Market Research

Artificial Intelligence & Advanced Machine Learning Market has reached USD 29.8 Billion in 2019 and projected to reach USD 281.2 Billion by 2026

Jun 16, 2020 7:00 PM ET

iCrowd Newswire – Jun 16, 2020

According to BlueWeave Consulting, The global Artificial Intelligence market & Advanced Machine has reached USD 29.8 Billion in 2019 and projected to reach USD 281.2 Billion by 2026 and anticipated to grow with CAGR of 37.9% during the forecast period from 2020-2026, owing to increasing overall global investment in Artificial Intelligence Technology.

Artificial Intelligence (AI) is a computer science algorithm and analytics-driven approach to replicate human intelligence in a machine and Machine learning (ML) is an enhanced application of artificial intelligence, which allows software applications to predict the resulted accurately. The development of powerful and affordable cloud computing infrastructure is having a substantial impact on the growth potential of artificial intelligence and advanced machine learning market. In addition, diversifying application areas of the technology, as well as a growing level of customer satisfaction by users of AI & ML services and products is another factor that is currently driving the Artificial Intelligence & Advanced Machine Learning market. Moreover, in the coming years, applications of machine learning in various industry verticals is expected to rise exponentially.

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In the organization size segment, large enterprises segment is estimated to have the largest market share and the SME’s segment is estimated to grow at the highest CAGR over the forecast period of 2026. The rapidly developing and highly active SMEs have raised the adoption of artificial intelligence and machine learning solutions globally, as a result of the increasing digitization and raised the cyber risks to critical business information and data. Large enterprises have been heavily adopting artificial intelligence and machine learning to extract the required information from large amounts of data and forecast the outcome of various problems.

Digitalization has become a vital driver of artificial intelligence and advanced machine learning market across the region. Digitalization is increasingly propelling everything from hotel bookings, transport to healthcare in many economies around the globe. Digitalization had led to rising in the volume of data generated by business processes. Moreover, business developers or crucial executives are opting for solutions that let them act as data modelers and provide them an adaptive semantic model. With the help of artificial intelligence and Advanced machine learning business users are able to modify dashboards and reports as well as help users filter or develop reports based on their key indicators.

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Geographically, the Global Artificial Intelligence & Advanced Machine Learning market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. The North America is dominating the market due to the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D. North America has rapidly changed, and the most competitive global market in the world. The Asia-pacific region is estimated to be the fastest-growing region in the global AI & Advanced ML market. The rising awareness for business productivity, supplemented with competently designed machine learning solutions offered by vendors present in the Asia-pacific region, has led Asia-pacific to become a highly potential market.

The major market players in the Artificial Intelligence & Advanced Machine Learning market are ICarbonX, TIBCO Software Inc., SAP SE, Fractal Analytics Inc., Next IT, Iflexion, Icreon, Prisma Labs, AIBrain, Oracle Corporation, Quadratyx, NVIDIA, Inbenta, Numenta, Intel, Domino Data Lab, Inc., Neoteric, UruIT, Waverley Software, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.

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