The global artificial intelligence market size is expected to reach USD 997.77 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 40.2% from 2021 to 2028. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses layers of algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning. Artificial intelligence researchers are continuously improving algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency. These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate the IT infrastructures and make them more resilient and cost reduction.
The
COVID-19 pandemic has emerged as an opportunity for AI-enabled computer systems
to fight against the epidemic as several tech companies are working to prevent,
mitigate, and contain the virus. For instance, LeewayHertz, a U.S.-based custom
software development company, is offering technology solutions using AI tools
and techniques, including the Face Mask Detection System, to identify
individuals without a mask and the Human Presence System to monitor patients
remotely. Besides, Voxel51 Inc., a U.S.-based artificial intelligence start-up,
has developed Voxel51 PDI (Physical Distancing Index) to measure the impact of
the global pandemic on social behavior across the world. AI-powered computer
platforms or solutions are being used to fight against COVID-19 in numerous
applications, such as early alerts, tracking and prediction, data dashboards,
diagnoses and prognosis, treatments and cures, and maintaining social control.
Data dashboards that can visualize the pandemic have emerged with the need for
coronavirus tracking and prediction. For instance, Microsoft Corporation’s
Bing’s AI tracker gives a global overview of the pandemic's current statistics.
Artificial
Intelligence is becoming vital to big data as the technology allows the
extraction of high-level and complex abstractions through a hierarchical
learning process. The need for mining and extraction of significant patterns
from high-volume information is driving the growth of artificial intelligence
in big data analytics. Furthermore, the technology helps in overcoming
challenges associated with big data analytics, such as the trustworthiness of
data analysis, format variation of raw information, highly distributed input
sources, and imbalanced input data. Another challenge includes a lack of
efficient storage and poor retrieval of information as it is collected in large
quantities and made available across numerous domains. These challenges are overcome
by using semantic indexing as it facilitates comprehension and knowledge
discovery.
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Artificial
Intelligence Market Report Highlights
- The advent
of big data is expected to be traction of the growth of the
market as a large volume of data is needed to be captured, stored, and
analyzed
- The
increasing demand for image processing and identification is expected to
drive industry growth
- North America
dominated the AI market and accounted for over 40.4% share of global
revenue in 2020
- One of the
significant concerns restraining industry growth is the need for a large
amount of data to train AI systems for character and image recognition
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Artificial
Intelligence Market Segmentation
Grand View Research has
segmented the global artificial intelligence market based on solution,
technology, end use, and region:
Artificial
Intelligence Solution Outlook (Revenue, USD Billion, 2017 - 2028)
- Hardware
- Software
- Services
Artificial
Intelligence Technology Outlook (Revenue, USD Billion, 2017 - 2028)
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
Artificial
Intelligence End-Use Outlook (Revenue, USD Billion, 2017 - 2028)
- Healthcare
- BFSI
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
Artificial
Intelligence Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa (MEA)
List of Key
Players of Artificial Intelligence Market:
- Advanced Micro Devices
- AiCure
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- H2O.ai.
- HyperVerge, Inc.
- International Business Machines Corporation
- IBM Watson Health
- Intel Corporation
- Iris.ai AS.
- Lifegraph
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
- Zebra Medical Vision, Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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