Global Artificial Intelligence Market To Reach Value Of $99.9 Billion In 2023
The global artificial intelligence market is expected to grow from $28.4 billion in 2019 to $40.7 billion in 2020 at a rate of about 43.4%. The growth is mainly due to the COVID-19 health emergency across the globe that has led to a new wave of transformative technologies including the revolutionary artificial intelligence technology (for example - smart machines and robots) that is emerging as a possible solution to contain the epidemic. The market is expected to stabilize and reach $99.9 billion in 2023 at a rate of 34.86%. Growing investment in AI technologies contributes to the growth of the artificial intelligence market. However, a limited number of AI experts is a major challenge in the market.
The artificial intelligence market consists of sales of artificial intelligence software and related services. Artificial Intelligence (AI) is sometimes referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence.
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The global artificial intelligence market is further segmented based on type and geography.
By Offering: Hardware; Software; Services
By Technology: Machine Learning; Natural Language Processing; Context-Aware Computing; Computer Vision; Others (Image Processing, Speech Recognition)
By End-user Industry: Healthcare; Automotive; Agriculture; Retail; Marketing; Telecommunication; Defense; Aerospace; Media & Entertainment; Others
Geography: The global artificial intelligence market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American artificial intelligence market accounts for the largest share in the global artificial intelligence market.
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Trends In The Artificial Intelligence Market
Automated machine learning is being implemented by many companies. It is quite complicated to apply traditional machine learning models for real-world business problems. The better solution is to use automated machine learning which allows non-machine learning (ML) experts to use machine learning algorithms without being machine learning wizards.
Artificial Intelligence Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides artificial intelligence market overviews, analyzes and forecasts artificial intelligence market size and growth for the global artificial intelligence market, artificial intelligence market share, artificial intelligence market players, artificial intelligence market size, artificial intelligence market segments and geographies, artificial intelligence market trends, artificial intelligence market drivers and artificial intelligence market restraints, artificial intelligence market’s leading competitors’ revenues, profiles and market shares. The artificial intelligence market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.