Artificial Intelligence Market Is Expected to Rise at a CAGR of 41.23% During 2021-2028
The Global Artificial Intelligence Market was valued at USD 65.32 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 41.23% between 2021 to 2028. Artificial intelligence are smart devices that have the capability of performing tasks which requires use of natural human intelligence. Nowadays the data recovery and storage has become more easier due to innovations in artificial intelligence. Moreover, the healthcare and government initiatives are making the data available to researchers. In clinical imaging the availability of better datasets is encouraging the scientific innovations.
Increasing Research and Development Activities to Spur the Market Growth
The growing advancements and research and development activities is encouraging automotive, retail, healthcare, manufacturing and finance and various other sectors to adopt artificial intelligence solutions. Furthermore, the artificial neural networks or ANN has significantly contributed to the market growth. In addition, the computer vision technologies have given new opportunities to digital image processing which further boosts the growth of overall artificial intelligence market.
COVID-19 pandemic has caused impact all over the world in different countries and verticals. However, it has created new opportunities for artificial intelligence-based solutions.
On the basis of technology, the global artificial intelligence market is bifurcated into machine learning, natural language processing, deep learning, and machine vision; where deep learning contributed highest market share. This surge is due to wide range of applications including recognition of text and speech. The market can also be segmented on the basis of end-use into advertising and media, virtual nursing assistance, diagnosis, robot assisted surgery, automated image diagnosis, hospital workflow management, and others.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to growing government initiatives in this region. Moreover, adoption of AI in various sectors have increased in recent years. The use of artificial intelligence solutions in industrial sectors has contributed to the growth of this market in this region.
Some of the major players operating in the global artificial intelligence includes Advanced Micro Devices, Baidu, Inc., Clarifai Inc, Google LLC, HyperVerge Inc., IBM Watson Health, International Business Machines Corporation Lifegraph, NVIDIA Corporation, Zebra Medical Vision, Intel Corporation Inc., Sensely, Inc., and Microsoft, among others.