Artificial intelligence Market to Grow at 32.9% CAGR by 2030
The AI market growth is driven by the high adoption of AI technologies in healthcare, increased use of deep learning & neural networks by various tech giants, and growing demand for automated systems and services.
According to a new research report by Next Move Strategy Consulting, the global Artificial Intelligence (AI) market was valued at USD 95.60 billion in 2021 and is expected to reach USD 1847.50 billion by 2030, registering a CAGR of 32.9% during the forecast period.
Governments in developing and developed countries have been promoting artificial intelligence technologies in healthcare, e-commerce, financial services, and other industries to verify transactional activities and detect fraudulent or duplicate insurance claims. Due to technological advancements, appliance and device manufacturers have focused on creating smarter homes, which significantly fuels the AI market growth.
Moreover, increasing consumer demand for personalized, high-quality AI-enhanced products and services, along with multinational companies adopting various strategies to expand their product portfolio and geographical presence, is expected to propel the expansion of the AI market further. For instance, in April 2022, Salesforce launched a new service and marketing cloud innovation that uses trusted data and AI-powered conversational intelligence forcustomers. These technologies helped service teams and marketers to create more personalized experiences for every industry, including retail, manufacturing, and healthcare.
On the contrary, the dearth of technical experts with the necessary knowledge and skills to deploy and operate AI solutions efficiently hinders the market growth. However, AI built-in robots are anticipated to be adopted by businesses dealing with specialized technologies and manufacturing set-ups to improve operational efficiency, which in turn is expected to generate a plethora of opportunities for the major players operating in the AI market.
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According to the report,the leading players in theAI market include IBM,Google, Microsoft Corporation, NVIDIA Corporation, Intel Corporation, AWS,Oracle Corporation, SAP SE, Apple Inc., and Salesforce.
Key Insights from the Artificial Intelligence (AI) Market Report:
Information related to the key drivers, restraints, and opportunities and their impacts on the artificial intelligence (AI) market is provided in the report.
Value chain analysis ofthe market provides a clear picture of the role of each stakeholder.
The market shares of the global artificial intelligence (AI) players and their competitive analysis are included in the study.