The global artificial intelligence (AI) market was valued at approximately $87 billion in 2022 and is expected to reach $407 billion by the end of 2027, growing at a CAGR of around 36.2% between 2022 to 2027. The primary factor responsible for the market growth is the emergence of AI-based business models. AI has been set up as the primary driver of growing technologies, such as robotics, big data, and IoT. In both the short-term and the long-term, and across back- and front-office applications, AI has the potential to add value to business workflows, augment employee capabilities and harness the power of man and machine to improve customer experience.

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MarketsandMarkets' new study on artificial intelligence (AI) sheds light on AI's rapid growth and evolution and its impact on business models. As per their prediction, approximately $87 billion worth of opportunities is expected to open up in the AI industry for B2B companies this year, and it is expected to reach $407 billion by the end of 2027. Follow the Media to know More.

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