The Global Industry Analysts Inc, the premier market research company, released a market study titled "Artificial Intelligence (AI) - Global Market Trajectory & Analytics" on 18 May 2021 in San Francisco. The report highlights the challenges and opportunities in the post-COVID-19 marketplace that has been significantly transformed, ever since the pandemic. 

The report foretells that the global Artificial Intelligence (AI) market is predicted to touch $228.3 billion in the next five years. As the market demands an expanding range of applications across industries, improvements to meet the demand such as improvement in data storage capacity, computing power and parallel processing capabilities and otheradoption of AI technology is credited for the growth. 

The rising adoption of cloud-based services and applications, rapid growth of big data, and the increasing need for intelligent virtual assistants are also contributing to the rapid pace of growth. Increasingly, the technology has been adopted by governments and other major stakeholders to study the spread of the COVID-19 virus, identify vulnerable populations and detect mutation patterns. 

Amid the COVID-19 crisis, in 2020, the global market for AI was valued at US$43.1 Billion; the report has now projected the market size of US$228.3 Billion by 2026, growing at a CAGR of 32.7% over the analysis period; services are projected to grow at 32.4% CAGR and reach US$126.1 Billion.

The US market is estimated to reach US$21.9 Billion, while China will have a projected growth of 39.1% by 2026, with a market value of US$40.4 Billion. Japan and Canada are the other two countries emerging as major gainers in the same time period with a CAGR of 27 and 29%, respectively. "AI-based solutions are being increasingly deployed for responding to the crisis, with use cases spanning facets like diagnostics, triage to COVID-19 patients, screening for infections and identification of people with heart problems. AI, especially machine learning, is being exploited for dealing with large data volumes such as medical images and treatment records. Growth in Asia-Pacific including China is propelled by the increasing adoption of natural language processing (NLP) and deep learning technologies in sectors such as marketing, finance, law, and agriculture," reads the announcement.