In 2021, the global artificial intelligence & advanced machine learning market reached a significant valuation of US$ 25,211.1 million. Forecasts indicate that this market is poised for substantial growth, projected to reach an estimated US$ 52,331.7 million by 2030. This expansion is expected to be driven by a robust compound annual growth rate (CAGR) of 31.9% during the forecast period spanning from 2022 to 2030.
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Market Dynamics
Several influential factors are contributing to the growth of the artificial intelligence & advanced machine learning market:
- Growing Digitalization: Across various sectors, increasing digitalization is a key driver. It is transforming industries, including manufacturing, transportation, healthcare, and more. Big data analytics and cloud computing have enabled effective customer tracking, communication, and interaction, fostering market growth.
- Consumer Demand for Advanced Technology: The demand for advanced technology is on the rise. Both individuals and businesses are increasingly seeking innovative solutions, creating opportunities for the artificial intelligence & advanced machine learning market.
- Productivity Enhancement and Error Reduction: The need to boost productivity and reduce human errors is driving the adoption of artificial intelligence and advanced machine learning solutions.
- Shortage of AI and Advanced Learning Experts: However, the unavailability of experts in the field may pose challenges to market growth.
Impact of COVID-19
The COVID-19 pandemic has accelerated technological advancements and applications across various sectors, including healthcare and education. The crisis led to increased adoption of advanced learning and artificial intelligence solutions. Major technology companies, such as Apple, Facebook, Microsoft, Google, and Amazon, have been actively engaged in projects related to teacher-student communication, contact tracing, and medical research.
Regional Analysis
- North America: North America is poised for substantial growth in the artificial intelligence and advanced machine learning market. The region’s strong focus on worker and labor safety regulations, coupled with a significant number of early adopters and high disposable income, contributes to its dominant position in the global market.
- Europe: Europe is the second-largest market for artificial intelligence and advanced machine learning, with increasing adoption of advanced technologies across various sectors.
Key Market Competitors
Leading companies in the artificial intelligence & advanced machine learning market include:
- Barnes & Noble, Inc
- ICarbonX
- Jibo. Inc
- Next IT Corp.
- Prisma Labs, Inc.
- AIBrain
- Quadratic Insights Pvt. Ltd.
- NVIDIA Corporation
- Inbenta Technologies Inc.
- Numenta
- Intel Corporation
- SA
- Other prominent players
Market Segmentation
The global artificial intelligence & advanced machine learning market is segmented based on solution, function, organization, organization size, end use, and region:
- Solution:
- Smart Wallets
- Voice Assisted Banking
- Function:
- Operations
- Manufacturing
- Customer Support
- Sales & Marketing
- Research & Development
- Organization Size:
- Small & Medium Enterprises
- Large Enterprises
- End Use:
- Insurance
- Banking
- Capital Markets
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