The Global Artificial Intelligence Market is projected to reach around USD 230 Billion by 2027 at a CAGR of around 39.3%.
Artificial Intelligence is a stream of computer science that used to replicate or simulate human intelligence in a machine, so machines can perform tasks that typically require human intelligence. These systems are powered by algorithms, using deep learning, machine learning, and rules. Machine learning algorithms feed computer data to AI systems, using statistical techniques to enable AI systems to learn.
Some programmable functions of AI systems include learning, planning, problem solving, decision making, and reasoning. Rising adoption of cloud-based services and advances in image and voice recognition are expected to drive the market during the forecast period. However, lack of trained and experienced staff is expected to hinder the growth of the market during the forecast period.
Market Driver:
In the current scenario, the demand for cloud based applications and services are increasing because, Cloud computing offers businesses more cost savings, agility, and flexibility by hosting applications and data in the cloud. Moreover, Artificial intelligence capabilities are now layering with cloud computing and helping companies manage their data, look for patterns and insights in information, deliver customer experiences, and optimize workflows. AI technology mostly used in cloud based apps and services for improving data management, getting more done with AI-SAAS integration, utilizing dynamic cloud services, and powering a self-managed cloud. Hence, with the increase in use of cloud based applications and services, the AI market will be increase.
Market Opportunity:
The role of manufacturing in advanced and developing economies has shifted dramatically. Artificial intelligence helps manufacturers with real-time problem-solving. AI-enabled manufacturing will see higher production and high efficacy in overall operations. There are already a number of machines that are powered by AI and are capable of autonomously improving the efficiency of manufacturing processes. AI apps for manufacturing help them monitor quantities of material used, temperatures, lead times, errors, and downtime autonomously. Moreover, Manufacturers can harness the power of artificial intelligence for necessary quality checks and ensure delivery of products with utmost quality. This eliminates the need of numerous tests required to assure the desired quality. The system can analyze the data from manufacturing operations as well as existing test data and results and use AI-driven automated testing to cut down on test times
The report on the artificial intelligence market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
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Base Year for Market Calculation |
2019 |
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Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
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Measured Units |
USD (Million) |
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Segments Included |
Technology, Component, End Use Industry, Type |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Artificial Intelligence Market, by Technology
Artificial Intelligence Market, by Component
Artificial Intelligence Market, by End Use Industry
Artificial Intelligence Market, by Type
Artificial Intelligence Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE ARTIFICIAL INTELLIGENCE MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
