Artificial Intelligence Market size worth $ 641.30 Billion, Globally, by 2028 at 36.1% CAGR: Verified Market Research®
November 15, 2021
Growth in big data analytics, the increasing adoption rate of cloud-based services and the growing demand for intelligent virtual assistants have been driving the global Artificial Intelligence Market.
JERSEY CITY, N.J., Nov. 15, 2021 /PRNewswire/ -- Verified Market Research recently published a report, " Artificial Intelligence Market" By Component Analysis (Hardware, Software and Services), By Technology (Deep Learning, Machine Learning, Natural Language Processing), By End-User Industry (Healthcare, Manufacturing, Agriculture), and By Geography. According to Verified Market Research, the Global Artificial Intelligence Market size was valued at USD 51.08 Billion in 2020 and is projected to reach USD 641.30 Billion by 2028, growing at a CAGR of 36.1% from 2021 to 2028.
Global Artificial Intelligence Market Overview
The growing applications and easy deployment modes have dragged the governments' attention toward AI technology, which led to the growing investments by governments in AI and its related technologies. Furthermore, progress in the profound learning and Artificial Neural Networks (ANN) has also fueled the adoption of Artificial intelligence (AI) in several industries, such as aerospace, healthcare, manufacturing, and automotive. Also, growth in the demand for analyzing and interpreting large amounts of data is boosting the demand for artificial intelligence industry solutions.
The development of more reliable cloud computing infrastructures and improvements in dynamic artificial intelligence solutions have a strong impact on the growth potential of the AI market. AI is being used across the board to automate dangerous tasks, streamline operations, and augment or replace skilled labour. AI is a complex system, and for managing, developing, and implementing AI systems, companies need a workforce with certain skill sets.
Professional services for a data scientist or developer are required to customize an existing ML-enabled AI service. As Artificial intelligence (AI) technology is still in the early stage of its life cycle, the workforce with in-depth knowledge of this technology is limited. Thus, the impact of this restraining factor is expected to remain high during the initial years of the forecast period.
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