An increase in the adoption of Big Data and a rise in the adoption of cloud-based services will propel the demand for the market.
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— Emergen Research
VANCOUVER, BC, CANADA, June 30, 2022 /EINPresswire.com/ — The global Artificial Intelligence Market is expected to reach USD 348.99 Billion by 2027, according to a new report by Emergen Research. The increasing need for understanding consumer needs and market trends is one of the major factors driving the market growth. Moreover, the extensive adoption of smartphones, along with the popularity of social media, will also boost the growth of the market in the coming years.
One of the mentionable traits of AI is the ability and support it provides to machines to react, act, learn, and think like human beings. As a result of the mentioned characteristics, it turns out to be an effective decision making and data analytics tool that helps in deciding based on past data and identified patterns. It is the mentioned traits of AI, which has resulted in an increase in different industries that have a positive impact on the growth of the market.
The increased adoption of cloud-based solutions makes the incorporation of Artificial Intelligence (AI) services easy and effective. Cloud technology provides with required information and support for the AI learning process, which positively impacts the growth of the market. In various end-user industries, there has been an elevated demand for cognitive computing, which also acts as a driving factor for the expansion of the market.
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Competitive Landscape:
The Global Artificial Intelligence Market report provides full coverage of the companies’ data, including details about their production and manufacturing capacity, product portfolio, business overview, revenue, gross profit margins, sales network and distribution channel, financial standing, and Artificial Intelligence market position.
The report also studies business strategies and strategic alliances undertaken by companies to gain a robust footing in the Artificial Intelligence market. The report sheds light on the mergers and acquisitions, collaborations, joint ventures, brand promotions and product launches, agreements and partnerships, and corporate and government deals. The comprehensive analysis of the competitive landscape offers the readers a deeper understanding about the competitors.
The major companies studied in the report are:
Samsung Electronics, Intel, Xilinx, NVIDIA, IBM, Micron Technology, Microsoft, Amazon Web Services (AWS), Google, and Facebook
Some Key Highlights from the Report
Machine learning comes with a wide range of applications across several industries, such as the banking and financial sector, healthcare, retail, publishing, and social media, among others. It is used to analyze the relevance of advertisements and contents based on users’ preferences. It held a market share of 32.6% in the year 2019.
The revenue generated by the software segment is the result of the extensive use of these tools in analyzing hidden data sets and data patterns from large datasheets.
Artificial intelligence can help reduce construction costs in many ways. For example, the use of virtual reality goggles and mini-robots into buildings under construction to track the work as it progresses. AI is also being used today to design the routing of electrical and plumbing systems in modern buildings. Artificial intelligence is also beneficial for the development of safety systems at work sites, which reduces the risks of hazards and accidents.
North America dominated the market owing to the rapid technological advancements and increasing government investments in the development of artificial intelligence (AI). Moreover, the presence of some of the leading players of the market in the region will also drive the growth of the market in the region.
Key participants include Samsung Electronics, Intel, Xilinx, NVIDIA, IBM, Micron Technology, Microsoft, Amazon Web Services (AWS), Google, and Facebook, among others.
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The report offers an accurate forecast estimation of the Artificial Intelligence industry based on the recent technological and research advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and capitalize on the emerging growth prospects in the Artificial Intelligence market. The report studies the historical data of the Artificial Intelligence market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects.
Segments Covered in this report are:
Offering Outlook (Revenue, USD Billion; 2017-2027)
Hardware
Processors
Memory
Network
Software
AI Platforms
AI Solutions
Services
Deployment & Integration
Support & Maintenance
Technology Outlook (Revenue, USD Billion; 2017-2027)
Machine Learning
Deep Learning
Supervised Learning
Unsupervised Learning
Reinforcement Learning
Generative Adversarial Networks (GANS)
Others
Natural Language Processing (NLP)
Context-Aware Computing
Computer Vision
End-User Industry Outlook (Revenue, USD Billion; 2017-2027)
Healthcare
Manufacturing
Agriculture
Automotive
Retail
Human Resources
Security
Marketing
Construction
Law
Fintech
Aerospace
Defense
Supply chain
Food and Beverage
Media and Entertainment
Gaming
Telecommunications
Oil and Gas
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Regional Analysis:
The report further examines the Artificial Intelligence market in the key regions of the world with regard to production and consumption patterns, import/export, supply and demand ratio, revenue generation, market share and size, and presence of prominent players in the regions. The Artificial Intelligence report also covers the expansion plans undertaken by companies in the regions under the regional analysis section.
The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of 2020-2028.
According to the regional analysis, the market is primarily spread over key geographical regions as follows:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Artificial Intelligence Market Size Worth USD 348.99 Billion by 2027