Global General Purpose Machine Intelligence Market - Forecasts from 2022 to 2027
The global general purpose machine intelligence market is projected to witness a compound annual growth rate of 13.35% to grow to US$4.432 billion by 2027, from US$1.844 billion in 2020.
General-purpose machine Intelligence, also known as general-purpose artificial intelligence, or GPAI, refers to the ability of an AI software to do various tasks like a human being. An AI software program, when it achieves the ability to perform numerous human-like tasks, is known as the GPAI or general-purpose artificial intelligence. The rise in automation and surge in their adoption across numerous industry verticals for better efficiency and productivity has surged the demand for GPAI hence creating promising market prospects. Furthermore, innovation and adoption of advanced technology coupled with robust growth in the defense and aerospace, healthcare, automotive and transportation, and manufacturing provide an exceptional opportunity for the market. Moreover, billions of dollars have been invested in the AI sector for advancement, which fuels the market for GPAI. However, the operation of these GPAI in the ideal environment creates remarkable constraints for the market. AlphaGo, a GPAI introduced by DeepMind Technologies, has the capability of playing numerous computer games, such as Minesweeper, Cheese, and Go. The AI technology works in an ideal environment with no noise and only works based on visual cognition.
Based on geography, the global general-purpose machine intelligence market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American region is forecasted to hold a dominating share in the global market for GPAI owing to superior infrastructure development and early adoption of AI and other supporting technology. The US has a state-of-art infrastructure that supports the market. Furthermore, booming automation across the industries in the country owing to robust innovation and investment is further expected to increase the adoption of GPAI in the country.
Natural Processing Language is expected to hold a notable share of the market.
Based on technology, the global general-purpose machine intelligence market can be distinguished as machine learning, machine vision, deep learning, and natural processing language. Natural process language is forecasted to hold a notable share of the market owing to wider demand and better efficiency. This technology creates an ability in a machine to understand and respond to text and/ or voice data.
The defense and aerospace and automotive, and transportation sectors showcase promising growth prospects for the GPAI industry.
Based on end-user industries, the global general-purpose machine intelligence market is segmented into defense and aerospace, manufacturing, automotive and transportation, agriculture, manufacturing, educational and research, and others. The defense and aerospace and automotive and transportation sectors are expected to hold the largest share in the GPAI market. Adopting new technology and drastic innovations in these industries have opened notable prospects for GPAI. Furthermore, the rise in automation for better productivity and enhanced efficiency provides promising prospects for GPAI. The rise in the advent of electronic vehicles in the automotive industry is forecasted to support the market growth.
In the defense and aerospace industry, the surge in investment and technological innovation is forecasted to expand the market demand in the coming years. The increase in air fleet with the surge in the standard of living and increasing tourism will expand the aerospace industry and hence support the industry demand for GPAI.
One of the prime reasons supporting the growth in the global general-purpose machine intelligence market is the introduction of self-driving cars for a comfortable commute. Tesla is the leading company that has introduced self-driving cars around the globe. Innovation in the sector of the self-driving car by numerous market leaders is forecasted to create significant demand for general-purpose machine intelligence and hence drive notable market demand.
Another key factor that supports the market for Global General Purpose Machine Intelligence is a rise in digitalization which has created massive data flow and data sets requiring advanced handling and real-time application. With the rise in internet penetration across the globe, data flow has increased at a significant level, creating large data sets. These data sets require scrutinized handling for reducing the chance of errors, hence creating demand for advanced GPMI/ GPAI technology. Furthermore, real-time application required also expands the market demand.
The coronavirus pandemic increased the market dynamics of general-purpose machine intelligence or GPMI/ GPAI. With the robust increase in the spread of the virus, a nationwide lockdown implemented led to a surge in virtual platforms for numerous economic operations. The rise in digital operations resulted in excessive data flow and the generation of larger data sets, hence creating demand for GPAI. However, lower growth in industries like automotive, defense, and aerospace did limit the market.
Natural Language Processing
Defense and Aerospace
Educational and Research
Automotive and Transportation
Middle East and Africa