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Artificial Intelligence Market to Surpass USD 2359.1 billion by 2031 | SkyQuest TechnologyWESTFORD, Mass., April 23, 2024 /PRNewswire/ -- SkyQuest projects that Global Artificial Intelligence Market size is poised to grow from USD 241.80 Billion in 2023 to USD 2359.1 Billion by 2031, at a CAGR of 38.1% during the forecast period (2024-2031). The rapid growth in Big Data and the IoT serves as a significant driver for the AI industry. High Demand for Virtual Assistance is considered a key growth driver: The use of AI-powered virtual assistants has expanded quickly across a range of sectors and businesses as they grow increasingly complicated and capable of handling a variety of activities. The broad use of AI results in a bigger market for AI-related products. Download a detailed overview: https://www.skyquestt.com/sample-request/artificial-intelligence-market Browse in-depth TOC on the "Artificial Intelligence Market"
Artificial Intelligence Market Overview:
Driving Force Behind the Dominance of Software Industry is Surge of AI The software industry was the largest in the world in 2023. Developments in computer power, data storage, and parallel processing are the primary drivers of the software segment's growth. The expanding acceptance of AI technology in various end-use industries has led the hardware business to register the fastest growth rate. It is further projected to witness surge in demand for artificial intelligence hardware systems in the coming years with the rise in adoption of this technology across multiple end use sectors. Hardware Industry to Register Fastest Growing Rate owing to Surge of CPUs and GPUs The hardware segment is expected to grow at the fastest rate during the projection period. Artificial intelligence hardware is made up of several components, such as CPU, GPU, ASIC, and FPGA. Owing to their enormous computing capability and high demand, CPUs and GPUs have taken the lead in the hardware market. The increasing adoption of AI technology in a range of end-use industries is expected to drive rising demand for artificial intelligence hardware systems in the coming years. North America to Dominate due to Government Support and Specific Programs The largest market share for artificial intelligence market worldwide was occupied by North America. This is due to favourable government policies that incentivize North American businesses to employ AI, as well as the growing need for automation. It is projected that the Asia Pacific market will grow at the fastest rate during the forecast period. The growing rate of investments in implementation of AI is driving up demand for technology. Request Free Customization of this report: https://www.skyquestt.com/speak-with-analyst/artificial-intelligence-market Artificial Intelligence Market Insights: Drivers:
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Prominent Players in Global Artificial Intelligence Market
View report summary and Table of Contents (TOC): https://www.skyquestt.com/report/artificial-intelligence-market Key Questions Answered in Global Artificial Intelligence Market Report
This report provides the following insights:
Related Reports: Global Artificial Intelligence In Healthcare Market Global Artificial Intelligence In Retail Market Global Artificial Intelligence In Security Market Global Artificial Intelligence in Agriculture Market Global Artificial Intelligence In Telecommunication Market About Us: SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology. We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. Contact: Mr. Jagraj Singh Skyquest Technology 1 Apache Way, Westford, Massachusetts 01886 USA (+1) 351-333-4748 Email: [email protected] Visit Our Website: https://www.skyquestt.com/ View original content:https://www.prnewswire.co.uk/news-releases/artificial-intelligence-market-to-surpass-usd-2359-1-billion-by-2031--skyquest-technology-302124410.html |