New York – Reportlinker.com announces the release of the report “Global Artificial Intelligence (AI) Industry”
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Complimentary updates for one yearGlobal Artificial Intelligence (AI) Market to Reach US$341.4 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Artificial Intelligence (AI) estimated at US$46.9 Billion in the year 2020, is projected to reach a revised size of US$341.4 Billion by 2027, growing at a CAGR of 32.8% over the analysis period 2020-2027.Services, one of the segments analyzed in the report, is projected to grow at a 32.6% CAGR to reach US$142.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 30.4% CAGR for the next 7-year period. This segment currently accounts for a 37.9% share of the global Artificial Intelligence (AI) market.
The U.S. Accounts for Over 41.2% of Global Market Size in 2020, While China is Forecast to Grow at a 39.1% CAGR for the Period of 2020-2027
The Artificial Intelligence (AI) market in the U.S. is estimated at US$19.3 Billion in the year 2020. The country currently accounts for a 41.22% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$64.7 Billion in the year 2027 trailing a CAGR of 39.1% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 27.6% and 29% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 31.2% CAGR while Rest of European market (as defined in the study) will reach US$64.7 Billion by the year 2027.
Hardware Segment Corners a 19.9% Share in 2020
In the global Hardware segment, USA, Canada, Japan, China and Europe will drive the 36.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.7 Billion in the year 2020 will reach a projected size of US$68.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$46.7 Billion by the year 2027.
Select Competitors (Total 865 Featured) AIBrain, Inc. Advanced Micro Devices, Inc. Amazon Web Services Baidu, Inc. Cisco Systems, Inc. eGain Corporation General Electric Company Google, Inc. Intel Corporation International Business Machines Corporation (IBM) Meta (Facebook company is now Meta) Micron Technology, Inc. Microsoft Corporation Nippon Telegraph and Telephone Corporation Nuance Communications, Inc. NVIDIA Corporation Omron Corporation Oracle Corporation Rockwell Automation, Inc. Salesforce.com, inc. Samsung Electronics Co., Ltd. SAP SE SAS Institute Inc. Siemens AG
Source: ReportLinker
