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Artificial Intelligence Market to Exhibit 33.6% CAGR by 2028; Huge Customer-base Adoption in IT & Telecom Industry to Augment Industry Growth

September 14, 2021 | Information & Technology

The global Artificial Intelligence (AI) market size is expected to gain momentum by reaching USD 360.36 billion by 2028, due to increased adoption of AI in IT and Telecom sector. Some of the AI solutions, that are used in IT and telecom sector are XenonStack, ZeroStack, Aria Networks, SAS Regulatory Risk Management, and others. This is used as to extract insights from the huge volume of big data to offer better customer services.

This information is provided by Fortune Business Insights in its report titled, Artificial Intelligence (AI) 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, 2021-2028”, mentions that the market stood at USD 35.92 billion in 2020 and is projected to exhibit a CAGR of 33.6% during the forecast period. 

IBM Partners up with Palantir Technologies to Create Applications with IBM Watson

IBM and Palantir Technologies in February 2021 announced their new partnership. With this partnership the company aims to come up with IBM's hybrid cloud data platform, which will help in providing AI solutions to businesses. The technology is anticipated to help the businesses in building the AI-infused applications with IBM Watson. This will help users in accessing, analyzing, and taking action on the huge data scattered across hybrid cloud, without the need for deep technical skills.  The new product, Palantir for IBM Cloud Pak for Data, is planned for general availability in March of 2021.

To get a detailed report summary and research scope of this market, click here:


Varied Applications in Different Industries to Drive Market Growth

In recent times, industries such as retail and e-commerce, healthcare, and other are inclined towards intelligent technology to enhance their offerings. For instance, in 2018, Cogito, a Boston-based start-up, came up with tool, that is based on deep learning and behavioral science for real-time conversation analysis. The tool offers personalized service by analyzing the tone of the customers. This bot supports real-time situations and it is able to achieve 26 percent improvement in its promotion and issue resolution procedures. Thus, the rising need for personalized customer, is expected to drive the artificial intelligence market growth.

Key Players Focus on Product Launches to Brighten Their Market Prospects

The market is experiencing healthy competition among key players focusing on developing and launching new products to widen their product portfolio and further boost sales revenues. In addition, the other players are trying to maintain their position in the market by adopting strategies such as merger and acquisition, partnership, and collaboration and new launches that will contribute to the growth of the market during the forecast period.

Industry Development

  • July 2021 – Qualcomm Technologies, Inc. came in collaboration with Foxconn Industrial Internet to launch Gloria AI Edge Box. This new system will offer 70 trillion operations per second of the computing power.

List of Key Players Profiled in the Report

  • Amazon, Inc. (Washington, U.S.)

  • Apple Inc. (California, U.S.)

  • Facebook LLC (California, U.S.)

  • OpenAI, LLC (California, U.S.)

  • Qualcomm Technologies, Inc. (California, U.S.)

  • IBM Corporation (New York, U.S.)

  • Microsoft Corporation (Washington, U.S.)

  • Salesforce.com Inc. (California, U.S.)

  • Google LLC (Alphabet Inc.) (California, U.S.)

  • NVIDIA Corporation (California, U.S.)

Further Report Findings

  • North America is expected to hold the largest artificial intelligence market share during the forecast period. This is attributable to presence of prominent market players such as retail, BFSI, manufacturing, healthcare, who are significantly investing in the technology. The region stood at USD 14.86 billion in 2020.

  • Asia Pacific is expected to showcase a significant rise owing to the execution of Next Generation Artificial Intelligence Development Plan of China, and other Asian countries is fueling the regional market.

  • Based on technology, the market is segmented into, computer vision, machine learning, natural language processing, and others. By deployment, it is segmented into cloud, and on-premises. Out of these, Natural language processing segment held the market share of 30.05% in 2020 owing to the increasing adoption of NLP is increasing across industries to understand customer preferences, changing trends, buying behavior, decision-making process, and more. The segment generated 29.4% in terms of share in 2020 in the U.S.

Table of Segmentation



Study Period


Base Year


Forecast Period


Historical Period



Value (USD billion)


Component; Technology; Deployment; Industry; and Geography

By Component

  • Hardware

  • Software

  • Services

By Technology

  • Computer Vision

  • Machine Learning

  • Natural Language Processing

  • Others

By Deployment

  • Cloud

  • On-premises

By Industry

  • Healthcare

  • Retail

  • IT & Telecom

  • BFSI

  • Automotive

  • Advertising & Media

  • Manufacturing

  • Others

By Region

  • North America (By Component, By Technology, By Deployment, By Industry, and By Country)

    • U.S. (By Technology)

    • Canada (By Technology)

  • Europe (By Component, By Technology, By Deployment, By Industry, and By Country)

    • U.K. (By Technology)

    • Germany (By Technology)

    • France (By Technology)

    • Scandinavia (By Technology)

    • Rest of Europe

  • Asia Pacific (By Component, By Technology, By Deployment, By Industry, and By Country)

    • China (By Technology)

    • Japan (By Technology)

    • India (By Technology)

    • Southeast Asia (By Technology)

    • Rest of Asia Pacific

  • The Middle East & Africa (By Component, By Technology, By Deployment, By Industry, and By Country)

    • GCC (By Technology)

    • South Africa (By Technology)

    • Rest of the Middle East & Africa

  • Latin America (By Component, By Technology, By Deployment, By Industry, and By Country)

    • Brazil (By Technology)

    • Mexico (By Technology)

    • Rest of Latin America

Artificial Intelligence Market
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  • 2020
  • 2017-2019
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