Artificial Intelligence Market to grow at a CAGR of 24.5% | TMR

Transparency Market Research delivers key insights on the global artificial intelligence market. In terms of revenue, the global artificial intelligence market is estimated to expand at a CAGR of ~29% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global artificial intelligence market.

Artificial intelligence is a fast emerging technology, dealing with development and study of intelligent machines and software. These software are being used across various applications such as manufacturing (assembly line robots), medical research, and speech recognition systems.

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Replacement of workers with advanced manufacturing robots can be seen as one of the significant trends in the global artificial intelligence market. Artificial intelligence is being applied to robots to provide better intellectual, reasoning, and thinking abilities to enable real-time response. Moreover, these robots can be trained as required and have the capability to carry out any conversation and recalling historical details. As a result, the market is anticipated to witness a healthy growth rate during the forecast period.

Availability of enormous amount of data and advancement in next-generation computing architecture: Data scientists need enough data for precise accuracy and efficiency to train machine learning models. The growing adoption of cloud for storage of data enables easy access of data for data scientists and research facilities for research. Hence, easy availability of data to research facilities to train machine learning/artificial intelligence models to solve complex problems is expected to boost the artificial intelligence market.

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Additionally, growing innovation in processors such as Graphics Processing Unit (GPU) and Field Programmable Gate Array (FPGA) for computing work such as training machine learning models is likely to increase the demand for advanced artificial intelligence platforms in the upcoming years. Traditional CPUs are unable to manage development of machine learning models. However, GPUs come with a huge number of cores that accelerates the machine learning training process. GPUs are the key to artificial intelligence from consumer devices to virtual machines in the public cloud.

Furthermore, availability of bare metal servers is pulling in researchers and scientists to run high-performing computing tasks in the cloud. Virtual machines experience impacts due to the shared and multi-inhabitant framework. Hence, some technology giants such as IBM and Amazon are promoting and advancing bare metal servers. Thus, advancement in computing architecture is expected to propel the adoption of artificial intelligence across various industries.

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North America held a major share of the artificial intelligence market in 2020 and is expected to maintain its dominance during the forecast period. North America is projected to hold a strong position in the global artificial intelligence market during the forecast period, due to technological advancements; increased digitization; presence of a large number of artificial intelligence service providers; and the most competitive and rapidly changing global market in the world for improving artificial intelligence strategy and implementation tools. It was the first region to launch artificial intelligence and focus extensively on innovations from R&D.

However, the Asia Pacific (APAC) region is expected to emerge as the global leader in the artificial intelligence (AI) market during the forecast period, largely due to extensive government policies and investment. Artificial intelligence is not a new technology in Asia Pacific, as many countries in the region such as China, India, Australia, and Japan have significantly adopted the artificial intelligence technology. Economies in Asia Pacific, both emerging and mature, are adopting artificial intelligence across finance, healthcare, retail, transport, manufacturing, agriculture, and other strategic industries. Moreover, governments of China, Singapore, and South Korea are investing heavily in building artificial intelligence ecosystems through which artificial intelligence-driven companies can enhance their growth, so as to become more mature business models across the globe.

Key players operating in the global artificial intelligence market are Amazon Web Services (AWS), Brighterion, Inc., eGain Corporation, Google, Inc., IBM Corporation, Intel Corporation, IntelliResponse Systems Inc., Micron Technology, Microsoft Corporation, MicroStrategy, Inc., Next IT Corporation, Nuance Communications, Nvidia Corporation, Oracle Corporation, QlikTech International AB, Samsung Electronics SAP SE, and Xilinx, Inc.

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