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.
AI is associated to human intelligence with similar characteristics such as language understanding, reasoning, learning, problem solving, and other. Manufacturers in the market witness enormous underlying intellectual challenges in the development and revision of such a technology. The market for artificial intelligence is primarily driven by the improved productivity, diversified application areas, increased customer satisfaction, and big data integration. However, lack of skilled workforce and threat to human dignity & other threats are some of the restraints of the market. Nonetheless, the impact of these factors is expected to be minimal due to the introduction of new technologies in the market.
Download Free Sample Report at: https://www.alliedmarketresearch.com/request-sample/1773
The machine learning segment secured the highest share of about 52.0% in the artificial intelligence market in 2016 and is expected to grow at a CAGR of 56.4% during the forecast period. In terms of industry vertical, IT & telecom sector is expected to contribute the highest market share in the coming years, as various new startups are investing in artificial intelligence solutions. Moreover, the rapid urbanization, technological advancement, and increase in demand for cloud applications has fueled the demand for AI technologies in developing economies.
North America is one of the fastest growing region in the Artificial Intelligence market. It is expected to witness higher growth rate during the forecast period, owing to presence of the key artificial intelligence companies in the region.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/1773
The outbreak of COVID-19 is anticipated to have a significantly positive impact on the growth of the AI industry. This is attributed to implementation of lockdown by governments in majority of the countries worldwide and the unavailability of workers during the period, which fueled the growth of industrial automation and digitization during the period aiding the rapid adoption of artificial intelligence technology in many business sectors that were primarily relying on manual systems. Moreover, artificial intelligence solutions are being used as a tool to support the fight against the viral pandemic that has affected the world since the beginning of 2020.
For instance, in March 2021, a smartphone app that uses artificial intelligence to assess the sound of coughing; Hyfe was launched in the UK and Ireland. Such innovations are driving the growth of the AI industry and are expected to continue in the coming years.
If you have any special requirements, please let us know: https://www.alliedmarketresearch.com/request-for-customization/1773
Key Findings of the Study –
- By technology, the machine learning segment accounted for the largest artificial intelligence market share in 2020.
- By region, North America generated highest revenue in 2020.
- By industry vertical, the IT and telecom segment generated the highest revenue in 2020.
Buy This Research Report at: https://bit.ly/3XxKOMp
Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter