According to the latest report by IMARC Group, titled "Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global artificial intelligence market size is currently witnessing robust growth. Artificial intelligence (AI) refers to the ability of a computer program or machine to simulate human intelligence for mimicking their thoughts and actions. Some of the key characteristics of AI include learning, reasoning, perception, problem-solving and language understanding. With the aid of these features, AI-integrated machines can reliably execute large volumes of tasks. They are also used to process vast amounts of data, automate repetitive tasks and achieve accurate results through deep neural networks. As a result, multiple devices and equipment are being integrated with AI to minimize human errors, thereby improving speed, precision, and accuracy.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Artificial Intelligence Market Trends:
The global market is primarily driven by the increasing adoption of cloud-based applications and services, along with considerable growth in the information technology (IT) sector. This is supported by the growing digitization across numerous industries that utilize AI-integrated systems to streamline the work process and improve operational efficiencies. Along with this, there has been a rising demand for reliable cloud computing infrastructures on the global level. Cloud computing solutions are now employing AI tools to process accurate real-time data and improve the overall productivity, which, in turn, is providing a thrust to the market growth. The market is further driven by the utilization of AI-based algorithms and tools by numerous online platforms. This enables them to analyze large amounts of data for extracting specific insights that are further used to enhance customer engagement. For instance, Netflix, Inc., an American media service provider, uses AI-driven data insights to forecast decisions and provide suggestions to users based on their previous viewing patterns. Some of the other factors contributing to the market growth include the rising demand for intelligent virtual assistants, expansion of 5G infrastructure, and the advent of AI-powered industrial and surgical robots. On account of the aforementioned factors, the market is projected to register a CAGR of around 35% during 2020-2025.
- On the basis of the type, the market has been bifurcated into narrow/weak and general/strong artificial intelligence.
- Based on the offering, the market has been divided into hardware, software and services.
- On the basis of the technology, the market has been classified into machine learning, natural language processing, context-aware computing, computer vision and others.
- Based on the system, the market has been categorized into intelligence systems, decision support processing, hybrid systems and fuzzy systems.
- On the basis of the end use industry, the market has been segmented into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Alphabet Inc., Amazon Web Services, Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, International Business Machines Corporation, Intel Services, Micron Technology, Inc, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Group, SAP SE, and Siemens AG.
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