Artificial Intelligence Market Size

Big data usage, analytics acceptance & rising potential of R&D in creating AI systems are key factors that are fueling the artificial intelligence (AI) market.

PORTLAND, PORTLAND, OR, UNITED STATES, October 17, 2022 /EINPresswire.com/ -- The global 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.

Rise in investment in AI technologies, increased demand for analyzing and interpreting large amount of data, and surge in customer satisfaction coupled with increase in adoption of reliable cloud application have boosted the growth of the global artificial intelligence (AI) market. However, dearth of trained and experienced staff hampers the market growth. On the contrary, rise in adoption of AI in emerging markets and rapid development of smarter robots are expected to create lucrative opportunities in the near future.

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The global AI market is divided on the basis of technology, industry vertical, and geography. Based on technology, the market is segmented into machine learning, natural language processing, image processing, and speech recognition. The machine learning segment held the largest share in 2016, contributing more than half of the market and expected to maintain its dominance throughout the study period. Moreover, the segment is projected to register the fastest CAGR of 56.4% during the forecast period.

Based on industry vertical, the market is divided into media & advertising, BFSI, it & telecom, retail, healthcare, automotive & transportation, and others. The IT & telecom segment dominated the market in 2016, contributing more than one-fifth of the market. Moreover, the segment is projected to register the fastest CAGR of 56.8% during the forecast period.

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The global AI market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2018, contributing nearly half of the market. However, the market across Asia-Pacific is projected to manifest the fastest CAGR of 59.4% during the forecast period.

The market report provides an in-depth analysis of the major market players such as Apple Inc., Alphabet (Google Inc.), IBM Corporation, Baidu, Microsoft Corporation, IPsoft, NVIDIA, MicroStrategy, Inc., Verint Systems Inc (Next IT Corp), and Qlik Technologies Inc.

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