Artificial Intelligence (AI) Market worth $309.6 billion by 2026 - Exclusive Report by MarketsandMarkets - Seite 2

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The services segment to hold higher CAGR during the forecast period

Based on components, the Artificial Intelligence Market is segmented into hardware, software, and services. The software segment of the report is sub segmented into application programming interface (API) and ML framework, the hardware segment is bifurcated into processor, memory, and network, whereas the services segment is segmented into deployment and integration, and support and maintenance. The services segment is expected to account for higher CAGR during the forecast due to the growing use of AI and analytics for policymaking, environmental analysis, and real-time decision-making.

The ML segment to have larger market size during the forecast period

The AI market has been segmented by technology into ML, NLP, context-aware computing, and computer vision. The market share of ML technology is higher attributed to the enormous availability of data, also called big data, and the increasing adoption of ML by enterprises and federal agencies to gain useful insights.

Healthcare and Life Sciences segment to have the higher CAGR during the forecast period

The AI market by vertical has been categorized into 8 different verticals, namely, BFSI, retail and ecommerce, automotive, government and defense, healthcare and life sciences, telecom and IT, energy and utilities, manufacturing, and others (education, media and entertainment, and travel and hospitality). Factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of start-ups in this segment are fueling the growth of healthcare and life sciences segment in Artificial Intelligence Market.

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North America to account for larger market size during the forecast period

The AI market is segmented into five geographic regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market share during the forecast period. The key factor supporting the growth of the AI market in this region is the wide-scale adoption of AI technologies in several industries, such as healthcare, automotive, agriculture, retail, marketing, and law.