The AI in Telecom market is forecasted to grow at a high rate owing to the accelerating demand for AI enabled smartphones coupled with rapidly growing 5G technology
The Global AI in Telecom Market was valued at US$ 971.2 Mn in 2020 and is expected to reach US$ 9365.5 Mn by 2027, with a growing CAGR of 39.8% during the forecast period (2021-2027).
Global AI in the Telecommunication market is expected to rise on account of an increasing number of AI-enabled smartphones. These phones have numerous features such as image recognition, voice recognition, robust security, and many as compared to the traditional phones, and therefore is the reason it is becoming popular among users.
Moreover, it is expected that the utilization rate of AI-embedded smartphones is expected to increase and the adoption of AI solutions in various applications results to project growth, leading to the growth of AI in the telecommunications market during the forecast period. Also, upgrading to 5G technology on mobile networks is expected to improve the AI ââof communications. For instance, the Chinese government is working to improve the telecommunications sector and provide better solutions for network services. China Telecom Corporation is the largest in Gansu Province, Northwestern China, and is building a new 5G base station in the capital, Lanzhou, to expand its 5G network.
Global AI in Telecom Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the North American segment held the largest market share in the year 2020 and is anticipated to continue the dominance during the forecast period. The dominance is majorly attributed to the rapidly increasing investments in the market by key companies in this region. For instance, in November 2020, Microsoft Corporation announced a strategic partnership with Adobe Inc., American multinational computer software company, and with a Redwood City-based enterprise artificial intelligence company, C3.ai is aimed to offer customer relationship management (CRM) software solutions utilizing Artificial Intelligence (AI).
Moreover, the Asia Pacific region is also anticipated to grow at a significant rate during the forecast period owing to increasing technological advancements happening in the region and increased investments of big companies in Asia Pacific region. For instance, In August 2021, the Google cloud is on the verge of making a substantial investment into Bharti Airtel Ltd., an Indian multinational telecommunication services company. This investment is expected to boost the Indian telecommunication industry.
The Global AI in Telecom Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the AI in telecom market are: