Global Artificial Intelligence Market Expected to Reach US$718.7 Billion by 2030, with a CAGR of 31.2%

1. Global Artificial Intelligence Market Expected to Reach US$718.7 Billion by 2030, with a CAGR of 31.2% The global artificial intelligence market, which was valued at over US$29.9 billion in 2019, is projected to reach a staggering valuation of US$718.7 billion by 2030, according to a report by [Research Firm]. The market is anticipated to grow at a remarkable compound annual growth rate (CAGR) of 31.2% between 2022 and 2030. Artificial intelligence (AI) is one of the fastest-progressing and expanding technologies, with significant potential applications across various industries worldwide. It plays a crucial role in influencing the global economy and has been recognized as an exceptional aid in national security. The market is expected to witness stellar growth in the coming years, driven by the investments made by major industry players such as Amazon, Google, Apple, IBM, Microsoft, and Facebook in AI research and development. Key Findings of the Report: •Projected global AI market size to exceed US$718.7 billion by 2030. •Service-based models remain at the core of the developmental strategies of key industry participants. •North America and China are expected to experience the largest economic gains from AI technology. •The BFSI (Banking, Financial Services, and Insurance) sector accounts for over 28% of the total market valuation in AI consumption. •North America's artificial intelligence market holds more than 29% of global industry revenue. Growth Drivers: Influx of Investments: The global AI market has witnessed a twofold increase in funding in 2021 compared to the previous year. The rising number of AI companies reaching billion-dollar valuations and the significant investments made by governments and organizations indicate substantial growth potential for the AI industry. Rising Demand from the Healthcare Industry: AI is being increasingly employed in healthcare for tasks such as medication analysis, customized healthcare services, and AI-enabled chatbots for patient assistance. The demand for AI-based solutions in the healthcare industry is expected to surge, driven by improved patient outcomes, enhanced accessibility, and fraud prevention. Challenges: Inadequate Expertise to Operate AI: The field of data science and AI continues to face challenges in terms of acquiring the required expertise. As automation technologies advance, the demand for comprehensive capabilities in data science, AI, and machine learning is growing, posing a growth challenge for the AI market.

2. Regional Outlook: North America: With higher government spending on AI technology and public sector initiatives, North America leads the global AI market, accounting for over 29% of the overall market valuation. The region's first-mover advantage and the American AI Initiative have contributed to its prominent position in the industry. Asia Pacific: The Asia Pacific region is expected to witness significant growth in AI revenue, driven by substantial investments, a thriving startup sector, and a focus on process automation and efficiency. The region currently represents more than a quarter of the global AI market valuation. Key Players: Leading companies shaping the competitive landscape of the artificial intelligence market include Microsoft Corporation, Cisco Systems, Sailpoint Technologies, IBM, Oracle, Dell, CA Technologies, Hitachi, and Okta. These companies are actively involved in strategic analysis and development of AI solutions. For More Information of Artificial Intelligence Market: https://www.fairfieldmarketresearch.com/report/artificial-intelligence-market About Us Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness. Contact Fairfield Market Research London, UK UK +44 (0)20 30025888 USA (Toll-free) +1 (844) 3829746 Web: https://www.fairfieldmarketresearch.com/ Email: sales@fairfieldmarketresearch.com Follow Us: LinkedIn