Artificial Intelligence Market is estimated to reach US$400.9 billion by 2027, growing
at a CAGR of 37.2% during the forecast period 2022-2027. Artificial intelligence (AI) is the term used to describe how
machines, particularly computer systems, replicate human intelligence
functions. Several Internet-of-Things systems use it significantly for a range of purposes, including cloud computing,
customer relationship management, data analysis, facial recognition technology,
fraud detection and predictive analysis. The widespread adoption of
artificial intelligence (AI) in a variety of industries worldwide is a result
of technological development and the rising need for intelligent systems to
improve system performance. The use of AI-based advanced technologies in
industries like healthcare, retail and education is encouraged by the continual
research and invention by the tech giants in these fields. In February 2019,
Samsung unveiled the Samsung
Bot Chef, an AI-powered chef’s assistant “cobot” at KBIS 2019. It is capable of
a wide range of kitchen tasks including chopping, whisking and cleaning.
The Smart wearables segment in the Artificial Intelligence Market is expected to grow the fastest at a CAGR of 39.2%, during the forecast period 2022-2027. The widespread use of AI in smart wearables is due to technological advancement and growing customer demand for intelligent connected devices. In October 2021, Gadgets 360 announced the launch of the AI smart watch TicWatch Pro X. The TicWatch Pro X uses Google's Wear OS and contains more than 20 sports modes in addition to standard health monitoring sensors like a blood oxygen saturation (SpO2) sensor & heart rate monitoring.
In 2021, North America held the largest market share of 38% in the Artificial Intelligence Market in terms of revenue. The Increasing adoption of AI in this region is due to technical development and an increase in the demand for real-time monitoring intelligent systems across several industries. The government is also actively working to encourage AI adoption among customers and increase public awareness of its advantages. In May 2019, the first set of intergovernmental guidelines for sustainable AI was adopted by the United States with other like-minded democratic nations of the world as per OECD Recommendation on Artificial Intelligence. It promotes investment in R&D through national and international policy to assist the larger AI digital ecosystem.
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Artificial Intelligence Market Growth Driver:
- The widespread adaptation of AI in the Healthcare sector to upgrade medical equipment with real-time data-driven intelligent systems:
The use of AI in the healthcare sector made it easier for doctors, patients and hospital administrators to perform tasks efficiently in minimal time. The technological advancements enhanced the medical treatment and patient experience starting from faster diagnoses to robot-assisted surgeries. The healthcare industry is increasingly implementing AI to upgrade medical equipment with real-time data-driven intelligent systems to improve customer services. In March 2020, Starkey Laboratories, Inc. introduced the world’s first 2.4 GHz Li-ion custom rechargeable hearing aid called Livio Edge AI for audibly impaired people. The multifunctional hearing aid is equipped with gesture recognition & natural language processing capabilities and provides up to 90% better performance in comparison to other hearing aids.
Major Players in this Market:
The major players in Artificial Intelligence Market include Google LLC, Microsoft Corporation, Intel Corporation, Samsung Electronics Co., Ltd. and IBM Corporation. In January 2019, Samsung Electronics introduced the AI-based wearable device called GEMS (Gait Enhancing & Motivating System). The wearable robot aids those who require walking assistance. It has 3 distinct versions which are the GEMS Hip, the GEMS Knee and the GEMS Ankle.
Mr. Venkat Reddy