Artificial Intelligence Market is Estimated To Witness Growth Due To Increased Big Data Adoption
The Artificial Intelligence Market is estimated to be valued at US$ 1,816.8 Mn or Bn in 2023 and is expected to exhibit a CAGR of 5.9 % over the forecast period 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence includes technology that allows machines to perceive their environment, learn from experience, draw conclusions from data, and take action—with some level of autonomy. AI has various useful applications within industries including healthcare, finance, transportation, and more. AI helps to automate processes, analyze large datasets, and provide personalized services or experiences for users.
Market key trends:
One of the key trends driving growth in the AI market is the increased adoption of big data analytics across various industries. As data volumes continue to explode, AI is increasingly being used to help organizations analyze large, complex datasets and uncover valuable patterns and insights. AI technologies such as machine learning and deep learning are well-suited for making sense of big data. As companies continue collecting more and more data from various sources like IoT devices, social media, customers etc., the need for advanced big data analytics powered by AI is growing. This growing dependency on big data is estimated to significantly fuel the demand for artificial intelligence solutions in the coming years.
Porter's Analysis
Threat of new entrants: Low barriers to enter the market such as intellectual property rights protection and high capital requirements limit entry of new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to presence of a large number of suppliers.
Threat of new substitutes: Emerging alternative treatment options pose threat of substitution.
Competitive rivalry: Intense competition exists among existing players to gain higher market share.
SWOT Analysis
Strengths: Large target patient pool, rising healthcare expenditures, and increasing research funding activities.
Weaknesses: High costs associated with drug development, stringent regulatory environment, and patent expiration of blockbuster drugs.
Opportunities: Growth opportunities in emerging markets, new product launches, and increasing healthcare access.
Threats: Reimbursement issues, safety concerns regarding new drugs, and alternative treatment options.
Key Takeaways
The Global Myocardial Infarction Market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of cardiovascular diseases and growing geriatric population. The market was valued at US$ 1,816.8 Mn in 2021 and is anticipated to reach US$ 2,728.4 Mn by 2028.
The United States dominates the global market and is expected to maintain its lead over the forecast period, owing to the rising cases of myocardial infarction, growing obesity rates, increasing healthcare expenditures, and availability of advanced treatments.
Key players operating in the myocardial infarction market are Bristol-Myers Squibb Co., Bayer AG, Johnson & Johnson Services Inc., Sanofi S.A., Novartis International AG, AstraZeneca plc., Daiichi Sankyo Co Ltd, Boehringer Ingelheim International GmbH, Pfizer Inc., and Merck KGaA. The market players are focusing on new product approvals and launches to strengthen their market position.