The global Artificial General Intelligence market is expected to be valued at 144.2 billion USD by the year 2026, growing at a CAGR of 41.6%. One of the major drivers for the market is the increasing use of general artificial intelligence in various applications across many industry verticals. Artificial general intelligence will help solve problems across multiple domains, unlike the earlier available AI solutions that operate with a narrow focus. This is one of the main reasons for the exceptional growth that this market will exhibit during the forecast period.
However, one of the major restraints for the market is the limited availability of AI technology experts. Some people believe that artificial intelligence may displace some low-skilled jobs. This is yet another important factor that may impede the market growth.
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Based on general purpose applications, the global Artificial General Intelligence Market is segmented into Transforming customer service, Predictive 3D design, Personal security, Data security, Fraud Detection, and other applications.
The general AI market has also been segmented into Hardware type and software type. Based on the industry vertical, the general AI market is segmented into Healthcare, Manufacturing, Automotive, and Transportation, Security & Surveillance, Telecom & IT, and other industries. The healthcare sector will lead the industry verticals for the artificial general intelligence market and is expected to reach $20 billion by the year 2026.
Regionally, North America will lead the general purpose AI market and reach approximately 35.2 billion USD by the year 2026. The region is one of the early adopters of the latest technologies. Moreover, the general awareness about the various benefits of artificial general intelligence is high in this region. The presence of prominent providers of AGI technology is one of the important reasons complementing the growth of the market in this region. Additionally, many start-ups in this region are increasingly investing in the artificial general intelligence market.
The major players operating in the artificial general intelligence market are Google Inc. (US), IBM Corporation (US), Facebook Inc. (US), Salesforce (US), AT&T Speech API (US), Amazon Inc. (US), SK Telecom (South Korea), Hewlett Packard Enterprise (HPE) (US), Microsoft Corporation (US), Zebra Medical Vision Inc. (Israel), and SparkCognition Inc.(US), among others.