Artificial Intelligence Market to Surpass USD 2359.1 billion by 2031 | SkyQuest Technology

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Artificial Intelligence Market Overview:

Driving Force Behind the Dominance of Software Industry is Surge of AI

The software industry was the largest in the world in 2023. Developments in computer power, data storage, and parallel processing are the primary drivers of the software segment's growth. The expanding acceptance of AI technology in various end-use industries has led the hardware business to register the fastest growth rate. It is further projected to witness surge in demand for artificial intelligence hardware systems in the coming years with the rise in adoption of this technology across multiple end use sectors.

Hardware Industry to Register Fastest Growing Rate owing to Surge of CPUs and GPUs

The hardware segment is expected to grow at the fastest rate during the projection period. Artificial intelligence hardware is made up of several components, such as CPU, GPU, ASIC, and FPGA. Owing to their enormous computing capability and high demand, CPUs and GPUs have taken the lead in the hardware market. The increasing adoption of AI technology in a range of end-use industries is expected to drive rising demand for artificial intelligence hardware systems in the coming years.

North America to Dominate due to Government Support and Specific Programs

The largest market share for artificial intelligence market worldwide was occupied by North America. This is due to favourable government policies that incentivize North American businesses to employ AI, as well as the growing need for automation. It is projected that the Asia Pacific market will grow at the fastest rate during the forecast period. The growing rate of investments in implementation of AI is driving up demand for technology.

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Artificial Intelligence Market Insights:

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Prominent Players in Global Artificial Intelligence Market

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Key Questions Answered in Global Artificial Intelligence Market Report

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