The Artificial Intelligence Applications market was USD 136 Billion in 2022 and is expected to register a rapid revenue CAGR of 36% during the forecast period. Increasing number of businesses focusing on ways to improve their operational productivity, efficiency, and accuracy and rising use of AI software in workspaces due to enhanced capabilities and cost-effectiveness are major factors driving market revenue growth. AI-powered systems may analyze data, automate tedious operations, and offer wise insights to assist decision-makers in making wise choices.
In addition, increasing use of Digital transformation and automation across various industries is another key factor driving revenue growth of the market. Businesses are streamlining their processes, lowering manual errors, and enhancing customer experience with increasing usage of smart technologies such as virtual assistants, chatbots, and AI-powered project management systems.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence Applications, Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in R&D activities are expected to boost market growth during the forecast period.
Moreover, increasing use of AI in remote labor due to COVID 19 pandemic is also expected to drive market revenue growth during the forecast period. AI-powered solutions are assisting businesses in effectively managing their teams and operations even when employees are not physically present in the office, as remote work becomes more common.
Competitive Landscape:
- Microsoft Corporation
- Google LLC.
- Amazon Web Services, Inc.
- IBM Corporation
- Intel Corporation
- NVIDIA Corporation
- Oracle Corporation
- SAP SE
- Accenture PLC.
- Infosys Limited
- WIPRO Limited
- TATA Consultancy Services Limited
- HCL Technologies Limited
- Cognizant Technology Solutions Corporation
- FUJITSU Limited
The global market is further segmented into type and application:
Solution Outlook (Revenue, USD Billion; –2019-2032)
- Hardware
- Software
- Services
Technology Outlook (Revenue, USD Billion; 2019-2032)
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
End-use Outlook (Revenue, USD Billion; 2019-2032)
- Healthcare
- Robot-Assisted Surgery
- Virtual Nursing Assistants
- Hospital Workflow Management
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Automated Image Diagnosis
- BFSI
- Risk Assessment
- Financial Analysis/Research
- Investment/Portfolio Management
- Others
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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