The Artificial Intelligence Market is anticipated to display an elevated CAGR of 26% over the forecast period 2021-2027
A comprehensive overview of the Artificial Intelligence Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automated Parking System Market. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Artificial Intelligence Market at the regional levels.
Market Overview
the global artificial
intelligence market is expected to witness robust growth mainly due to the surge in demand for
consumer-focused ai, services, and programs for artificial
intelligence & management. furthermore, hefty investments by tech giants are also resulting in the
overall magnification of the artificial intelligence market. In 2019, AI startups received a record US$28.5B in
Investments across over 2,300 deals a 20% Rise in funding to the sector (For
comparison, in 2018 there were about 1,900 agreements for a total of US$22.1 billion, and in 2017 -
about 1,700 deals for $16.8 billion.
Also, the acceptance of artificial intelligence is increasing in numerous sectors of
society, mainly in the pharmaceutical
industry. The various segments of the pharmaceutical industries
where AI is used include drug discovery and development, drug repurposing,
improving pharmaceutical productivity, and clinical trials. AI’s utilization in research &
development reduces the chances of errors as well as decreases the human
workload in the development of complex drugs. And helps in achieving their
targets in a short period of time. For
instance, according to the Deloitte reports, AI in the R&D market increased from USD 200 million in 2016 to
more than USD 700 million in 2018.
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COVID-19 Impact
The Covid-19
pandemic has emerged as an opportunity for AI-enabled computer systems to fight
against the epidemic as several tech giants and start-ups are working to prevent, mitigate, and contain the virus ¡ For instance,
the Chinese tech giant Alibaba's research institute Damo Academy has developed
a diagnostic algorithm that can detect new coronavirus cases with the chest
Computed Tomography (CT) scan ¡ COVID-19
outbreak is expected to stimulate AI market growth of next-generation tech
domains, including AI, owing to the mandated work-from-home (WFH) policy due to
this pandemic. Also, tech companies are expanding their product offerings and
services to widen availability across the globe. For instance, in April 2020,
Google LLC launched an AI-enabled chatbot, called Rapid Response Virtual Agent
for call centers. This chatbot is built to respond to issues customers might be
experiencing due to the coronavirus (COVID-19) outbreak over voice, chat, and other
social channels.
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The Artificial Intelligence Market report is studied thoroughly with several aspects that
would help stakeholders in making their decisions more curated.
By Technology, the market is
primarily bifurcated into:
Deep Learning
Machine Learning
Natural Language Processing
Speech Recognition
Others
Deep Learning is a category that dominated the market and is
expected to maintain its dominance
throughout the forecast period. The rapid adoption
of cloud-based technology across several industries is fueling the growth of
the market. Deep learning algorithms can perform several repetitive and routine
tasks more efficiently within a shorter time than human beings. However, the natural language processing segment would witness a considerable
CAGR during the forthcoming years.
By Component, the market is
primarily studied into:
Software
Hardware
Service
The software segment grabbed the major market share in 2020 and
dominated the market. Artificial intelligence software solutions include libraries
for designing and deploying AI applications, such as those for primitives,
linear algebra, inference, sparse matrices, video analytics, and multiple
hardware communication capabilities. The high share of the software segment is attributed to prudent
advances in information storage capacity, high computing power, and parallel
processing capabilities to deliver high-end services.
Artificial Intelligence Market Region Segmentation
Includes:
North America
Europe
Asia-Pacific
Rest of the World
Based on the
estimation, Geographically, North America leads the
market in 2021. This can be mainly ascribed to the high R&D expenditure
by big techs like Google, Amazon, and Apple. Etc., and the AI
favoring Government Policies. The governmental regulations concerning data security are
expected to continue to drive the AI services market. Services such as security
information and cloud applications are expected to be the drivers of this market.
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The major players targeting the market include:
Amazon Web Services,
Inc.
Apple Inc.
Google LLC
Intel Corporation
Microsoft Corporation
Nvidia
Oracle Corporation
SAP SE
Competitive Landscape
The degree of
competition among prominent companies has been elaborated by analyzing several
leading key players operating in the global context. The specialist
team of research analysts sheds light on various traits such as global market
competition, market share, most recent industry advancements, innovative
product launches, partnerships, mergers, or acquisitions by leading companies
in the Artificial Intelligence Market. The major players have been analyzed using different research
methodologies for getting insight views on market competition.
Key questions resolved through this analytical market
research report include:
What are the latest trends,
new patterns, and advancements in the Artificial
Intelligence Market?
Which factors are
influencing the Artificial Intelligence Market over the forecast period?
What are the
challenges, threats, and risks in the Artificial
Intelligence Market?
Which factors are
propelling and restraining the Artificial
Intelligence Market?
What are the
demanding regions of Artificial Intelligence globally?
What will be the market size in the upcoming
years?
What are the crucial
market acquisition strategies and policies applied by the companies?
We understand
the requirement of different
businesses, regions, and countries, we offer customized reports as per your
requirements of business nature. Please let us know If you have any custom needs.
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