The global commercial artificial intelligence market size was US$ 2 billion in 2021. The global commercial artificial intelligence market is expected to grow to US$ 51.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 31.5% during the projected period, i.e., 2022-2030.
The process of creating intelligent robots that can carry out tasks is known as artificial intelligence (AI). Artificial intelligence in business help users makes quicker business decisions based on cognitive technology outputs. It also helps businesses save time and money by automating and improving routine processes and operations. Various industries, including food and beverage, electronics, fashion, and others, are leveraging the benefits of artificial intelligence.
Factors Influencing the Market
The growing use of AI in Customer Relationship Management (CRM) will primarily drive the growth of the commercial artificial intelligence market during the analysis period. The growth of the market is also attributed to the factors like growing advancements, such as face and voice recognition. Companies are leveraging AI as the best way to strengthen security and automate procedures like online customer support, intelligent personal assistants, etc. All of these factors will drive the growth of the commercial artificial intelligence market during the study period. etc.
The rising user base on e-commerce websites is expected to bring ample growth opportunities for the commercial artificial intelligence market during the analysis period. The growth of the market is also attributed to the growing number of start-ups, developers, manufacturers, and retailers entering the market. In addition, effective platforms such as Google, Amazon, and Bing use real-world images for online searches, which is another potential use of AI. Thus, it will contribute to the growth of the commercial artificial intelligence market during the analysis period.
The evolution in the AI industry is expected to lead the commercial artificial intelligent market forward. For instance, Google LLC added a range of new products and capabilities within its cloud portfolio in 2020. It included a variety of new products and features that may benefit Contact Center AI and new versions of Document AI.
On the flip side, the high cost associated with the setup of commercial artificial intelligence may limit market growth.
COVID-19 Impact Analysis
The global commercial artificial intelligence market recorded potential growth due to the rise of the e-commerce segment. E-commerce websites, such as Amazon, Flipkart, etc., recorded a sharp hike in terms of revenue, which in turn, has been beneficial for the commercial artificial intelligence market. In addition, the shortage of workforce forced companies to choose digital transformation, which positively affected the commercial artificial intelligence market.
Regional Analysis
North America is estimated to dominate the commercial artificial intelligence market as the e-commerce segment is steeply growing in the region. Moreover, the presence of prominent industry giants like Google, Inc., NVIDIA, Microsoft Corporation, etc., will benefit the region's commercial artificial intelligence market during the study period.
Competitors in the Market
• Google, Inc.
• Lifegraph
• Tomwise, Inc.
• Sense.ly, Inc.
• Zebra Medical Vision, Inc.
• Baidu, Inc.
• H2O ai
• IBM Watson Health
• NVIDIA
• Enlitic, Inc.
• Intel Corporation
• Microsoft Corporation
• Other prominent players
Market Segmentation
The global commercial artificial intelligence market segmentation focuses on Application, End-User, Platform, organization, and Region.
By Application
• Customer Relationship Management
• Warehouse
• Supply Chain Analysis
• Fake Review Analysis
• Others
By End-user
• Retail
• Electronics
• Logistics
• Food and Beverages
• Others
By Platform
• E-Commerce
• In-Store
By Organization Size
• Small
• Medium
• Large Enterprises
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America