Artificial Intelligence – Welcoming a Hyper-Intelligent Era
The global Artificial Intelligence (AI) market is set to expand at an impressive 19% CAGR from $387 billion in 2022 to $1.3 trillion by 2029. The market is divided into three sectors, with software accounting for 65%, hardware for 21%, and services for 14%.
The key trends in the AI market include democratized AI, augmented workplace, generative AI, sustainability, document AI, ethics, edge AI, and predictive analysis. North America leads the market with 40% of global sales, with cities like San Francisco and New York having the most IT and engineering research and development centers for AI.
Major service providers for AI include Cognizant, Accenture, TCS, IBM, and Infosys. The focus areas for AI applications are automation, autonomous vehicles, personalization, and healthcare.