Artificial Intelligence Market Size to Surpass USD 2,025.12 billion by 2030, exhibiting a CAGR of 21.6%

As per the report by Fortune Business Insights, the global artificial intelligence market size is projected to reach USD 2,025.12 billion by 2030, at a CAGR of 21.6% during the forecast period.

Pune,India, May 03, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global artificial intelligence market size was valued at USD 428.00 billion in 2022 and is projected to grow from USD 515.31 billion in 2023 to USD 2,025.12 billion by 2030, exhibiting a CAGR of 21.6% during the forecast period.

Artificial intelligence is the simulation of human intelligence using various machines to create intelligent software and hardware which is capable of replicating human behavior. Government initiatives and investments in AI technologies to empower enterprises and end users are expected to drive market growth. Fortune Business Insights™ shares this information in its report titled Artificial Intelligence Market Forecast 2023-2030.

Key Industry Development-

Google launched Bard which is their newest AI chatbot service powered by the LaMDA (Language Model for Dialogue Applications). The platform is stilling its testing stage before it can be available for public use.

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Key Takeaways-

• Artificial Intelligence Market is expected to flourish & reach USD 2,025.12 Billion in 2030

• In addition to composing short tales, term papers, and music, the tool is also capable of translating, solving arithmetic problems, and building simple programmers.

• AI businesses regularly participate in pertinent alliances and collaborations to advance technology.

• By reducing the amount of work required for service administration, artificial intelligence also improves customer service.

• Artificial Intelligence Market Size in North America was USD 175.96 Billion 2022

“Leading Players Featured in the Report- Microsoft Corporation (U.S.), Amazon.com, Inc. (U.S.), IBM Corporation (U.S.), Alphabet Inc. (Google LLC) (U.S.), Salesforce.com, inc. (U.S.), Baidu, Inc. (China), NVIDIA Corporation (U.S.), H2O.ai (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise Development LP (U.S.).”

Report Scope & Segmentation-

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Drivers and Restraints-

Increased Number Of Relevant Partnerships And Collaborations To Drive Market Trajectory

Increased number of relevant partnerships and collaborations are anticipated to drive artificial intelligence market growth. AI companies have been engaging in partnerships and collaborations to gain technological excellence. The key vendors have been aiming to get the best of their concepts and the concepts of the partnered company. In October 2022, Ericsson Canada partnered with Montreal universities using artificial intelligence for improving 5G sustainability. Additionally, key vendors have been acquiring AI-driven startups to expand global presence, enhance marketing strategies, and gain technological expertise.

However, various challenges associated with the all-at-once adoption of AI tools is anticipated to hinder market development.

Leading Segments Covered in this Report-

By Component

• Hardware

• Software/Platform

• Services

By Function

By Deployment

By Industry

• Healthcare

• Retail

• IT & Telecom

• BFSI

• Automotive

• Advertising & Media

• Manufacturing

• Others

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FAQs

How big is the Artificial Intelligence Market?

Artificial Intelligence Market size was USD 428.00 Billion in 2022. It is expected to reach USD 2,025.12 Billion by 2030.

How fast is the Artificial Intelligence Market growing?

The Artificial Intelligence Market will exhibit a CAGR of 21.6% during the forecast period, 2023-2030.

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