PUNE, India, Oct. 19, 2021 /PRNewswire/ -- According to a recent market study published by Up Market Research titled, "Global Artificial Intelligence Marketby Technology (Machine Learning, Deep Learning, Machine Vision, Natural Language Processing), by Solution (Services, Hardware, Software), by End Use (BFSI, Automotive & Transportation, Advertising & Media, Agriculture, Manufacturing, Retail, Healthcare, Law) and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", As per the study the market value was USD 62.35 million in 2020. It is expected to grow at a compound annual rate (CAGR) of 40.2% between 2021 and 2028. Tech giants have been directing continuous research and innovation to drive the adoption of new technologies across a variety of industries, including automotive, healthcare, finance, and manufacturing. Technology has been an integral part of these industries for centuries, but Artificial Intelligence has put technology at the heart of many organizations. AI is now being integrated into almost every program and apparatus, from autonomous vehicles to life-saving medical equipment. AI has been proven to be the key element of the digital revolution.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Key Market Players Profiled in the Report

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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.

Highlights on the segments of the Artificial Intelligence Market

Based on Solution, the market is divided into Hardware, Software, and Services. Software solutions dominated the artificial intelligence market, accounting for over 38.0% of global revenue in 2020. This is due to prudent improvements in information storage capacity and high computing power. Parallel processing capabilities are used to deliver high-end AI software for dynamic end-use verticals. Services in artificial intelligence include integration, maintenance, and support. This segment is expected to grow at an impressive rate during the forecast period. AI hardware comprises chipsets like Graphics Processing Unit (GPU), CPU and application-specific integrated circuits.

On the basis of Technology,the market is divided intoDeep Learning, Machine Learning, Natural Language Processing, and Machine Vision. Deep learning dominated the market, accounting for 38.0% of global revenue in 2020. Its complex data-driven applications such as speech recognition and text/content are responsible for the market's high share. This technology allows for the resolution of data volume challenges and offers attractive investment opportunities. Deep learning and machine learning are important investments in AI. This includes AI platforms as well as cognitive applications. These include tagging and clustering, categorization and hypothesis generation. Alerting, filtering and navigation are all part of the AI platform. They allow for the creation of intelligent, advisory and cognitively-enabled solutions.

Based on End Use, the market is divided into Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, and Others. Advertising and media dominated the market, accounting for over 18.0% of global revenue in 2020. The growing popularity of AI marketing applications is responsible for this high share. The healthcare sector will continue to hold a significant share of the market by 2028. BFSI includes financial analysis, risk assessment and investment/portfolio solicitations. Due to the high demand in this sector for compliance and risk applications, artificial intelligence has seen a significant increase in the BFSI. Retail, law, transportation, agriculture and other verticals are also possible for artificial intelligence systems. Conversational AI platforms are the most popular in each vertical.

On the basis of Regions,the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America was the dominant market, accounting for more than 40.0% of global revenue in 2020. This is due to government initiatives that encourage adoption of AI across different industries. As the United States' strategy to promote leadership in artificial intelligence, the American AI Initiative was launched by President Donald J. Trump in February 2019. Also, In the coming years, significant growth is expected in Asia Pacific. The significant increase in investments in artificial intelligence is responsible for this growth.

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Read 210 Pages Research Report with Detailed ToC on "Global Artificial Intelligence Market by Technology (Machine Learning, Deep Learning, Machine Vision, Natural Language Processing), by Solution (Services, Hardware, Software), by End Use (BFSI, Automotive & Transportation, Advertising & Media, Agriculture, Manufacturing, Retail, Healthcare, Law) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 2028"

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Segments Covered in the Report

The global Artificial Intelligence market has been segmented based on

By Technology

By Solution

By End Use

Regions

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Global Artificial Intelligence Market Is Expected To Set A New Benchmark With A CAGR Of 40.2% By 2028 | Up Market Research - PRNewswire