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The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit robust growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Artificial Intelligence (AI) refers to a branch of computer science that aims to simulate human intelligence for developing programmable machines. AI-integrated machines are capable of human-like speech-recognition, learning, planning and problem solving based on past experiences. The hardware components of AI include various chipsets with high computing capabilities, such as graphics processing unit (GPU), central processing unit (CPU), application-specific integrated circuits (ASIC), and field-programmable gate array (FPGA). The software components include core technologies such as natural language processing (NLP), deep learning, machine learning (ML) and augmented and virtual reality (AR/VR), which can process large amounts of data and provide meaningful insights.
The market is primarily driven by the significant growth in the information technology (IT) industry, along with the growing utilization of cloud-based applications across the globe. The increasing digitization in various industries, such as telecommunication, healthcare, automotive and banking, financial services and insurance (BFSI), has led to the extensive utilization of AI-integrated systems for analyzing large amounts of data and extracting insights regarding overall operational efficiencies and consumer experience. Furthermore, the increasing deployment of 5G infrastructure and the rising demand for intelligent virtual assistants are also providing a boost to the market growth. Various social media and e-commerce platforms are employing AI-based algorithms, recommendation engines, chatbots and pricing optimization, lead generation and supply chain optimization systems to enhance their customer engagement. Other factors, including the development of AI-powered industrial and surgical robots, along with increasing investments to improve the AI infrastructure, are projected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global artificial intelligence market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on type, offering, technology, system and end-use industry.
Breakup by Type:
Breakup by Offering:
Breakup by Technology:
Breakup by System:
Breakup by End-Use Industry:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.
|Base Year of the Analysis||2020|
|Segment Coverage||Type, Offering, Technology, System, End-Use Industry, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE and Siemens AG|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020.
The growing utilization of cloud-based applications across various industries, including healthcare, telecommunication, BFSI, automotive, etc., is currently driving the global artificial intelligence market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of AI-based solutions across several end-use sectors to digitally process large amounts of data and to avoid human interaction for mitigating the risk of infection.
Based on the type, the global artificial intelligence market has been divided into narrow/weak artificial intelligence and general/strong artificial intelligence. Currently, narrow/weak artificial intelligence holds the largest market share.
Based on the technology, the global artificial intelligence market can be segregated into machine learning, natural language processing, context-aware computing, computer vision, and others. Among these, machine learning holds the majority of total market share.
Based on the system, the global artificial intelligence market has been bifurcated into intelligence systems, decision support processing, hybrid systems, and fuzzy systems. Currently, intelligence systems exhibit a clear dominance in the market.
Based on the end-use industry, the global artificial intelligence market can be categorized into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others. Among these, the manufacturing sector holds the largest market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global artificial intelligence market include Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.
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