The artificial intelligence market size to grow from USD 86.9 billion in 2022 to USD 407.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 36.2% during the forecast period. Major drivers for the market are the growth of data based AI and advancement in deep learning and the need to achieve robotic autonomy to stay competitive in global market. The major restraint for the market is the limited number of artificial intelligence expert. Critical challenges facing the artificial intelligence market include concerns regarding data security and privacy. Underlying opportunities in the artificial intelligence market includes the the rise in government initiatives and financial support for advanced artificial intelligence technology and Increased ethical AI development to accelerate the uptake of artificial intelligence technologies.
Some major players in the artificial intelligence market include Google Inc. (US), Microsoft Corporation (US), NVIDIA Corporation (US), Intel Corporation (US), Samsung Electronics Co., Ltd. (South Korea), IBM Corporation (US), Amazon Web Services, Inc. (US), Oracle (US), Meta (US), Salesforce (US), Cisco (US), Siemens (US), Huawei (China), SAP SE (Germany), SAS Institute (US), Baidu, Inc. (China), Alibaba Cloud (China), iFLYTEK (China), and Hewlett Packard Enterprise Development LP (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global artificial intelligence market.
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Google is an American multinational company which is one of the most recognised brand in the world. It invested in infrastructure, security, data management, and artificial intelligence in addition to creating a cloud-based platform. The customer of Google is distributed throughout numerous industries, including BFSI, healthcare, manufacturing, and many more. It runs operations through 70 offices spread over more than 50 nations. Google offers a variety of products in the artificial intelligence sector, including the Google AI Platform, TensorFlow, Conversational AI, Recommendation AI, and more. The tools and solutions Google assist users in building artificial intelligence and machine learning models in the areas of computer vision, image processing, pattern recognition, natural language processing, machine learning, deep learning, and more.
Microsoft had a robust artificial intelligence portfolio that includes machine learning and natural language processing technologies, and it is expanding its reach across several industry sectors. Microsoft has bolstered its position in the global artificial intelligence industry with the development of new Azure Machine Learning, new Visual Studio tools for AI, Cognitive services, and enterprise AI solutions. Additionally, it creates software, services, products, and solutions to compete in the age of the intelligent edge and cloud. Microsoft operates in three business areas, including personal computers, intelligent clouds, and productivity and business processes.
IBM is a multinational technology and consulting corporation offering infrastructure, hosting and consulting services. Cognitive solutions, global business services, technological services and cloud platforms, systems, and international financing are some of the companys five main business segments. It offers products such as analytics cloud platform, a blockchain platform, a Watson IoT platform, and a Watson customer engagement solution. It provides a range of sector-specific solutions, system services, IT infrastructure, financing, and resilience services. IBM offers solutions for many different industry sectors. Through Watson, an AI-powered chatbot platform which can be used in a cloud or on-premises environment, in order serves the artificial intelligence market.
Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Deployment Mode, Organization Size, Business Function (Law, Security), Vertical and Region - Global forecast to 2027
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