Published on: May 2022
Where does the market stand for Artificial Intelligence & Advanced Machine Learning?
The global artificial intelligence market was worth USD 93.5 billion in 2021, and it is expected to increase at a 38.1 percent compound annual growth rate (CAGR) from 2022 to 2030. The adoption of advanced technologies in industry verticals such as automotive, healthcare, retail, finance, and manufacturing is being driven by the tech giants' continual research and innovation. To improve its Artificial Intelligence (AI) business, Intel Corporation purchased Cnvrg.io, an Israeli startup that creates and manages a platform for data scientists to construct and run machine learning models, in November 2020. However, technology has always been an important part of these businesses, but AI has pushed technology to the forefront.
Regional Insights of Artificial Intelligence & Advanced Machine Learning Industry
North America dominated the market in 2021, accounting for about 42.0 percent of total sales. This high percentage can be attributed to government programmes that stimulate the use of AI in a variety of businesses. In February 2019, for example, U.S. President Donald J. Trump announced the American AI Initiative as the country's strategy for boosting artificial intelligence leadership. As part of this endeavour, federal agencies have established criteria for AI development and real-world deployment across several industrial sectors, fostering public trust in AI-based systems.
The future is here
Over the forecast period, the market in Asia Pacific is expected to grow at a significant rate. This expansion is due to a huge increase in artificial intelligence spending. For example, Baidu, Inc., a Chinese internet behemoth, said in April 2018 that it had reached definitive agreements with investors to sell its financial services division (FSG), which provides wealth management, consumer lending, and other commercial services. Carlyle Investment Management LLC and Tarrant Capital IP, LLC are the lead investors, with ABC International and Taikang Life among the others. In addition, a growing number of AI start-ups in the region are promoting AI adoption to increase operational efficiency and automate processes.
Insights into Key Companies and Market Share for Artificial Intelligence & Advanced Machine Learning industry
To acquire a competitive advantage, market vendors are concentrating on growing their consumer base. As a result, important actors are pursuing a variety of strategic activities, including mergers and acquisitions and strategic partnerships. Advanced Micro Devices, for example, formed a strategic agreement with Oxide Interactive LLC, a video game developer, in April 2020 to develop graphics technology for the cloud gaming market. Both firms intend to develop a set of tools and approaches to deal with the real-time needs of cloud gaming. In addition, Intel Corporation finalised the acquisition of Habana Labs Ltd., an Israeli deep learning firm, in December 2019. Intel Corporation's AI portfolio is expected to be strengthened as a result of this acquisition, as well as its efforts in the AI silicon market.
In September 2019, IBM Watson Health announced a collaboration with Guerbet, a medical imaging firm based in France, to create AI software for cancer diagnosis and surveillance. This collaboration is a natural outgrowth of their previous work on live cancer diagnosis and monitoring. Furthermore, Intel Corporation announced a collaboration with Alibaba Group Holding Limited (China) in January 2019 to co-develop AI-powered tracking technology for the 2020 Olympic Games. Alibaba's cloud computing technology and Intel's hardware are used to power a deep learning application that extracts athletes' 3D forms during competition or training.
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