Artificial Intelligence Market Growth & Trends
The global artificial intelligence market size is expected to reach USD 1,811.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 38.1% from 2022 to 2030. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.
Artificial intelligence researchers continuously improve algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency. These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate the IT infrastructures and make them more resilient and cost reduction.
Various companies are implementing AI-based solutions such as RPA (Robotic Process Automation) to enhance the process workflows to handle and automate repetitive tasks. AI-based solutions are also being coupled with the IoT (Internet of Things) to provide robust results for various business processes. For Instance, Microsoft announced to invest USD 1 billion in OpenAI, a San Francisco-based company. The two businesses teamed up to create AI supercomputing technology on Microsoft’s Azure cloud.
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Artificial Intelligence is becoming vital to big data as the technology allows the extraction of high-level and complex abstractions through a hierarchical learning process. The need for mining and extraction of significant patterns from high-volume information is driving the growth of artificial intelligence in big data analytics. Furthermore, the technology helps overcome challenges associated with big data analytics, such as the trustworthiness of data analysis, format variation of raw information, highly distributed input sources, and imbalanced input data. Another challenge includes a lack of efficient storage and poor information retrieval as it is collected in large quantities and made available across numerous domains. These challenges are overcome by using semantic indexing to facilitate comprehension and knowledge discovery.
Artificial Intelligence Market Report Highlights
· The advent of big data is expected to be the cause of the growth of the market as a large volume of data is needed to be captured, stored, and analyzed
· The increasing demand for image processing and identification is expected to drive industry growth
· North America dominated the market and accounted for revenue share of over 42.1% in 2021
· One of the significant concerns restraining industry growth is the need for a large amount of data to train AI systems for character and image recognition
Grand View Research has segmented the global artificial intelligence market based on solution, technology, end use, and region:
Artificial Intelligence Solution Outlook (Revenue, USD Billion, 2017–2030)
Artificial Intelligence Technology Outlook (Revenue, USD Billion, 2017–2030)
· Deep Learning
· Machine Learning
· Natural Language Processing (NLP)
· Machine Vision
Artificial Intelligence End-use Outlook (Revenue, USD Billion, 2017–2030)
o Robot Assisted Surgery
o Virtual Nursing Assistants
o Hospital Workflow Management
o Dosage Error Reduction
o Clinical Trial Participant Identifier
o Preliminary Diagnosis
o Automated Image Diagnosis
o Risk Assessment
o Financial Analysis/Research
o Investment/Portfolio Management
· Advertising & Media
· Automotive & Transportation
Artificial Intelligence Regional Outlook (Revenue, USD Billion, 2017–2030)
· North America
· Asia Pacific
· South America
· Middle East and Africa (MEA)
List of Key Players of Artificial Intelligence Market
· Advanced Micro Devices
· Arm Limited
· Atomwise, Inc.
· Ayasdi AI LLC
· Baidu, Inc.
· Clarifai, Inc
· Cyrcadia Health
· Enlitic, Inc.
· Google LLC
· HyperVerge, Inc.
· International Business Machines Corporation
· IBM Watson Health
· Intel Corporation
· Iris.ai AS.
· NVIDIA Corporation
· Sensely, Inc.
· Zebra Medical Vision, Inc.
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Highlights Points of the Market:
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