The Global Artificial Intelligence Services Market Is Estimated To Record a CAGR of Around 51.2% During The Forecast Period
Evolve Business Intelligence has published a half-cooked research report on the Global Artificial Intelligence Services Market, 2021–2030. The global Artificial Intelligence Services market is projected to exhibit a CAGR of around 51.2% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Artificial Intelligence Services Market: Alphabet Inc. (Google LLC), Amazon Web Services Inc, Apple Inc, CognitiveScale Inc, Fair Isaac Corporation, International Business Management Corporation, Intel Corporation, Microsoft Corporation, salesforce inc, SAP.
Market Highlights
The global Artificial Intelligence Services market is projected to be valued at $43.29 Billion by 2030, recording a CAGR of around 51.2% during the forecast period. Artificial Intelligence Service is an artificial intelligence outsourcing company (AI). It enables individuals and companies to test a variety of paths for many reasons with little initial investment and risk. Most smart vendors, whether they are software companies, consultants, or professional service firms, offer or partner with firms that can deliver a comprehensive set of services to support a large-scale AI solution. This is because AI market service providers understand that simply offering AI software or AI toolkits to their clients is no longer sufficient.
Businesses have been going ahead with plans to digitize and automate portions of their operations as a result of COVID-19, not only to increase operational efficiencies but also to protect themselves from disruptions. Various firms experienced significant increases in customer pressure during the pandemic, while their workforce was cut. Due to lockdown restrictions, several contact centers were unable to meet demand or were forced to close, resulting in lengthy delays in customer support requests and a detrimental impact on the customer experience. As a result, conversational AI has ascended to the top of the technology enablers list.
Segmental Analysis
The global Artificial Intelligence Services market has been segmented based on the Technology, Vertical, and region.
By Technology, the Artificial Intelligence Services market is segmented based on Deep Learning, Machine Learning, and Natural Language Processing. Machine learning and deep learning technology are expected to have the largest market share throughout the forecast period, while natural language processing technology is expected to grow at a quicker rate. Natural language processing technology can recognize and understand user behavior, resulting in better customer service.
Based on Vertical, the Artificial Intelligence Services market is segmented based on Government, BFSI, Healthcare, Manufacturing, Retail, and Telecommunication. The BFSI industry is anticipated to dominate the market. Artificial Intelligence Services are rapidly being employed in the BFSI industry to boost operational efficiency and improve customer service. Artificial intelligence (AI) is at the forefront of all researchers and engineers.
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Regional Analysis
The Artificial Intelligence Services market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America is dominating the Artificial Intelligence Services market because of its early adoption of modern technologies. Its massive artificial intelligence service industry is fueled by advanced infrastructure, powerful network technologies, and strong technological capabilities. The fastest-growing region is predicted to be the Asia Pacific. China, Japan, and South Korea are the leading artificial intelligence innovators in the region. One of the main reasons for artificial intelligence’s rise and adoption in China and South Korea is their considerable investment in developing automation technologies for businesses. Latin America, the Middle East, and Africa are also expected to grow at a rapid pace in the forecast period. These developing regions are expected to grow traction due to an increase in BFSI investments over the forecast period.
