AI Market to Reach USD 266.92 Bn by 2027 at 33.2% CAGR; Tech Giants Such as Google and Amazon to Focus on Developing AI-powered Services for End Users: Fortune Business Insights™


Pune, India, April 07, 2021 (GLOBE NEWSWIRE) — The overall AI market is expected to grow from USD 27.23 Billion in 2019 to USD 266.92 Billion by 2027 at a CAGR of 33.1% during the forecast period. Emergence of the COVID-19 pandemic is generating several growth opportunities for the market, observes Fortune Business Insights™ in its report, titled “Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2020-2027”.

Smart technologies are being extensively utilized around the globe to battle the unprecedented health crisis created by the coronavirus pandemic. In France, the start-up has introduced a chatbot to make it easy for people to discover official French government and World Health Organization (WHO) communications about COVID. In the UK, an agri-tech start-up called Mantle Labs is offering its AI-powered crop monitoring solution to retailers for free to ensure stable supply chains across the UK. Another example is the Canadian start-up BlueDot which has deployed its AI capabilities to detect disease outbreaks and was one of the first to raise the alarm when the virus broke out in Wuhan. Thus, the COVID-19 pandemic is widening and deepening the applications of AI-based technologies around the world.

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The report states that the value of the global AI market stood at USD 27.23 billion in 2019 and offers the following:

  • Exhaustive analysis of the factors driving and restraining the market;
  • Microscopic examination of the different market segments;
  • Detailed evaluation of the key market players, their performance, and main strategies; and
  • Projections about the upcoming regional opportunities and investment pockets for the market

Industry Developments:

  • July 2020: Google's Project Loon announced that it will be providing stable internet connectivity to subscribers on Telkom Kenya's network through 35 tennis court-sized balloons. Using its Machine Learning capabilities, Loon will operate and deliver internet services to over 35,000 Kenyans through this project.
  • June 2020: Microsoft's AI for Health Program sanctioned a grant to the Mount Sinai Health System to develop AI-powered digital tools to enhance care for COVID-19 patients. The system involves leading researchers across Mount Sinai and the grant will allow them to support data science centers working in COVID-19 research.

Market Driver

Proliferation of Artificial Intelligence Start-Ups to Augment Market Potential

Promising business opportunities spawned by the advent of AI in the world of technology has led to a …

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