The global artificial intelligence market size is expected to reach USD 293.56 Billion by 2030, according to a new study by Polaris Market Research. The report “Artificial Intelligence Market Share, Size, Trends, Industry Analysis Report, By Solution (Hardware, Software, Services); By Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision); By End-Use; By Region; Segment Forecast 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The acquisition of connected devices is increasing across various applications. But the Internet of Things devices has evenly less memory. Therefore, it is a complicated procedure to gather and analyze data instantly. This has reinforced the merger of artificial intelligence with IoT technology. AIoT underpins operational efficiency, enhancing solutions and services, improvising IoT scalability, helping in progressive risk management, and lessening costs and casual downtime.
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Moreover, in industries such as e-commerce, retail, healthcare, financial institutions, and other consumer-centric businesses, intelligent technology is being used to directly conspire with consumers. According to a June 2020 report by IDC, more than half of the 2056 IT and Line of Business (LoB) decision-makers acknowledged customer experience as the leading achiever for AI adoption.
The deep learning segment has a massive revenue share based on technology. This growth is attributed to complex data-driven applications, including speech and content recognition. Deep learning provides remunerative investment opportunities as it assists in overcoming the issues of high data volumes.
Also, the growing deployment of cloud-based computing platforms and on-premises hardware equipment for safe and secure mending of extensive volumes of data has charted the course for analytics platform expansion. Growing investment in research and development by leading players will also play an essential role in escalating the uptake of artificial intelligence technologies.
Only after dealing with experienced algorithms advancement if artificial intelligence algorithms achievable. Additionally, handling AI and automated systems might be taxing at times. This requires excellent software engineering capabilities and profound knowledge of concurrent and distributed programming or debugging with communication arrangements. But, fittingly skilled talents are usually in short supply in many regions, particularly in surfacing economies. Therefore, the shortage of a competent workforce can be a limiting factor for developing the AI market.
AI has transformed business management in the contemporary business environment by combining workflow management tools, trend forecasting, and other innovations. These are the primary drivers of escalated investment in AI technology and the ML sector. The increasing attainability of low-cost, high-quality AI technology is anticipated to contribute to the expansion of the AI market.
Some of the prominent players in the artificial intelligence market include Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc, Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai., HyperVerge, Inc., International Business Machines Corporation, IBM Watson Health, Intel Corporation, Iris.ai AS., Lifegraph, Microsoft, NVIDIA Corporation, Sensely, Inc., Zebra Medical Vision, Inc.
For instance, in January 2021, Google launched Product Discovery Solutions for the retail industry. This suite would reinforce the retailer's e-commerce capabilities and assist them in offering a superior customer experience. Product Discovery for Solutions for retail combines AI algorithm and search service, Cloud Search for Retail which capitalizes on Google Search Technology to strengthen retailers' product-finding tools.
Polaris Market Research has segmented the artificial intelligence market report based on solution, technology, end-use, and region.
Artificial Intelligence, Solution Outlook (Revenue - USD Billion, 2018 - 2030)
Artificial Intelligence, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Artificial Intelligence, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Artificial Intelligence, Regional Outlook (Revenue - USD Billion, 2018 - 2030)