The global artificial intelligence market reached a value of US$ 56.5 billion in 2021.
A report by the IMARC Group expects the market to reach US$ 308.5 Billion by 2027, exhibiting at a CAGR of 31.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, the IMARC said it was continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
The report has also analysed the competitive landscape of the market with some of the top companies artificial intelligence companies being Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.
IMARC is a leading market research company that provides market and business research intelligence across the globe.