The report specifies that the global size of the artificial intelligence market is expected to reach $ 1.811,8 billion by 2030. The market is expected to expand at a CAGR of 38,1% from 2022 to 2030.
Artificial intelligence (AI) refers to the concept and development of computer systems capable of performing tasks that routinely require human assistance, such as decision making, speech recognition, visual perception, and language translation. Artificial intelligence uses algorithms to understand human language, visually recognize objects and process information. These algorithms are used for data processing, computation and automated reasoning.
Artificial intelligence researchers continually improve algorithms in various respects, as conventional algorithms have drawbacks in terms of accuracy and efficiency. These advances have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been made to improve artificial intelligence algorithms. For example, in May 2020, International Business Machines Corporation announced a wide range of new artificial intelligence-based services and features, most notably IBM Watson AIOps, for business automation. These services are designed to help automate IT infrastructures and make them more resilient and reduce costs.
Several companies are implementing AI-based solutions such as Robotic Process Automation (RPA) to improve process workflows to manage and automate repetitive tasks. AI-based solutions are also associated with the Internet of Things (IoT) to provide reliable results for various business processes. For example, Microsoft announced that it is investing $ 1 billion in OpenAI, a San Francisco-based company. The two companies have collaborated to create AI supercomputing technology on Microsoft's Azure cloud.
The COVID-19 pandemic has emerged as an opportunity for AI-enabled computer systems. Useful to fight the epidemic while several technology companies are working to prevent, mitigate and contain the virus. For example, LeewayHertz, a US-based custom software development company, offers technology solutions that use artificial intelligence tools and techniques. For example, the face mask detection system to identify people without masks and the human presence system to monitor patients remotely. In addition, Voxel51 Inc., an artificial intelligence start-up, developed the Voxel51 PDI (Physical Distancing Index) to measure the impact of the global pandemic on social behavior around the world.
Artificial intelligence-based computing platforms or solutions are used to combat COVID-19 in numerous applications, such as early warning, monitoring and forecasting, data dashboards, diagnosis and prognosis, treatment and care, and maintaining social control. Data dashboards have emerged that can visualize the pandemic with the need to track and predict the coronavirus. For example, Microsoft Corporation's Bing AI tracker offers a global overview of current pandemic statistics.
The advent of big data is expected to be the cause of market growth as a large volume of data needs to be captured, stored and analyzed.
The growing demand for image processing and identification is expected to drive the growth of the industry.
North America dominated the market and accounted for a revenue share of more than 42,1% in 2021.
One of the main concerns holding back the growth of the industry is the need for a large amount of data to train artificial intelligence systems to recognize characters and images.
On the https://www.researchandmarkets.com/ website you can also download a document that explores the criteria used in drawing up the report.
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