Artificial Intelligence Market by Product Type, Distribution Channel, End User 2023-2028

Author: Elena Anderson Marketing Manager

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Global Artificial Intelligence Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecas t 2023-2028

," the global artificial intelligence market size reached US$ 70.9 Billion in 2022.

Artificial intelligence (AI) is a vast branch of computer science that involves using a computer to perform certain human-like tasks. AI-based programs simulate human intelligence for mimicking their thoughts and actions for further developing programmable machines. These systems are known to be capable of reasoning, learning, perceiving, problem-solving and language understanding, which assists in executing large volumes of tasks in a reliable manner.

Their integration with several devices results in improved speed, reduced human errors, enhanced accuracy and additional precision. Consequently, they are widely used across numerous industries for automating repetitive tasks, processing vast amounts of data, and achieving accurate results through deep neural networks.

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Global Artificial Intelligence Market Trends:

The global market is majorly driven by the widespread adoption of cloud-based applications and services across numerous industry verticals. Supported by increasing digitization and significant growth in the information technology (IT) sector, numerous companies are now deploying AI-integrated systems in an attempt to streamline their work processes and improve operational efficiencies. The market is further driven by the rising need for reliable cloud computing infrastructures for numerous processes. These cloud-based solutions are increasingly integrated with AI tools to process accurate real-time data and improve the overall productivity, thereby gaining widespread prominence among the end users.

Apart from this, various online platforms are deploying AI-based algorithms and tools to analyze vast data sets for extracting specific insights that are further utilized for enhancing customer engagement. For instance, multiple over-the-top (OTT) platforms are employing AI-driven data insights in their applications for providing suggestions to their users based on their previous viewing patterns. Other factors, such as the increasing popularity of AI-powered industrial and surgical robots, rising preference for intelligent virtual assistants, and the rapid expansion of 5G infrastructure on the global level, are also contributing to the market growth.

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Looking forward, the market is projected to grow at a CAGR of 29.9% during 2023-2028.

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Key Market Segmentation

The research report includes the following segments:

Breakup by Type:

• Narrow/Weak 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

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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

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Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Competitive Landscape with Key Players:

• Amazon Web Services Inc

• Apple Inc

• Baidu

• Cisco Systems Inc

• Facebook Inc

• General Electric Company

• Google LLC (Alphabet Inc.)

• 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

1. What was the global artificial intelligence market size in 2022?

2. What are the key factors driving the global artificial intelligence market?

3. What has been the impact of COVID-19 on the global artificial intelligence market?

4. What is the breakup of the global artificial intelligence market based on the type?

5. What is the breakup of the global artificial intelligence market based on the technology?

6. What is the breakup of the global artificial intelligence market based on the system?

7. What is the breakup of the global artificial intelligence market based on the end-use industry?

8. What are the key regions in the global artificial intelligence market?

9. Who are the key players/companies in the global artificial intelligence market?

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