The global artificial intelligence market size is expected to reach USD 1,811.8 billion by 2030. The market is anticipated to expand at a CAGR of 38.1% from 2022 to 2030.
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 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 continuously improve 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.
Various companies are implementing AI-based solutions such as RPA (Robotic Process Automation) to enhance the process workflows to handle and automate repetitive tasks. AI-based solutions are also being coupled with the IoT (Internet of Things) to provide robust results for various business processes. For Instance, Microsoft announced to invest USD 1 billion in OpenAI, a San Francisco-based company. The two businesses teamed up to create AI supercomputing technology on Microsoft's Azure cloud.
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 on preventing, mitigating, and containing the virus. For instance, LeewayHertz, a U.S.-based custom software development company, offers 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, diagnosis 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 Market Report Highlights
The advent of big data is expected to be the cause 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 market and accounted for revenue share of over 42.1% in 2021.
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 .
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope 3.1 Market Trends & Outlook 3.2 Market Segmentation & Scope 3.3 Artificial Intelligence Size and Growth Prospects 3.4 Artificial Intelligence-Value Chain Analysis 3.5 Artificial Intelligence Market Dynamics 3.5.1 Market Drivers 3.5.1.1 Economical parallel processing set-up 3.5.1.2 Potential R&D in artificial intelligence systems 3.5.1.3 Big data fueling AI and Machine Learning profoundly 3.5.1.4 Increasing Cross-Industry Partnerships and Collaborations 3.5.1.5 AI to counter unmet clinical demand 3.5.2 Market Restraint 3.5.2.1 Vast demonstrative data requirement 3.6 Penetration & Growth Prospect Mapping 3.7 Industry Analysis-Porter's 3.7.1 Supplier Power 3.7.2 Buyer Power 3.7.3 Substitution Threat 3.7.4 Threat From New Entrant 3.7.5 Competitive Rivalry 3.8 Company Market Share Analysis, 2021 3.9 Artificial Intelligence-PEST Analysis 3.9.1 Political 3.9.2 Economic 3.9.3 Social 3.9.4 Technology 3.10 Artificial Intelligence-COVID-19 Impact Analysis
