Global & U.S. Artificial Intelligence (AI) Market to Reach USD 175.63 Billion by 2028 at a CAGR of 41.23%; Encouragement by Various Government & Regulatory Bodies to Boost the Market Growth
November 30, 2021
Source: Vantage Market Research
WASHINGTON, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Vantage Market Research has published a report titled as “Artificial Intelligence Market by Solution (Hardware, Software, Services) by Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision) by End-Use (Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Others), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028”. The report states Artificial Intelligence Market is expected to reach USD 175.63 Billion by 2028, growing at a CAGR of 41.23% in between 2021 to 2028, owing to the accessibility to historical datasets, Artificial Neural Networks (ANN) and progress in profound learning are driving the growth of Artificial Intelligence Market. Moreover, the increasing need for analysing and interpreting large amounts of data and high investment in AI technologies are fuelling the high demand of Artificial Intelligence Market in the coming years.
Impact of COVID-19:
The present epidemic has affected every market in the world. Many businesses, including the worldwide Artificial Intelligence Market, have been impacted by the COVID-19 pandemic. To battle the epidemic, the government and nations have implemented a number of strict measures, including lockdown and adjustments to a number of industrial rules, in order to assist various enterprises in remaining competitive. The paper includes a full breakdown of the pre- and post-pandemic effect analysis. During the COVID-19 situation, the market is projected to gradually gain traction by implementing strategic plans.
Key Findings:
- Software solution segment of Artificial Intelligence Market accounted for the fastest growth at a CAGR of 40.1% in the coming years. This growth is anticipated due to the large computing power, parallel processing capabilities and provident improvements in information storage activities to provide high-end Artificial Intelligence software. These software are useful for deploying and designing artificial intelligence applications such as video analytics, sparse matrices, linear algebra, primitives, inference, and multiple hardware communication capabilities. This is also considered to propel the growth of Artificial Intelligence Market in the projected years.
- Advertising and media segment of Artificial Intelligence Market is expected to grow at a promising CAGR of 42.5% over the projected years. Owing to the high use of AI technology for marketing or trading purpose is expected to augment the high growth of Artificial Intelligence Market during forecast period. Factors such as creating promotional strategies, audience goals and making effective customer solutions are fueling the segmental growth of the market.
- North America is expected to dominate the Artificial Intelligence Market at a CAGR of 43.2% during the forecast period. This is owing to the encouraging government focus for acquiring the artificial intelligence technology across various industries. For example, U.S President introduced the American AI Initiative for leadership purpose as the nation's policy. This has resulted the public trust in artificial intelligence-based systems supported by federal agencies. This real-life implementation and the development of AI-based system across various industries are propelling the growth of Artificial Intelligence Market.
The key players that dominated the global Artificial Intelligence Market are as mentioned in the table below:
| Sr. No. | Companies | | 1 | Advanced Micro Devices | | 2 | AiCure LLC | | 3 | Arm Limited | | 4 | Atomwise Inc. | | 5 | Ayasdi AI LLC | | 6 | Baidu Inc | | 7 | Clarifai Inc | | 8 | Cyrcadia Health | | 9 | Enlitic Inc. | | 10 | Google LLC | | 11 | H2O. AI. | | 12 | HyperVerge Inc. | | 13 | International Business Machines Corporation | | 14 | IBM Watson Health | | 15 | Intel Corporation | | 16 | Iris.ai | | 17 | Microsoft Corporations | | 18 | NVIDIA Corporations | | 19 | Sensely Inc. | | 20 | Zebra Medical Vision Inc.
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