result of growing revenues in the artificial intelligence market, Technavio also anticipates that the size of the AI market will grow at a CAGR of 33% during the forecast period. 

A key contributing factor affecting the growth of the AI market revolves around increased employee productivity; a prime example being AI replacing workplace surveys and boardroom discussions. AI systems are also being used to understand human performance by analyzing datasets. These processes help the processes become more efficient. The popularity of virtual assistants is aiding with the growth of the AI market size globally, as the demand for virtual assistant services grows to meet the demand for automating tasks. As employee support systems grow and artificial intelligence-powered solutions play a key role in improving communication, automating vital tasks, and implementing health and safety-focused strategies.  Other factors contributing to increased demand is the ability of AI to prevent malicious attacks, fraud and general cyber-security related issues that are leading to the artificial intelligence market growth rate exploding. 

Technavio’s Global AI Market Report

Technavio’s report does a deep dive analysis of the various factors affecting the growth of the global AI market size. According to Technavio, the top companies leading the global AI market are ABB, Alphabet, General Electric, IBM, and Siemens. When it comes to industries that use artificial intelligence, we are seeing it everywhere since 2019. Technavio's report goes into detail about the 4 main segmentations in the market, with the retail segment accounting for the largest share of the market in terms of revenue. The report additionally segments by banking, manufacturing, healthcare, and other markets. Accurate predictions for the market are also made in the report including a detailed analysis of AI market trends such as the shift toward efficiency in the workplace, and the demand for automating more and more tasks daily through AI-powered systems.

Global AI Market Segmentation by Key Geographical Regions

From a geographical market segment standpoint, North America continues to lead the way for the global AI market, making up 61% of the market share, followed by Europe, MEA, North America, and South America. North America continues to account for the highest market share as spending on AI and big technology continues to be led by the North American market.

Key Findings from the Global Artificial Intelligence (AI) Market Research Report

Technavio’s report is highlighted by an in-depth analysis and predictions on consumer and business demand affecting the growth of the global AI market size. Technavio’s market research insights also cover the variety of factors accelerating growth in the global AI market. Comprehensive analysis of the global as well as regional markets; including a detailed analysis of what is leading to growing demand from North America, Europe, MEA, North America, and South America

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