New York, May 07, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Artificial Intelligence Global Market Report 2021: COVID 19 Growth And Change to 2030” – https://www.reportlinker.com/p06070248/?utm_source=GNW
17 billion in 2020 to $51.56 billion in 2021 at a compound annual growth rate (CAGR) of 28.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $171.02 billion in 2025 at a CAGR of 35%.
The artificial intelligence market consists of sales of the artificial intelligence software and related services.Artificial Intelligence (AI) sometimes referred to as machine intelligence.
Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence.
Growing investment in AI technologies contributed to the growth of the Artificial intelligence market.Many companies are investing in AI technologies or AI start-ups to increase the efficiency of AI software as AI enables them make more informed decisions and achieve better results.
For instance, Microsoft has invested around $1 billion in OpenAI a San Francisco company.The two companies had formed a partnership to develop AI supercomputing technologies on Microsoft’s cloud Azure.
AI is useful across multiple sectors.For instance, AI can lead to breakthroughs in R&D and diagnostics in healthcare sector, it can help make better forecasts in finance, and in manufacturing, it can increase production controls and efficiency.
Therefore, rise in investment in AI technologies due to its advantages in every sector is driving the market for the Artificial Intelligence market.
The limited number of AI Experts is a major challenge in the Artificial intelligence market.To develop the AI software the company needs AI experts, practitioners, and researchers.
According to the Tencent, a Chinese multinational technology conglomerate holding company, there are 300k AI researchers and practitioners worldwide but the market demand is around millions of roles. The limited number of AI experts may harm the Artificial intelligence market.
The artificial intelligence market covered in this market is segmented by offering into hardware; software; services. It is also segmented by technology into machine learning; natural language processing; context-aware computing; computer vision; others (image processing, speech recognition) and by end-user industry into healthcare; automotive; agriculture; retail; marketing; telecommunication; defense; aerospace; media & entertainment; others.
Automated machine learning is being implemented by many companies.It is quite complicated to apply traditional machine learning models for real-world business problems.
The better solution is to use Automated machine learning which allows non-machine learning (ML) experts to use machine learning algorithms without being machine learning wizards. For instance, tools like Google cloud AutoML are used to train custom made and high-quality ML models with a minimum ML expertise.
In January 2020, Apple acquired a Seattle based start-up xnor.ai for a deal amount of $200 million. The acquisition is expected to strengthen in delivering AI capabilities. Xnor.ai is the listed in 2019 Forbes AI 50: America’s most promising artificial intelligence companies.
Read the full report: https://www.reportlinker.com/p06070248/?utm_source=GNW
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