Global AI Market: Investment & Growth Opportunity Analysis, 2019-2028

Market Introduction
The global artificial intelligence (AI) market is projected to grow at a CAGR of more than 32% during the forecast period of 2022-2028. The market growth is attributed to the increasing government initiatives coupled with the rising investment in the AI landscape. The expanding use of AI in various industry verticals has drawn government attention and hence resulted in increasing initiatives and investments. 

Further, the cost benefits from automation, advancement in deep learning leading to diverse use cases across industries, and increasing adoption of IoT technology in everyday life which is fuelling the growth of the AI market globally. 
In addition, AI has gained popularity across industries such as marketing, sales, manufacturing, business management, BFSI, and others. It enables the user to boost efficiency without impacting its quality resulting in lower costs, better time management, and lesser supervisory requirements.

Market Segmentation 
The global AI market is segmented on the basis of Components, organization type, end-user, and region. Based on Components, the market is segmented into Hardware, Software, and Services. On the basis of Software, the market is divided into, Cloud and on-premise. Based on Technology, the market is segmented into, Natural Language Processing (NLP), Image Processing, Machine Learning (ML), Speech Recognition and Others (Robotic Process Automation, Computer Vision). On the basis of Organization Type, the market is segmented into Enterprise and Public Administration. On the basis of Enterprise, the market is divided into Small and Medium Enterprises (SMEs) and Large Enterprises. Based on the End User, the market is segmented into Automobile & Transportation, Healthcare, Retail & Warehousing, Manufacturing, Banking, Financial Services & Insurance (BFSI), Media & Entertainment, IT & Telecom, and Others (Construction, Legal, Education, Energy & Power, etc.)
Based on region, the market is divided into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. Further, North America is divided into US and Canada. Latin America is further segmented on the basis of Brazil, Mexico, and the Rest of Latin America. Western Europe is further segmented into Germany, the UK, France, Spain, Italy, Benelux, Nordic, and the rest of western Europe. Eastern Europe is segmented into Russia, Poland, and the rest of Eastern Europe. Based on the Asia Pacific, the market is further segmented into China, India, Japan, South Korea, Australia, ASEAN (Indonesia, Vietnam, Malaysia, etc.) countries, and the rest of Asia Pacific. Lastly, on the basis of the Middle East & Africa market is segmented into GCC Countries, South Africa, Turkey, and the rest of the Middle East & Africa.

Market structure and competitive landscape
The global AI market is fragmented in nature, some of the prominent players that contribute significantly to the global AI market include, IBM Corp., Intel Corp., Google LLC, Microsoft Corp., Cisco Systems Inc., Oracle Corp., SAP SE, Meta, Salesforce Inc., Amazon.com Inc., Apple Inc., Nvidia Corp., Palantir Technologies Inc., C3.ai Inc., Micron Technology Inc., and others.

Product Launches, Mergers & Acquisitions, joint ventures, and R&D activities are key strategies adopted by the players in the global AI Market. These companies adopt numerous approaches to strengthen their market share and gain a competitive edge over other competitors in the market. Some of the key developments in the global AI market include,

• In August 2022, Amazon entered into a definitive merger agreement under which Amazon will acquire iRobot. iRobot builds innovative cleaning products for the home making the lives of households easier. The deal has been valued at about US$ 1.7 billion.
• In June 2022, Salesforce announced to expand its financial services offerings built specifically for banking, wealth management, and insurance institutions. Salesforce for financial services will now offer more targeted and trusted automation and AI powered by Client 360.