The US government has established a National Artificial Intelligence (AI) Research Resource Task Force to make more government data available to AI researchers. The main and immediate role of the task force will be to serve as a federal advisory committee, helping in creating and implementing a roadmap for the National AI Research Resource (NAIRR). NAIRR is a shared research infrastructure to give AI researchers across all scientific fields access to computational resources, high-quality data, educational tools, and user support. Through this, the Biden administration intends to remain on top of cutting-edge AI technology. This is interesting as the artificial intelligence market is expected to see explosive growth in the near future, as forecasted in the latest reports on artificial intelligence software and artificial intelligence services markets by The Business Research Company.

As per data on the Global Market Model, the artificial intelligence market size is expected to grow from $40.17 billion in 2020 to $51.56 billion in 2021 at a compound annual growth rate (CAGR) of 28.4%. The market is expected to reach $171.02 billion in 2025 at a CAGR of 35%.

Growing investment in AI technologies is contributing to the growth of the artificial intelligence market. Apart from government initiatives like the launch of the AI task force by the US government, several big tech players are also investing in AI tech or AI start-ups. This helps them increase the efficiency of AI software as AI enables them to make more informed decisions and achieve better results. Several big players such as Facebook, Amazon, Microsoft, Google, and Apple have been investing in acquiring AI start-ups. For instance, Microsoft has invested around $1 billion in its partnership with OpenAI, a San Francisco company. The two companies had formed a partnership to develop AI supercomputing technologies on Microsoft’s cloud Azure. Similarly, in 2020, Apple had acquired a Seattle-based start-up xnor.ai for a deal amount of $200 million.

AI attracts interest from multiple sectors as its use is widespread and helpful across different fields. For instance, AI can lead to breakthroughs in R&D and diagnostics in the healthcare sector, it can help make better forecasts in finance, and in manufacturing, it can increase production controls and efficiency. Therefore, there is a rise in investments in AI technologies from companies across sectors, which is driving the artificial intelligence market.

The other key factor driving the demand for artificial intelligence services is the increase in the adoption of cloud-based solutions. Artificial intelligence as a service (AIaaS) lets businesses experiment with AI for different activities without a high initial investment. Experimentation enables many cloud computing platforms to check different machine learning algorithms and helps streamline how data is analyzed and managed. Businesses are deeply interested in cloud-based machine learning, which lets them experiment through their services and help their clients make informed decisions based on the data. For instance, in March 2020, Google announced the beta launch of Cloud AI Platform Pipelines, which provides its customers with repeatable machine learning pipelines that can be installed easily and used for machine learning workflows securely. The integration of AI applications into its cloud draws more customers, thus enhancing market growth over the forecast period.

The Artificial Intelligence Global Market Report is one of a series of new reports from The Business Research Company that provides artificial intelligence market overviews, analyzes and forecasts artificial intelligence market size, share, artificial intelligence market players, artificial intelligence market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

About The Author

Moïn has over a decade of experience in market research, analysis, and consulting. He has worked with some prominent market intelligence firms in India including Progressive Digital Media, Ovum, and GlobalData. At TBRC, he is involved in reporting insights on technology and media sectors, along with market data and trend analysis, and understanding competition dynamics. His project experience includes a market strategy study for an AI-based marketing software for telecom companies. He has worked for several clients including Amazon, Sony, Flytxt, Fujitsu, and several tech companies. He has a bachelor’s degree in Biotechnology and a postgraduate degree in management from IMI Belgium.

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

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