Artificial Intelligence (AI) Market Expected To Reach 38.46

New York, United States, December 9, 2021 (GLOBE NEWSWIRE) – Overview of the AI ​​market:
According to a comprehensive research report from Market Research Future (MRFR), “Artificial intelligence market information by system type, service, application and region – forecast to 2027”To reach 38.46 billion USD, with a compound annual growth of 39.18% by 2025.

Scope of the AI ​​market:
The global artificial intelligence market is growing. Artificial intelligence is driving rapid transformations in the industrial landscape. Advances in 5G and IoT technologies are contributing to the growth of the artificial intelligence market. In addition, the growing government initiatives to stimulate the development of IoT-based modules are creating significant market opportunities.

The major key players in the Artificial Intelligence Covered Market are:

  • Amazon Web Services Inc. (United States)
  • IBM Corporation (United States)
  • Microsoft Corporation (United States)
  • Cape Analytics LLC (US)
  • Acko General Insurance (India)
  • Avaamo Inc (United States)
  • ZhongAn (China)
  • Quantemple (United States)
  • Shift Technology (France)
  • BIMA (United Kingdom)
  • Tranche (United States)
  • Trov (Japan)
  • Lemonade (United States)
  • Zurich Insurance Group (Switzerland)
  • Wipro Limited (India)

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USP market exclusively encompassed:
AI Market Drivers
As digitization intensifies, advanced and connected technologies like AI would gain prominence in the industrial spectrum. Hence, this should allow AI technology to emerge as a solution for large-scale data processing. As the demand for cutting-edge AI technologies continues to increase, many industry players are encouraging investment to stay ahead of the competition.

The growing use of smart connected devices, digital transformation and automation in manufacturing sectors are major trends positively impacting market value. In addition, the advent of 5G and Industry 4.0 should offer new growth opportunities. With advancements in technology and digitization, there is a need to integrate IoT systems into every industrial setup. Hence, it is estimated that the artificial intelligence markets around the world are garnering significant traction.

With several manufacturing companies adopting Industry 4.0 regulations and the advent of Industry 5.0, artificial intelligence technology is expected to become crucial for manufacturing sectors around the world. Additionally, many industries are currently using highly reliable low latency wireless links that can power new and existing IoT applications.

AI technology has enormous potential to transform smart cities and integrated digital homes. Therefore, the increase in smart city and smart home projects around the world is another trend mainly favoring the artificial intelligence industry. In addition, the increasing developments of integrated AI network chips are believed to drive the growth of the AI ​​market during the evaluation period.

Browse the in-depth market research report (100 pages) on Artificial Intelligence Market:

Segmentation of the AI ​​market covered by research:
The artificial intelligence market is segmented into components, technologies, deployments, applications, industries, and regions. The components segment is divided into software, hardware and services. The technology segment is divided into robotic automation, machine learning, deep learning, machine vision, and natural language processing (NLP).

The deployment segment is divided into on-premises and cloud. The application segment is divided into chatbots, risk management and compliance, complaints handling, personalized recommendation and others. The industry segment is divided into auto insurance, health insurance, insurance, title insurance and others. The regional segment is divided into Americas, Asia-Pacific, Middle East and Africa, Europe and others.

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Regional analysis
North America is the world’s largest artificial intelligence market. The strong presence of major AI technology providers and increasing investments in infrastructure development are strengthening the region’s market share. Additionally, the growing focus on building in-house development centers, along with the increase in AI applications and the preference for smart homes in the region, justifies the size of the market.

High sales of AI enabled wearable devices and medical instruments are boosting AI market revenue. The United States plays an important role in regional market development and acquires the maximum market share by rapidly adopting innovative technologies. It is estimated that the region will also retain its leadership position in the future.

Impact of COVID-19 on the global artificial intelligence market
The outbreak of the COVID-19 pandemic has had a positive impact on the market share of artificial intelligence. The pandemic has fostered digitization and automation in manufacturing sectors around the world. The rise of information and telecommunications technologies and digital transformations of economies have influenced the already competitive telecommunications and manufacturing sectors.

Automation has spurred the need for improved internet connectivity with high reliability, cloud-based applications, connected devices, and IoT services. In addition, the growing demand for artificial intelligence technologies in industries such as finance, education, logistics, transportation and healthcare has kept the market demand high. As a result, the AI ​​market has seen a steady rise in 2020.

Security systems, voice recognition, recommender systems, better supply chain management and medical imaging are the key areas. AI technology, with the tools, algorithms, and computing power, has enabled organizations to do their jobs efficiently. Solution providers make huge investments to foster R&D activities to develop and improve technology.

Competitive analysis:
The artificial intelligence market is witnessing several strategic approaches, such as partnerships, collaboration, mergers and acquisitions, expansion and product launches. Major industry players are also making significant investments in research and development activities and expansions.

For example, recently on December 7, 2021, the Taiwanese government announced new AI HUB initiatives to position the country as a world leader in artificial intelligence. The government has adopted various measures to support industrial AI research and development (R&D) and encourage companies to introduce AI technology by executing grants and public-private partnership (PPP) programs.

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