Artificial Intelligence Market, Impact of COVID-19, By Solution, Companies, Global Forecast by 2026

Today, artificial intelligence platform has become a way for computer systems to perform tasks like human intelligence including decision-making and speech recognition. Globally, problem-solving, social intelligence and general intelligence is being achieved with the help of the artificial intelligence platform. Moreover, rising high-level computer languages is helping various industries to work efficiently on the artificial intelligence platform. According to the Renub Research, Global Artificial Intelligence Market will be US$ 284.40 Billion by 2026.

By Solution

Artificial Intelligence Market revolves around hardware, software and services. In recent years, artificial intelligence services are at the forefront of all innovations and will continue to remain so during the forecast years. Artificial intelligence services cover installation, integration, maintenance & support projects. With the escalating abundance of enterprises and competition, companies have rigorously integrated artificial intelligence (AI) technology into their services. For instance, the BFSI industry has increasingly adopted artificial intelligence services to enhance operational efficiency and enable a rich consumer experience.

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Besides, software solutions promise advancements in information storage capacity, high computing power, and parallel processing capabilities to achieve high-end artificial intelligence software in dynamic end-use verticals. Notwithstanding, artificial intelligence software solutions include libraries for designing and deploying artificial intelligence applications, such as linear algebra, primitives, inference, video analytics, sparse matrices, and multiple hardware communication capabilities. As per our analysis, Global Artificial Intelligence Industry is anticipated to expand at a tremendous CAGR of 29.44% during the forecast period 2020-2026.

By Chip Type

Artificial intelligence includes chipsets such as Graphics Processing Unit (GPU), Application-Specific Integrated Circuit (ASIC), Field-Programmable Gate Array (FPGA) and Central Processing Unit (CPU). An application-specific integrated circuit (ASIC) dominates the artificial intelligence chip segment, specially built for a specific application or purpose. It is specifically designed for a particular application compared to a logic device or a standard logic integrated circuit. It has also been made smaller, and it uses less electricity.

The artificial intelligence market inculcates machine learning, natural language processing, image processing, and speech recognition by technology. Machine learning covers notable investments in artificial intelligence. It covers both artificial intelligence platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, visualization, facilitating advisory, intelligent, and cognitively equipped solutions. As per our estimation, Worldwide Artificial Intelligence Market Size was US$ 60.46 Billion in 2020.

Geographic Analysis of Artificial Intelligence Trends

The worldwide artificial intelligence market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. North America is a significant contributor owing to rising government initiatives and investments in the market. Further, in the Asia Pacific, China demonstrates increasing investments in artificial intelligence technology to provide robust results. Likewise, India can gain traction due to the government's pilot project to implement artificial intelligence in the agriculture and healthcare industries. The rest of Asia Pacific countries like Bangladesh, Vietnam, and Indonesia are also expected to grow at a good pace.

Company Analysis

Globally, artificial intelligence vendors have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgrades, alliances and affiliations, mergers and acquisitions to strengthen their offerings in the market. The major companies in the global Artificial Intelligence market include Google Inc., IBM Corp., Microsoft Corporation, Baidu Inc., Xilinx, Inc., Cisco Systems, Inc., Nvidia Corporation and Intel Corporation.

COVID-19 Analysis

Although the novel coronavirus outbreak pandemic has caused a massive impact on businesses and humankind. Still, the pandemic has emerged as an opportunity for Artificial Intelligence Market to fight against the epidemic. Numerous tech giants and start-ups are operating on barring mitigating and containing the virus. Furthermore, the COVID-19 outbreak is foreseen to spur the market germination of next-generation tech domains, including artificial intelligence, owing to the mandated work-from-home (WFH) policy due to this pandemic.

Also, tech companies are extending their product offerings and assistance to broaden availability across the globe. For instance, in April 2020, Google LLC launched an AI-enabled chatbot called Rapid Response Virtual Agent concerning call centres. This chatbot is created to respond to concerns customers might be experiencing due to the COVID-19 outbreak over voice, chat, and other social channels.

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