At Strong CAGR of 38%, Artificial Intelligence Market Size to Surpass USD 1.58 Trillion by 2030

Expansion of the AI industry is being positively impacted by technological developments in the field, such as faster speech & natural language processing.

PORTLAND, PORTLAND, OR, UNITED STATES, March 14, 2023 /EINPresswire.com/ — The global AI market was estimated to be worth $65.48 billion in 2020, is expected to increase to $1,581.70 billion by 2030, with a CAGR of 38.0% between 2021 and 2030.

The development of the artificial intelligence business is being positively impacted by technological developments in the field, such as faster speech recognition and natural language processing. The market’s expansion is hampered by artificial intelligence (AI) solutions’ high installation costs. On the other hand, throughout the forecast period, it is anticipated that rising digital dependency and industry 4.0 trends would present lucrative prospects for the advancement of the artificial intelligence market.

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Key factors driving the future demand for AI:

• Automation: Many businesses are seeking to automate repetitive tasks and processes to reduce costs, increase efficiency, and improve accuracy. AI can help automate tasks ranging from data entry to complex decision-making.

• Personalization: Consumers are increasingly demanding personalized experiences, and AI can help businesses deliver customized products and services. This is particularly true in industries like retail, healthcare, and finance.

• Data Analytics: AI can analyze vast amounts of data to identify patterns, trends, and insights that humans may miss. This can help businesses make more informed decisions and optimize their operations.

• Healthcare: AI is being used to develop new treatments, improve patient outcomes, and reduce healthcare costs. As the population ages and healthcare demands grow, the demand for AI in healthcare is expected to increase.

• Autonomous vehicles: The development of autonomous vehicles relies heavily on AI to make real-time decisions and navigate complex environments. As the technology advances, the demand for AI in the automotive industry is expected to grow.

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Key trends shaping the AI market:

• Increased Adoption of AI in Enterprises: Enterprises across various industries are increasingly adopting AI to improve operational efficiency, enhance customer experiences, and gain a competitive edge. With the growing availability of cloud-based AI services, even small and mid-sized businesses can now easily integrate AI into their operations.

• Emergence of AI-powered IoT: The Internet of Things (IoT) is expanding rapidly, and AI is expected to play a critical role in enabling intelligent and autonomous decision-making in IoT systems. This includes using AI to analyze large amounts of data generated by IoT devices, identify patterns, and make predictions.

• Rise of Explainable AI: Explainable AI refers to AI systems that can provide transparent and interpretable explanations for their decisions and actions. As AI becomes more widespread, there is increasing demand for AI systems that can be easily understood and trusted by humans.

• Continued Development of AI Chips: Specialized AI chips are becoming increasingly popular, as they can deliver much faster processing speeds and higher power efficiency compared to traditional CPUs. As a result, there is significant investment in the development of AI chips by both established players and new startups.

• Increased Focus on AI Ethics and Regulation: As AI becomes more advanced and influential in our lives, there is growing concern around issues such as bias, privacy, and accountability. This has led to increased efforts to establish ethical standards and regulations for AI, both by governments and industry organizations.

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The key players profiled in the artificial intelligence market analysis are Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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