The Artificial Intelligence market size was estimated at USD 94.5 billion in 2021. From 2023 to 2032, it will grow at a CAGR, of 36.8%.
Artificial intelligence (AI), also known as machine intelligence, refers to a branch of computer science that develops and manages technology that can make decisions for itself and carry out transactions for others. Tech giants’ continuous innovation and research are driving the adoption and use of advanced technologies in various industries such as manufacturing, healthcare, finance and retail.
The key growth drivers include the rapid expansion of big data, increasing use of cloud services and applications, and a rising demand for intelligent virtual agents. Intel Corporation purchased Cnvrg.io., an Israeli data scientist platform, in November 2020. The goal was to increase Artificial Intelligence’s (AI) business. Technological developments in the AI field, including faster speech and natural word processing, have positively impacted the growth of this market.
The global artificial intelligence market is expected to see significant growth in the next few years due to increased demand for artificial tech across various end uses such as retail, healthcare, banking, finance, manufacturing, food & beverages, logistics and banking. The growth of the AI market has been greatly aided by the rising popularity of certain life-saving medical equipment and the self-driving feature in new electric vehicles. Google, Microsoft IBM, Amazon and Apple, all global tech giants, are increasing their investments to develop and upgrade various AI applications.
Artificial Intelligence Market: Driver
The increasing advancements in Big Data analytics and the broadening application base for artificial Intelligence solutions can be considered a major driver of the market. Artificial intelligence is used in a majority of sectors including healthcare, BFSI e-commerce, retail and others.
Customer engagement is key to success in today’s dynamic and competitive business world. Companies are adopting artificial Intelligence technology rapidly to deliver personalized and specialized services in real-time. Intelligent technology is being used by consumers to interact with them in industries such as healthcare, finance, retail and e-commerce. According to a June 2020 report by IDC, more than half of the 2,056 IT and Line of Business (LoB) decision-makers responded customer experience is the main motivator for Al adoption.
Artificial Intelligence Market: Restraint [Limited number of AI experts]
AI system workers should have a working knowledge of technologies such as deep learning, machine learning, cognitive computing, and picture recognition. It can be difficult to integrate AI technologies into existing systems. Data processing is required. Even minor errors can cause a system’s malfunction or fail, which can have an impact on its expected outcomes. An expert data scientist or developer will be required to modify an AI service that is ML-enabled.
This market will have problems with data privacy and different algorithms. To provide relevant results, the technology makes use of machine learning and deep learning capabilities. These tools could include search algorithms, recommendation engines and adtech networks to exploit sensitive user data.
Key Market Trends
AI in healthcare is predicted to grow at a rapid pace over the next few years due to the increasing number of digital patient records, the demand for personalized medicine, as well as the rising need to reduce care costs. Artificial Intelligence (AI), machine learning (ML), algorithms are being adopted widely and integrated into healthcare systems in order to accurately predict the onset of diseases based upon historical health data.
Google LLC and Sabre Corporation partnered to create Sabre Travel AI in October 2020. This artificial Intelligence-driven technology platform is for travel.
Competitive arena:
Major players profiled in the report include Advanced Micro Devices, AiCure, Arm Limited, Atomwise Inc., Ayasdi AI LLC, Baidu Inc., Clarifai Inc and Other Key Players.
Artificial Intelligence Market: Key Developments
July 2022 – Mulesoft, a Salesforce company, and HDFC have joined forces. HDFC will be able to innovate quickly in the area of system connectivity and help create new experiences thanks to its innovative API-led integration methodology.
June 20, 2022 – Siemens made two major announcements. The company’s Xcelerator technology will be expanded to include a wider range hardware, software, digital services, and a partnership with Nvidia in order to create an industrial metaverse. Siemens Xcelerator will enable the company to build a complete line of hardware and software that is modular and cloud-connected.
ai launched H2O AI Hybrid Cloud in January 2021. This platform enables enterprises to create and use AI models and applications.
io. is an Israeli company that provides a platform for data scientists to create and run machine-learning models. Intel Corporation purchased Cnvrg.io. in November 2020 to increase its artificial intelligence business.
Market Segmentation Summary Analysis:
By Solution, the market is segmented into Hardware, Services, Software. By Technology, the market is divided into Deep Learning, Natural Language Processing (NLP), Machine Learning, Machine Vision, By End-Use, the market is categorized into Manufacturing, Healthcare, Law, BFSI, Advertising & Media, Retail, Agriculture, Automotive & Transportation, Other End-Uses.
Frequently Asked Questions (FAQ):
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