Growth in big data analytics, the increasing adoption rate of cloud-based services and the growing demand for intelligent virtual assistants have been driving the global Artificial Intelligence Market.
JERSEY CITY, N.J., Nov. 15, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Artificial Intelligence Market" By Component Analysis (Hardware, Software and Services), By Technology (Deep Learning, Machine Learning, Natural Language Processing), By End-User Industry (Healthcare, Manufacturing, Agriculture), and By Geography. According to Verified Market Research, the Global Artificial Intelligence Market size was valued at USD 51.08 Billion in 2020 and is projected to reach USD 641.30 Billion by 2028, growing at a CAGR of 36.1% from 2021 to 2028.
The growing applications and easy deployment modes have dragged the governments' attention toward AI technology, which led to the growing investments by governments in AI and its related technologies. Furthermore, progress in the profound learning and Artificial Neural Networks (ANN) has also fueled the adoption of Artificial intelligence (AI) in several industries, such as aerospace, healthcare, manufacturing, and automotive. Also, growth in the demand for analyzing and interpreting large amounts of data is boosting the demand for artificial intelligence industry solutions.
The development of more reliable cloud computing infrastructures and improvements in dynamic artificial intelligence solutions have a strong impact on the growth potential of the AI market. AI is being used across the board to automate dangerous tasks, streamline operations, and augment or replace skilled labour. AI is a complex system, and for managing, developing, and implementing AI systems, companies need a workforce with certain skill sets.
Professional services for a data scientist or developer are required to customize an existing ML-enabled AI service. As Artificial intelligence (AI) technology is still in the early stage of its life cycle, the workforce with in-depth knowledge of this technology is limited. Thus, the impact of this restraining factor is expected to remain high during the initial years of the forecast period.
In January 2021, Google launched Product Discovery Solutions for the retail industry. This suite would enhance the retailer's eCommerce capabilities and help them provide enhance customer experience. Product Discovery Solutions for Retail brings together AI algorithms and search service, Cloud Search for Retail, which leverages Google Search technology to power retailers' product-finding tools.
In November 2020, Microsoft announced the availability of Dynamic 365 Project Operations solutions across India. The solution focuses on providing help to businesses in unifying operational workflows to provide visibility, collaboration, and insights to drive success across teams, from prospects to payments to profit. The solution is built on Microsoft Power Platform and uses real-time analytics to connect and empower leadership, sales, resourcing, project management, and accounting teams with the visibility needed to deliver services to customers on time and on budget.
The major players in the market are Google LLC, Microsoft, Advanced Micro Devices, Arm Limited, Atomwise, Inc., Clarifai, Inc, Enlitic, Inc., International Business Machines Corporation, IBM Watson Health, Intel Corporation, and among others.
Verified Market Research has segmented the Global Artificial Intelligence Market On the basis of Component Analysis, Technology, End-User Industry, and Geography.
Artificial Intelligence Market, By Component Analysis
Artificial Intelligence Market, By Technology
Natural Language Processing
Artificial Intelligence Market, By End-User Industry
Media & Advertising
Automotive & Transportation
Artificial Intelligence Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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