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The global Artificial Intelligence (AI) market size is expected to gain momentum by reaching USD 360.36 billion by 2028, due to increased adoption of AI in IT and Telecom sector. Some of the AI solutions, that are used in IT and telecom sector are XenonStack, ZeroStack, Aria Networks, SAS Regulatory Risk Management, and others. This is used as to extract insights from the huge volume of big data to offer better customer services.
This information is provided by Fortune Business Insights in its report titled, “Artificial Intelligence (AI) Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others), and Regional Forecast, 2021-2028”, mentions that the market stood at USD 35.92 billion in 2020 and is projected to exhibit a CAGR of 33.6% during the forecast period.
IBM Partners up with Palantir Technologies to Create Applications with IBM Watson
IBM and Palantir Technologies in February 2021 announced their new partnership. With this partnership the company aims to come up with IBM's hybrid cloud data platform, which will help in providing AI solutions to businesses. The technology is anticipated to help the businesses in building the AI-infused applications with IBM Watson. This will help users in accessing, analyzing, and taking action on the huge data scattered across hybrid cloud, without the need for deep technical skills. The new product, Palantir for IBM Cloud Pak for Data, is planned for general availability in March of 2021.
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Varied Applications in Different Industries to Drive Market Growth
In recent times, industries such as retail and e-commerce, healthcare, and other are inclined towards intelligent technology to enhance their offerings. For instance, in 2018, Cogito, a Boston-based start-up, came up with tool, that is based on deep learning and behavioral science for real-time conversation analysis. The tool offers personalized service by analyzing the tone of the customers. This bot supports real-time situations and it is able to achieve 26 percent improvement in its promotion and issue resolution procedures. Thus, the rising need for personalized customer, is expected to drive the artificial intelligence market growth.
Key Players Focus on Product Launches to Brighten Their Market Prospects
The market is experiencing healthy competition among key players focusing on developing and launching new products to widen their product portfolio and further boost sales revenues. In addition, the other players are trying to maintain their position in the market by adopting strategies such as merger and acquisition, partnership, and collaboration and new launches that will contribute to the growth of the market during the forecast period.
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
Component; Technology; Deployment; Industry; and Geography