Artificial Intelligence (AI) Market Report 2021 | Size, Share, Latest Development, Trends, Top Key Players and Outlook 2026
By: AB Newswire
March 11, 2021 at 18:50 PM EST
The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020.
According to IMARC Group’s latest report, titled “Artificial Intelligence (AI) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026. the global artificial intelligence market to exhibit robust growth during the next five years.
Artificial Intelligence (AI) is a computer science division that replicates human intelligence in machines. AI-integrated machines are capable of speech-recognition, learning, decision-making, and problem-solving applications. The hardware components of AI are various chipsets, such as graphics processing unit (GPU), central processing unit (CPU), application-specific integrated circuits (ASIC), and field-programmable gate array (FPGA). The software components are core technologies that include natural language processing (NLP), deep learning, machine learning (ML), augmented and virtual reality (AR/VR).
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The thriving IT industry, along with rapid digitization across several industries, is primarily driving the market for artificial intelligence. The rising adoption of cloud-based solutions has propelled the demand for AI-integrated systems. Furthermore, the rapid shift towards AI-integrated systems to analyze data and extract insights for enhanced operational efficiencies and consumer experience also drives the market. Moreover, the introduction of 5G technology, coupled with the increasing penetration of virtual assistants, has bolstered the market growth. Numerous social media and e-commerce platforms are employing AI-based algorithms in their applications to improve customer engagement. Additionally, the development of AI-powered industrial and surgical robots is further anticipated to drive the artificial intelligence market.
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