Artificial intelligence (AI) market 2023-2027; North America is estimated to contribute 56% to the growth of the global market - Technavio

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- According to Technavio, the global artificial intelligence (AI) market size is estimated to grow by USD 125.3 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 22.26% during the forecast period. By geography, the global artificial intelligence (AI) market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global artificial intelligence (AI) market. North America is estimated to contribute 56% to the growth of the global market during the forecast period. Increased investments in AI technologies by large and small enterprises in the retail and e-commerce sector is driving the growth of the regional market. In addition, the increase in technological advances, the rise in the number of connected devices, and the growth in the IoT device market are contributing to the growth of the regional market.

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Global Artificial Intelligence (AI) Market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

• Bargaining Power of Buyers 
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Artificial intelligence (AI) market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Artificial intelligence (AI) market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on component (software, hardware, and services), end-user (retail, banking, manufacturing, healthcare, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the software segment will be significant during the forecast period. AI software enables developers to create intelligent applications and enhance existing applications with machine learning. It also helps improve employee experience and provide workers with efficient, automated solutions to do manual jobs. Such benefits are increasing the dependence on AI software among end-users, which is driving the growth of the segment.

Geography Overview
By geography, the global artificial intelligence (AI) market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global artificial intelligence (AI) market.

• North America is estimated to contribute 56% to the growth of the global market during the forecast period. Increased investments in AI technologies by large and small enterprises in the retail and e-commerce sector is driving the growth of the regional market. In addition, the increase in technological advances, the rise in the number of connected devices, and the growth in the IoT device market are contributing to the growth of the regional market.

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Artificial intelligence (AI) market – Market Dynamics

Key factor driving market growth

• The market is driven by the prevention of fraud and malicious attacks.
• The rising incidences of fraud and malicious attacks have compelled adopt AT technologies to combat them effectively.
• The use of AI technologies in cybertechnology solutions helps organizations secure their users' data against digital security threats.
• AI predicts cyberattacks by tracking cyber threats through cybersecurity analytics. It uses Big Data to create predictive analyses of how and when cyberattacks will occur.
• Many such benefits are increasing the use of AI in cybersecurity applications, which is driving the growth of the market.

Leading trends influencing the market 

• The emergence of narrow AI is the key trend in the market.
• Narrow AI enables the implementation of AI technologies to establish a system to replicate human intelligence for a dedicated purpose.
• Siri is one example of narrow AI. It has been designed by Apple for use in its iPhones/iPads for some specific tasks, such as setting up reminders or answering simple questions.
• Another example for narrow AI is IBM's Watson supercomputer. It became famous for winning against a human contestant in the game show Jeopardy.
• The scope of narrow AI is expected to expand and be implemented on a wide range of problems in years to come.
• This trend is expected to have a positive impact on the growth of the market during the forecast period.

Major challenges hindering the market growth

• The shortage of AI experts is the key challenge in the market.
• Finding AI experts is difficult as there is a big competition among the top technology companies to hire the best talent.
• In addition, most companies lack the expertise that is needed to handle AI systems effectively.
• This is resulting in the lower adoption of AI in some of the major sectors, which is hindering the growth of the market in focus.

Driver, Trend, and Challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this artificial intelligence (AI) market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the artificial intelligence (AI) market between 2023 and 2027
• Precise estimation of the size of the artificial intelligence (AI) market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the artificial intelligence (AI) market industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of artificial intelligence (AI) market vendors

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• The conversational AI market size is expected to increase by USD 1.14 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 21.6%. The growth in natural language processing (NLP), machine learning (ML), and AI technologies is notably driving the conversational AI market's growth, although factors such as resistance to using chatbots may impede the market growth.

Table of contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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