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[219+ Pages Report] According to the latest title “Global Artificial Intelligence Market” published by Facts & Factors, the latest study provides a comprehensive and analytical overview of the complete market. The global artificial intelligence market is expected to witness a significant market value of USD 29.86 Billion in the year 2020 with a CAGR value of 35.6% and is projected to reach USD 299.64 Billion in the year 2026.
Artificial Intelligence (AI) is a simulation of machines possessing human-like intelligence or capabilities in the form of computer systems. Human intelligence consists of complex human emotions such as consciousness and emotionality and AI often tries to simulate the latter in the form of complex coding solutions. The distinct difference between various AI techniques can be found by the acronym affixed behind it. Strong AI is usually defined by a generalized form of AI while artificial biological intelligence is often termed artificial general intelligence (AGI) which simulates a more natural form of intelligence. AI integrated devices often aim at mimicking movements and thought processes as human beings apply them to solve a range of issues using the same principles of learning and problem-solving.
The governing factors for the significant growth of the AI market include the increasing prevalence of COVID-19 cases across the globe. A cosmic increase of data available for electronic health records (EHRs) due to a surge in healthcare requirements is expected to boost the market growth toward a positive outlook.
Adoption of AI-based assistance in healthcare during the forecast is expected to drive the market during the forecast. Advanced integrated features such as augmenting messages, rapid sorting and enquiring solutions, automated email and phone support, and management of support agents are made possible through the advent of AI. Furthermore, the rising consumer service coupled with increasing spending in the healthcare infrastructure will drive the growth of the artificial intelligence market to a wider range of consumers. Besides healthcare, the essential accelerating pace of advancements in AI and profound rising interest in advanced simulation techniques such as artificial neural networks will further fuel the growth of the artificial market during the forecast.
Factors likely to hamper the growth of the AI market during the factors can be attributed to stringent measures implemented by governments regarding data privacy and consumer safety. Furthermore, the use of machine learning algorithms so as to exploit and target users by recommendation engines, search algorithms, and adtech neural networks in order to sway the competitions. Practices such as these are bound to slow the growth of the AI market to a certain extent. Furthermore, the lack of skilled technicians in the field has led to a lower progressive rate to the global artificial market.
The leading participants in the market such as Microsoft Corporation, Amazon, Inc., and IMB Corporation have begun infusing services such as cloud computing and AI in order to further increase their capabilities and cater to a wider range of services. Startups across the world are found to invest a majority of their income in infusing these services in order to stay a step ahead of the highly competitive market. These factors will likely push the boundaries of the artificial intelligence market and open new market opportunities for revenue.
Some of the major key players in the global artificial intelligence market are Alphabet (Google LLC), Apple, Inc., Baidu, Inc., IBM Corporation, IPsoft, Inc., Microsoft Corporation MicroStrategy, Inc., NVIDIA Corporation, Qlik Technologies, Inc., Verint Systems, Inc., SAP SE, Advanced Micro Devices, ARM Limited, AiCure, H2O.ai., and Intel Corporation to name a few.
The global artificial intelligence market can be segmented across components, technology, deployment, end-verticals, and regions.
On the basis of components, the global artificial intelligence market is divided into hardware, software, and services. The hardware segment can be split between processor, memory & network and the software segment can be disintegrated within the application program interface (API) and machine learning framework. The service segment is expected to account for the largest market share due to easy integration with existing infrastructure and solutions.
On the basis of technology, the global artificial intelligence market can be split between deep learning, machine learning, natural language processing, and machine vision. The machine learning segment can be further divided into supervised learning, unsupervised learning, reinforcement learning, and other technology. The segment pertaining to ML is expected to witness the largest market share due to increasing applicable solutions and measures in the healthcare sector while the NLP sector will see a boost in the market share due to the increasing demands of chatbots and virtual assistants.
On the basis of deployment, the global artificial intelligence market can be segmented into cloud-based and on-premises. On-premises deployment is expected to witness the largest market share during the forecast owing to fewer implementation costs. Furthermore, cloud-based deployment requires extensive knowledge and can suffer from technical breakdowns more often than the latter.
On the basis of end-verticals, the global artificial intelligence market can be disintegrated between healthcare, retail, BSFI, automotive, advertising and media, manufacturing, agricultural, and others. The others segment can be further divided into government and education. The retail sector is expected to witness the largest market share during the forecast period with the integration of AI automation services being witnessed at a rapid pace.
North America is expected to occupy the largest market share during the forecast owing to developing economies such as the United States contributing to a majority of the global revenue. Favorable government support and loosening of policies regarding AI implementation are expected to drive the market in the region at a stronger pace. Asia-Pacific is expected to witness the fastest growing CAGR during the forecast due to rising investments pertaining to artificial intelligence. Furthermore, the rising number of startups, rising digital population, and adoption of AI for operational procedures will further increase the foothold of the market in the region.
Global Artificial Intelligence Market: By Regional Segment Analysis
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