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According to a market research study published by Contrive Datum Insights, North America is the largest market for AI, with the United States and Canada being major players in the development and adoption of AI technologies.

Farmington, March 22, 2023 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence Market Size Was Valued At Around USD 136.55 Billion In 2022 And Is Projected To Expand USD 1,811.75 Billion, With a CAGR Of 37.3% From 2023 To 2030. The AI market is made up of several smaller markets, such as natural language processing, machine learning, deep learning, computer vision, and others. These technologies are used a lot in many different fields, like healthcare, the auto industry, finance, retail, and more.

At the moment, North America is the biggest market for AI. Europe and the Asia-Pacific region come next. Some of the main things that are making the AI market grow are the growing use of AI in different industries, the growing demand for products and services that use AI, and the growth of big data.

IBM, Google, Microsoft, Amazon, Intel, NVIDIA, and other companies are some of the most important ones in the global AI market. These companies put a lot of money into research and development to come up with new AI-based products and services and to improve the speed and accuracy of AI systems they already have.

Request Sample Copy of Report Artificial Intelligence Market Size, Share & Trends Estimation Report By Solution Outlook (Hardware, Software & Services), By Technology Outlook (Deep Learning, Machine Learning, Natural Language Processing (NLP) & Machine Vision), By End User Outlook (Healthcare, Robot-Assisted Surgery, Virtual Nursing Assistants, Hospital Workflow Management, Dosage Error Reduction & Clinical Trial Participant Identifier) By Region, And Segment Forecasts, 2023 - 2030, published by Contrive Datum Insights.

Segmentation Overview:

Solution Insights:

In the AI services market, vendors offer consulting, integration, and support services to help businesses set up and maintain AI technologies.

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Each of these solution outlook segments gives businesses and organisations in the AI market a different set of chances and problems. Understanding the pros and cons of each segment can help businesses come up with good plans for using AI to improve their operations and drive growth.

Technology Insights:

In the technology outlook segment analysis of the global artificial intelligence market, the different kinds of AI technologies that are used now or are likely to be used in the future are listed. Some of the most important technology outlooks in the AI market are:

Deep learning is a type of machine learning in which neural networks are used to process and analyse complicated data. It is used to do things like recognise speech, process images, and translate languages.

End User Insights:

The global artificial intelligence market's end user segment analysis shows which industries and sectors are using AI technologies. Some of the most important types of end users in the AI market are:

AI is being used in the manufacturing industry for things like predictive maintenance, quality control, and optimising the supply chain. AI is also being used to make manufacturing operations more productive and cut costs. Agriculture, energy, and education are some other fields that are using AI technologies.

Regional Outlook:

North America is the biggest market for AI, and the US and Canada are two of the biggest players in developing and using AI technologies. The area has a strong ecosystem of AI startups and technology companies, and the people who work there are very skilled.

AI is becoming more popular in Latin America, where countries like Brazil and Mexico are investing in research and development. The area has a lot of people and a growing digital economy, which makes it a good place for AI to be used in areas like finance and e-commerce.

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Scope of Report:

Report Attributes

Details

Growth Rate

CAGR of 38.5% from 2023 to 2030.

Revenue Forecast by 2030

USD 1,811.75 Billion

By Technology

Hardware, Software, Services, Other

By Technology

Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Other

By Law

Deep Learning, Machine Learning, Natural Language Processing (NLP), Machine Vision, Other

By End-use

Healthcare, Robot-Assisted Surgery, Virtual Nursing Assistants, Hospital Workflow Management, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, Automated Image Diagnosis, BFSI, Risk Assessment, Financial Analysis/Research, Investment/Portfolio Management, Other

By Companies

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.

Regions andCountries Covered

North America: (US, Canada, Mexico, Rest of North America)

Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

Latin America(Brazil, Argentina, Rest of Latin America)

Rest Of the World

Base Year

2022

Historical Year

2017 to 2022

Forecast Year

2023 to 2030

Market Dynamics:

Latest Trends:

Advancements in technology: As machine learning, deep learning, and natural language processing get better, AI gets more accurate, efficient, and cost-effective. AI is being used in more and more industries because of these changes in technology.

Rising need for personalization: Consumers want more and more personalised experiences from businesses, and AI can be used to analyse and process large amounts of data to create customised experiences for customers.

Cost savings: AI can help businesses save money by automating processes and optimising operations. This makes businesses more efficient and cuts down on labour costs.

Improved decision-making: AI can help organisations make data-driven decisions by analysing large amounts of data and giving insights that humans may not be able to see.

The global AI market is growing because of how fast technology is changing, how much data is being made, and how many people want automation and personalization.

Restraining Factors:

Integration with legacy systems: Many organisations have legacy systems that aren't compatible with AI technologies, which can make integration and implementation hard and expensive.

Lack of understanding and trust: People and businesses may not fully understand and trust AI technologies, which could slow down their use and investment.

Regulatory hurdles: AI regulations are still in their early stages, so it's not clear how AI technologies will be governed. This uncertainty could make it harder to invest and get things done.

These things could slow the growth of the global AI market, but continued investments in talent development, ethical guidelines, and regulatory frameworks, as well as more awareness and understanding of AI, could help to overcome these problems.

Opportunity Factors:

Improved customer experience: AI can be used to analyse customer data and give customers more personalised experiences, which makes customers happier and more loyal.

Enhanced cybersecurity: AI can be used to find and stop cyber threats, which improves security and makes cyber attacks less likely.

Increased accessibility: AI can be used to make products and services easier for people with disabilities to use, making them more accessible and welcoming.

Improved decision-making: AI can be used to look at a lot of data and give insights to help people make decisions based on the data.

Cost savings: AI can help businesses save money by automating processes and improving how they work. This makes them more efficient and saves money on labour costs.

There are a lot of opportunities in the AI market, which has the potential to drive innovation, improve customer experiences, and give businesses in all fields new ways to make money. As technology keeps changing and getting better, businesses that invest in AI are likely to get a competitive edge in their markets.

Challenges Factors:

Lack of skilled professionals: There aren't enough data scientists, machine learning engineers, and AI researchers who are skilled in AI right now. This can make it hard for companies to find the people they need to build and use AI technologies.

Regulatory hurdles: AI regulations are still in their early stages, so it's not clear how AI technologies will be governed. This uncertainty could make it harder to invest and get things done.

Data quality: The accuracy and reliability of AI systems depend on the quality of the data used to train AI models. AI models that are biased and wrong can be the result of bad data.

These problems could make it hard for AI technologies to grow and be used by more people. To solve these problems, governments, businesses, and other stakeholders will need to work together to create ethical guidelines, regulatory frameworks, and talent development programmes that support the development and use of AI in a responsible way.

Key Segments Covered:

Top Market Players: 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., and others.

By Solution

By Technology

By End-use

Healthcare

Robot-Assisted Surgery

Virtual Nursing Assistants

Hospital Workflow Management

Dosage Error Reduction

Clinical Trial Participant Identifier

Preliminary Diagnosis

Automated Image Diagnosis

BFSI

Risk Assessment

Financial Analysis/Research

Investment/Portfolio Management

Others

By Law

Regions andCountries Covered

North America: (US, Canada, Mexico, Rest of North America)

Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

Latin America: (Brazil, Argentina, Rest of Latin America)

Read more:
Artificial Intelligence Market Is Expected To Reach USD 1,811.75 Billion by 2030, Grow at a CAGR Of 37.3% during Forecast Period 2023 To 2030 | Data...