Today, artificial intelligence platform has become a way for computer systems to perform tasks like human intelligence including decision-making and speech recognition. Globally, problem-solving, social intelligence and general intelligence is being achieved with the help of the artificial intelligence platform. Moreover, rising high-level computer languages is helping various industries to work efficiently on the artificial intelligence platform. According to the Renub Research, Global Artificial Intelligence Market will be US$ 284.40 Billion by 2026.
Artificial Intelligence Market revolves around hardware, software and services. In recent years, artificial intelligence services are at the forefront of all innovations and will continue to remain so during the forecast years. Artificial intelligence services cover installation, integration, maintenance & support projects. With the escalating abundance of enterprises and competition, companies have rigorously integrated artificial intelligence (AI) technology into their services. For instance, the BFSI industry has increasingly adopted artificial intelligence services to enhance operational efficiency and enable a rich consumer experience.
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Besides, software solutions promise advancements in information storage capacity, high computing power, and parallel processing capabilities to achieve high-end artificial intelligence software in dynamic end-use verticals. Notwithstanding, artificial intelligence software solutions include libraries for designing and deploying artificial intelligence applications, such as linear algebra, primitives, inference, video analytics, sparse matrices, and multiple hardware communication capabilities. As per our analysis, Global Artificial Intelligence Industry is anticipated to expand at a tremendous CAGR of 29.44% during the forecast period 2020-2026.
By Chip Type
Artificial intelligence includes chipsets such as Graphics Processing Unit (GPU), Application-Specific Integrated Circuit (ASIC), Field-Programmable Gate Array (FPGA) and Central Processing Unit (CPU). An application-specific integrated circuit (ASIC) dominates the artificial intelligence chip segment, specially built for a specific application or purpose. It is specifically designed for a particular application compared to a logic device or a standard logic integrated circuit. It has also been made smaller, and it uses less electricity.
The artificial intelligence market inculcates machine learning, natural language processing, image processing, and speech recognition by technology. Machine learning covers notable investments in artificial intelligence. It covers both artificial intelligence platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, visualization, facilitating advisory, intelligent, and cognitively equipped solutions. As per our estimation, Worldwide Artificial Intelligence Market Size was US$ 60.46 Billion in 2020.
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