The report is titled ‘Artificial Intelligence Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the artificial intelligence market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The artificial intelligence market is expected to grow at a significant rate in the near future.
The global artificial intelligence market in 2020 is estimated for more than US$ 46.7 Bn and is expected to reach a value of US$ 795.2 Bn by 2028 with a significant CAGR of 42.6%.
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Artificial Intelligence Market Definition
Artificial Intelligence (AI) refers to the disruptive innovation and new technology that imitates human intelligence in machines that are particularly programmed to function like humans and simulate their actions. AI is an integration of various technologies inclusive of deep learning and machine learning which assists in the generation of software and hardware used for several different objectives such as reasoning, problem-solving, linguistic intelligence, and perception.
Artificial Intelligence is constantly developing to promote several different industries comprising financial, automotive, and healthcare industries. It is also modifying economies, improving productivity, enhancing effectiveness, and lessening costs by making an abstract change in every industry. Over the past few years, Artificial intelligence has been one of the swiftly proliferating technologies.
Noticeably, Artificial intelligence is located at the root of the next-generation software technologies in the market. Also, the major market giants such as IBM, Google, Microsoft, and other key players have earnestly enforced artificial intelligence as an essential part of their technologies. Owing to this, the artificial intelligence market is projected to grow rapidly in the forthcoming years.
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Artificial Intelligence Market Dynamics
In recent years, every industry is starting to become technologically advanced and adopt smart products and equipment in order to increase their efficiency and compete in the global market. Artificial Intelligence is one of the swiftly burgeoning technologies, these days, which have the potential to simulate human intelligence into machines which in turn, can assist in reasoning, perception, as well as problem-solving.
Attributing to this, the #artificialintelligencemarket is projected to elevate higher in the forthcoming future. Along with that, the surging global acceptance of cloud-based services and applications and smart virtual assistance is also expected to give a positive push to the growth of the global artificial intelligence market in the upcoming years.
Also, the soaring adoption of the Internet of Things (IoT) in numerous industries all across the world is another factor that is estimated to give a breakthrough to the growth of the artificial intelligence market in the near future. Additionally, the rising huge chunk of data or big data in different industries is also supporting the growth of the artificial intelligence market.
However, the risk of breach of privacy and varying algorithms is likely to restrict the growth of the artificial intelligence market in the coming years.
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Artificial Intelligence Market Segmentation
The Artificial Intelligence market is segmented on the basis of offering, end-user industry, and region.
By Offering
• Hardware
o Processors
MPU
GPU
FPGA
Others
o Memory
o Network
• Software
o AI Platforms
Application Program Interface (API)
Machine Learning Framework
o AI Solutions
On-Premise
On Cloud
• Services
o Deployment & Integration
o Support & Maintenance
End-User Industry
• Healthcare
• Manufacturing
• Automotive
• Retail
• Security
• Human Resources
• Marketing
• Law
• FIntech
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa
Artificial Intelligence Market Key Players
Some of the key participating players in Artificial Intelligence market are
• Intel
• NVIDIA
• Xilinx
• Samsung
• Micron Technology
• IBM
• Microsoft
• Amazon Web Services AWS
• Oracle
• SalesForce
• SAS
• SAP
• General Electric
• CISCO
• Rockwell
• Siemens
• Mellanox Technologies
• Baidu
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