According to the latest report by IMARC Group, titled “Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global artificial intelligence market reached a value of US$ 40.21 Billion in 2020. Artificial intelligence (AI) refers to the branch of computer science that deals with the simulation of human intelligence for the development of programmable machines. These machines are programmed to think like humans and mimic their actions. AI is characterized by its ability to rationalize and act as a plausible option for achieving a certain goal.

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Market Trends

The AI market is primarily driven by the rising adoption of cloud-based services and increasing digitization. Numerous applications of AI across various industries are acting as another major growth-inducing factor. For instance, in the financial industry, AI is used to detect and flag activity in banking and finance processes. Other than this, it is utilized in the healthcare industry for administering drugs and different treatment in patients, and for performing surgical procedures in the operating room. Furthermore, the leading organizations are using AI for recognizing and scrutinizing visual content to gain deeper insights. In addition to this, enterprises are investing significantly to improve the existing AI infrastructure and develop AI-powered industrial and surgical robots, which is expected to provide a positive thrust to the market in the coming years.

Breakup by Type:

  • Narrow/Week Artificial Intelligence
  • General/Strong Artificial Intelligence

Breakup by Offering:

  • Hardware
  • Software
  • Services

Breakup by Technology:

  • Machine Learning
  • Natural Language Processing
  • Context-Aware Computing
  • Computer Vision
  • Others

Breakup by System:

  • Intelligence Systems
  • Decision Support Processing
  • Hybrid Systems
  • Fuzzy Systems

Breakup by End-Use Industry:

  • Healthcare
  • Manufacturing
  • Automotive
  • Agriculture
  • Retail
  • Security
  • Human Resources
  • Marketing
  • Financial Services
  • Transportation and Logistics
  • Others

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Alphabet Inc., Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC, International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.

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By kamal