Dallas, TX / CRWE PRESS RELEASE / April 25, 2022 -  According to the recent study the artificial intelligence market is projected to reach an estimated $115 billion by 2027 from $32 billion in 2021, at a CAGR of 23.5% from 2021 to 2027. Growth in this market is primarily driven by increasing demand for virtual assistance for easy accessibility of services and growing adoption of cloud-based technology.

Browse 106 figures / charts and 89 tables in this 205 -page report to understand trends, opportunities and forecast in artificial intelligence market by end use industry (media and advertising, security, automotive, healthcare, retail, fintech, manufacturing and others), technology (machine learning, natural learning processing, and others), product and service (hardware, software, and service), and region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Machine learning market is expected to remain the largest segment during the forecast period.”   

Based on technology, the artificial intelligence market is segmented into machine learning, natural learning processing, and others. Lucintel forecasts that the machine learning is expected to witness the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing adoption of this technology in the autonomous applications and growing consumer preference for IoT-enabled devices. 

“Within the artificial intelligence market, the media and advertising segment is expected to remain the largest end use industry”    

Based on end use industry, the media and advertising segment is expected to witness the largest segment due to an increasing adoption of customer-centric marketing strategies and increasing use of social platform for advertisements and healthcare segment is expected to witness the highest growth over the forecast period due to advancements in clinical research and growing demand for electronics-based medical equipment and sensors in the healthcare applications.

“Asia Pacific will dominate the artificial intelligence market in near future”

Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the growing adoption of IoT (internet of things), increasing installation of smart home devices, and growing industrial automation in countries, such as China, India, and Taiwan.

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Major players of artificial intelligence market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Intel, IBM, Amazon, Facebook, NVIDIA, Apple, Microsoft, General Electric, and NEC Corporation are among the major artificial intelligence providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/artificial-intelligence-market.aspx or helpdesk@lucintel.com