The report focuses on growth prospects, restraints, and analysis of the global artificial intelligence market trend.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 15, 2023 /EINPresswire.com/ — Artificial intelligence (AI) makes it possible for machines to learn from previous experiences and adjust to new inputs to perform tasks like humans. Such capabilities of artificial intelligence technology enable machines to automate much more complex tasks such as driving cars (self-driving cars), holding conversations (conversational bots), filtering e-mail (spam and fraud detectors), among other things.
The artificial intelligence market size was valued at $65.48 billion in 2020, and is projected to reach $1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030.
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Key factors that drive the growth of the artificial intelligence market include growing demand to improve operational efficiency and the rising cost of manual labor. In addition, technological advancements in the field of artificial intelligence such as faster speech and natural language processing are positively impacting the growth of the artificial intelligence industry. However, high implementation cost of artificial intelligence (AI) solutions hampers the market growth. On the contrary, increasing digital dependence and industry 4.0 trends are expected to offer remunerative opportunities for expansion of the artificial intelligence market during the forecast period.
Region wise, the AI market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to high concentration of artificial intelligence solution vendors in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its ongoing rapid digital transformation trends that are expected to increase the scope for artificial intelligence industry in the region.
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On the basis of technology, the machine learning segment dominated the overall artificial intelligence market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increasing demand for advanced processing algorithms for complex industrial applications. However, the natural language processing (NLP) segment is expected to witness highest growth as demand for conversation automation is anticipated to grow in the coming years, which is expected to further fuel the growth of the global AI market.
Major market players such as – Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, and Siemens.
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The market numbers are verified by means of numerous data triangulation techniques. Additionally, reliable industry journals, accurate press releases from trade association, and government websites have also been revised for producing exclusive industry insights.
Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansions etc. are included in the report.
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