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In recent years, Artificial Intelligence (AI) has become increasingly widespread and has permeated various aspects of our society, including businesses, cultures, governments, and consumer markets. Tech giants continue to drive innovation and research in this field, leading to the adoption of advanced technologies in various industry verticals, including automotive, healthcare, retail, finance, manufacturing, staffing, and education. While technology has always been a critical element in these industries, AI has taken center stage in the global market and is now incorporated into almost every device and application, from self-driving vehicles to life-saving medical equipment.
Companies are now utilizing artificial intelligence as a Service (AIaaS) to gain a competitive edge in the cloud. According to a report by Grand View Research, companies are adopting AI services to reduce their overall operational costs and increase their profitability. Providing AI services includes various tasks such as installation, integration, maintenance, and support. This segment is expected to experience significant growth in the foreseeable future.
The artificial intelligence (AI) global market size was valued at $136.55 billion in 2022. The report further projected that the market will grow at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030.
AI hardware comprises chipsets such as Graphics Processing Units (GPUs), Central Processing Units (CPUs), application-specific integrated circuits (ASICs), and field-programmable gate arrays (FPGAs). GPUs and CPUs currently dominate the artificial intelligence hardware market, owing to their high computing capabilities, which are necessary for AI frameworks.
The adoption of cloud-based computing platforms and on-premises hardware systems for the secure recovery of substantial amounts of data has led to the growth of the analytics platform. Furthermore, the significant investments made by prominent players in research and development will be instrumental in driving the adoption of artificial intelligence technologies.
Vendors are concentrating on expanding their customer base to gain a competitive advantage in the market. In this regard, key players are undertaking strategic initiatives, such as mergers and acquisitions and partnerships with other major corporations.