Global Artificial Intelligence Market by Product & Service, and End User- Global Forecast 2031

The global artificial intelligence market is projected to witness notable growth owing to the rise in adoption from the finance sector. The market value stood at USD 241.80 Billion in 2022 and is expected to grow from USD 333.93 Billion in 2023 to reach USD 3198.94 Billion by the end of 2031. Over the past few years, the worldwide artificial intelligence market has grown dramatically as digital technology and internet connectivity has gotten better globally. The IT companies' substantial R&D expenditures are nudging ongoing technological improvements across a wide range of industries, thereby promoting growth of the global artificial intelligence market.

Deep Learning to Hold Dominant Share in Technology Segment

The deep learning segment has the largest market share in terms of technology. Its sophisticated data-driven applications, like text, video, and audio recognition, are responsible for its domination. The difficulties brought on by the large amounts of data are anticipated to be solved by the deep learning field's growing technological breakthroughs. Moreover, throughout the forecast period, the growing use of deep learning technology in the medical area is anticipated to support the segment's expansion as well. The proliferation of cloud computing platforms and on-premises technology for processing and storing massive amounts of data has propelled the growth of data analytics platforms. Future growth in the AI industry is anticipated to be fuelled by the leading tech giants' increasing expenditure in innovation and research.

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North America to Lead the Market with Major Revenue from United Sates of America

As of 2022, North America held the highest market share because of the increased demand for technologically sophisticated and automated hardware and software products across a range of end-use verticals. This, coupled with the supportive government policies that encourage the adoption of artificial intelligence by North American industries also support the region’s dominance. The US president started an attempt in 2019 to position the country as a leader in artificial intelligence technologies. On the other hand, the market for artificial intelligence technology is growing rapidly in the Asian continent because of growing investments in the implementation if AI in multiple sectors made by different organisations. The Chinese tech behemoth Baidu Incorporation has signed deals with investors to sell off its financial services division, which offers wealth management, consumer finance, and other business-related services.

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List of Prominent Players in the Global Artificial Intelligence Market includes Microsoft (US), IBM (US), Alphabet (Google) (US), NVIDIA (US), Meta Platforms (Facebook) (US), Palantir (US), Mobileye (Israel), Dynatrace (US), UiPath (US), SentinelOne (US), Aurora Innovation (US), C3 AI (US), Darktrace (UK), Presight AI (US), ODDITY Tech (US), Upstart (US), NWTN Inc. (US), Bayanat AI (UAE), PROS (US), Exscientia (UK). The introduction of deep learning and machine learning-based healthcare detection systems is one significant technical trend. For example, IBM's machine learning technology uses deep learning to improve the early diagnosis of diabetic eye illness.

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Global Artificial Intelligence Market by Product & Service, and End User- Global Forecast 2031

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