Artificial intelligence is permeating every aspect of our lives ranging from smart lights to discovery of drugs and further. Artificial intelligence also commonly called AI refers to systems that are designed to mimic human intelligence. This is made possible by the ability of AI systems to analyze large volumes of data for patterns and use these patterns to make predictions.

According to GlobalData’s latest published report, the global Artificial Intelligence market size was USD 68.1 billion in 2021 and is expected to grow further at a CAGR of 14.8% to reach USD 135.8 billion by 2026. This growth of the artificial intelligence (AI) market is attributed to application of this technology in many use cases including self-driving cars, smart cities, chatbots, disease diagnosis, security systems, manufacturing, and many others. The report also provides data and analysis for specialized AI applications, AI hardware, AI platforms, AI consulting and support services.

Major companies in the AI market include Microsoft Corp, International Business Machines Corp, Alphabet Inc, Intel Corp, Apple Inc, Advanced Micro Devices Inc and others. Companies in the AI market are focusing on expansion through acquisitions and partnerships. For example, in January 2022, International Business Machines Corp announced the acquisition of Envizi, a provider of data and analytics software for environmental performance management. The acquisition is part of IBM’s plan to increase investments in AI technology. In March 2022, Microsoft Corp acquired Nuance Communications Inc, a company that offers conversational AI and ambient clinical intelligence solutions.  

Need more information? GlobalData's new report covers each of these companies in much more detail, providing an analysis of the following:

• Major competitors
• Key strategic initiatives
• Market Dynamics including Venture Financing, Mergers Acquisitions deals, Social Media Analytics, Job Analytics and Patent Analytics
• The comprehensive report provides global market size estimates, revenue numbers, and coverage of key issues and market drivers.

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