Description
AI and Advanced Machine Learning Market to surpass USD 54658.7 million by 2031 from USD 25276.33 million in 2021 at a CAGR of 35.91% within the coming years, i.e., 2021-31.
AI and Advanced Machine Learning Market Product Overview
Artificial Intelligence & Advanced Machine Learning is a field of computer science which has the capability of a digital computer or computer-controlled machine to complete tasks commonly related with intelligent beings by tracking unusual connections.
Artificial Intelligence is to benefit people or substitute people with cognitive tasks, such as in the past mechanical machines were invented to help people with mechanical tasks such as transport, lifting, cooling, heating, and many others.
AI and Advanced Machine Learning Market Highlights
The Artificial Intelligence & Advanced Machine Learning Market is predicted to project a notable CAGR of 35.91% in 2031.
Increased use of technology and high network fuel industry growth for the next ten years owing to increasing overall worldwide investment in Artificial Intelligence Technology and Advance Learning Market.
On the other hand, increasing Investment by the major players to produce Artificial Intelligence & Advanced Machine Learning will create more opportunities that will result in the growth of the Artificial Intelligence & Advanced Machine Learning Market over the forecast period.
AI and Advanced Machine Learning Market: Segments
Manufacturing segment to grow with the highest CAGR during 2021-2031
Artificial Intelligence & Advanced Machine Learning Market is segmented by Function into Operations, Manufacturing, Customer Support, Sales & Marketing, Research & Development. The Manufacturing segment reported for the major share.
Artificial Intelligence & Advanced Machine Learning Market are used resourcefully in Manufacturing sector. Smart factories can lessen major expected work time and improve effectiveness and transition time with overall product quality and worker safety. Artificial Intelligence can improve supply cables, and decrease cost while removing the need for downtime in a range of cases.
Large Enterprise segment to grow with the highest CAGR during 2021-2031
Depending on the Organization, the market is segmented into Small & Medium Enterprises, Large Enterprises. Large Enterprise segment is estimated to have a major share in Artificial Intelligence & Advanced Machine Learning market.
These enterprises are implementing AI and Advance machine learning ML swiftly to gig out required information from large volume of data and to forecast the consequences of different challenges faced by an industry.
AI and Advanced Machine Learning Market: Market Dynamics
Drivers
Digitization
Digitalization has become an important driver of the global Artificial Intelligence and Advanced Machine Learning Market. Digitalization is gradually driving everything from hotel bookings, cab booking, transport to healthcare in many countries around the world.
Artificial intelligence technology, driven by big data analytics and cloud computing is helping to link companies to track, communicate, follow and interact with consumers through graceful and cost-effective automated mechanisms
Rise in Demand for Machine Learning
Machine learning is another factor expected to drive the growth of global Artificial Intelligence and Advanced Machine Learning Market. Machine learning and predictive analysis is progressively used in finance, healthcare, and retail. Machine learning not just helps industries to connect with consumers but also forecasts their next move and mechanizes purchasing on their behalf.
The trend is predicted to continue as main technology organizations are investing resources in the development of Artificial Intelligence. Due to its effectiveness, effort-saving, and reliable benefits of AI automation, machine learning is expected to drive the global Artificial Intelligence and Advanced Machine Learning Market.
Restraints
Limited Number of AI and Advance Learning expert
workforce dealing with AI systems should be aware of technologies, as AI is a complex system, such as cognitive computing, machine language and machine intelligence, deep learning, and image recognition.
The incorporation of AI solutions with the existing systems is a difficult mission, which involves wide data processing to replicate the behavior of a human brain. Even slight errors can result in system malfunctioning or failure of a certain resolution, and this can drastically affect products and desired results.
Effects of COVID19 in the AI and Advanced Machine Learning Market
The COVID-19 pandemic has boosted new applications and technological developments within the segment. It has enhanced the adoption of AI and Advanced Learning in sectors such as healthcare, education, and many more.
AI-based tools and solutions are being organized at scale for replying to the emergency. Technology giants such as Apple, Facebook, Microsoft, Google, and Amazon are taking initiatives related to distant communications between patients and clinicians, teacher and student, contact tracing, and drug development. The COVID-19 crisis has armored the need to transform the conventional education system into one driven by technology.
Artificial Intelligence & Advanced Machine Learning Market: Key Players
Barnes & Noble, Inc
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
ICarbonX
Jibo. Inc
Next IT Corp.
Prisma Labs, Inc.
AIBrain
Quadratic Insights Pvt. Ltd.
NVIDIA Corporation
Inbenta Technologies Inc.
Numenta
Intel Corporation
SA
Other prominent players
Artificial Intelligence & Advanced Machine Learning Market: Regions
Artificial Intelligence & Advanced Machine Learning Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.
North America dominates the Artificial Intelligence & Advanced Machine Learning Market due to stringent regulations regarding the safety of labor and working individuals. High disposable income coupled with large number of initial adopters in the region are the main factors responsible for the high market share of North America across the globe.
Europe is witnessed to be the second-largest market in the global Artificial Intelligence & Advanced Machine Learning market.
AI and Advanced Machine Learning Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Artificial Intelligence & Advanced Machine Learning Market report also contains analysis on:
Artificial Intelligence & Advanced Machine Learning Market Segments:
By Solution
Smart Wallets and
Voice Assisted Banking
By Function
Operations
Manufacturing
Customer Support
Sales & Marketing
Research & Development
By Organization Size
Small & Medium Enterprises
Large Enterprises
By End Use
Insurance
Banking
Capital Markets
Artificial Intelligence & Advanced Machine Learning Market Dynamics
Artificial Intelligence & Advanced Machine Learning Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Artificial Intelligence & Advanced Machine Learning Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 54658.7 million
Revenue forecast in 2031 USD 1175368.9 million
Growth Rate CAGR of 35.91% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Solution, Function, Organization, End-use and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled
Barnes & Noble, Inc, Rakuten Kobo, Inc, Hanvon Technology Co. Ltd, Onyx International Inc, Bookeen, Aluratek Inc., PocketBook International SA, Arta tech, Wexler Flex
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