Artificial Intelligence and Advanced Machine Learning Market: Segmented 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, and Capital Markets): Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
Artificial Intelligence & 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.
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.
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.
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 CSGR 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.
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.
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.
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.
Barnes & Noble, Inc
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
|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|
The global Artificial Intelligence & Advanced Machine Learning Market size was estimated at USD 25276.33 million in 2021 and is expected to reach USD 54658.7 million by 2031
Key players: Barnes & Noble, Inc, Rakuten Kobo, Inc, Hanvon Technology Co. Ltd, Onyx International Inc, Bookeen, Aluratek Inc., PocketBook International SA, Arta tech, Wexler Flex,
Manufacturing segment and Large Enterprise are anticipated to hold the largest Artificial Intelligence & Advanced Machine Learning Market share.
Drivers: Digitization and Rise in Demand for Machine Learning
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.
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