Trending News: Global Artificial Intelligence Market Size, Share, Trends, Growth, Analysis, Research

Global Artificial Intelligence Market: Key Highlights

• According to the new market research report “Artificial Intelligence Market by Technology (Machine Learning, Natural Language Processing, Image Processing, Speech Recognition), by Component (Hardware, Software, Services), by End Use Industry (Manufacturing, Gaming, Media & Entertainment, Automotive & Transportation, Healthcare, Security, Retail, Construction, Aerospace & Defense, Food & Beverages, Others), by Type (Artificial narrow intelligence (ANI), Artificial general intelligence (AGI), and Artificial superintelligence (ASI)), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global Artificial Intelligence market is estimated to reach USD 230 Billion by 2027 at a CAGR of around 39.3% during the review period.
• Artificial intelligence is a diversified branch of computer science concerned with building smart machines capable of performing tasks which dependent on human intelligence. Moreover, machine learning and deep learning are creating a paradigm shift in various technological industries.
• AI are mainly categorized into artificial narrow intelligence (ANI) and Artificial general intelligence (AGI). Narrow AI also referred as weak AI which operates within the limited context. AGI is also referred as strong AI is a machine with general intelligence such as human being.

Global Artificial Intelligence Market: Key Market Dynamics

• Rising adoption of cloud-based application and services and advances image and voice recognition technologies will help to grow the market during the forecast period.
• Moreover, improving operational efficiency in in manufacturing industry will create new opportunities for the artificial intelligence market during forecast period.
• Lack of trained and experienced staff will hinder the market growth and initial implementation problems are expected to create some challenges in the growth of the AI market during forecast period.

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Global Artificial Intelligence Market: Regional Overview

• North America

North America is expected to dominate the AI market during forecast period due to growing usage of artificial intelligence in aviation, defense, and financial sector. US and Canada holds the largest market share in North America. Presence of key leading players and their investments in artificial intelligence market are also fueling the growth of the market during growth period.

• Europe

Europe is expected to hold second position in the AI market. Growing healthcare, security, and automotive market in Europe will drive the AI market in Europe. Germany, France, Italy, and Russia will drive the growth of AI in Europe. Italy, Switzerland, and Norway are expected to grow at stable rate during growth period.

Asia-Pacific will expected to grow at highest CAGR during forecast period due to high presence of gaming, automotive, and manufacturing industry.

Global Artificial Intelligence Market: Key Players Overview

• Facebook:

Facebook, Inc. operates as a social networking company worldwide. The company engages in the development of social media applications for people to connect through personal computers, mobile devices, and other surfaces. It enables users to share opinions, ideas, photos, videos, and other activities online. The company provide cutting edge open source frameworks, tools, libraries, and models for research exploration to large-scale production deployment and do advancement in AI. In May 2020, Facebook launched universal product recognition model that uses artificial intelligence to identify consumer goods, from furniture to fast fashion to fast cars.

• Microsoft:

Microsoft is one of the biggest organization in the world which operates in six business segments such as software, PC & devices, entertainment, nosiness, developer & IT, and others. The company provide various AI services, platforms, and tools for performing various applications. In June 2019, Microsoft launched AI digital labs in collaboration with 10 higher educational institutions in India.

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