What is the Size of US Artificial intelligence industry?
US Artificial Intelligence market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028. The US Artificial Intelligence Market has been developing for the last few years now & is widely applied across various fields including healthcare, finance, manufacturing, retail etc. which has been influencing its growth across these industries. In the United States, the most prominent examples of AI applications include natural language, processing, machine learning, computer vision, robotics and autonomous systems. Several key factors have ensured that the Artificial Intelligence Market has grown multi-fold within the country. First, increasing investment by both public & private sector have ensured that the AI industry is thriving.
Second, the continuous progress made by the country in finding hardware, AI algorithms & computing power which makes sure that the US Artificial Intelligence market continues to thrive & contribute to the country’s economic growth. Third, many companies are adopting the artificial intelligence mechanisms in order to improve efficiency, enhance decision making & develop innovative products & services. For instance, Microsoft focuses on using AI for web search & image generation. Lastly, there is immense support by the government of United States. With schemes like National Initiative & American AI Initiative make sure that artificial intelligence is used for economic development & national security.
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Us artificial intelligence market by Type
The US Artificial Intelligence market is segmented by Components into Software & Hardware. Amongst the two components, software is becoming the dominant segment in the market in 2022, as its demands are constantly increasing.
Software & services includes various types of AI platforms, frameworks & applications that enable businesses to build & deploy AI solutions. AI software includes natural language processing (NLP), computer vision, machine learning & deep learning tools. These services cater to businesses seeking to integrate AI into their systems. Hardware consists of specialized processors & chips designed to accelerate AI computations, Graphic Processor Units (GPUs) and Tensor Processing Units (TPUs) are prime examples of AI-specific hardware which is used to run & train AI models.
Us Artificial Intelligence Market By Industry
The US Artificial Intelligence market is segmented by Industry into Healthcare, Finance, Retail & E-commerce, Manufacturing & Automotive industry. Undoubtedly, manufacturing industry is leading the way when it comes to using artificial intelligence in 2022. Predictive mechanisms are used to monitor equipment & machinery in real time. In certain manufacturing sectors like automotives & aerospace, AI powered autonomous vehicles & drones were employed for material handling & inventory management, enhancing the efficiency & safety of these operations.
Us Artificial Intelligence Market by geography
The US Artificial Intelligence market is segmented by Geography: North, East, South & West regions. North region of the US artificial intelligence market includes Silicon Valley & Seattle. Silicon Valley is dominant mode in the market in 2022. It is a house to many tech giants, start-ups & research institutions working on developing cutting-edge technologies. South region includes places like Texas, Florida & Georgia, which have seen an increase in AI related activities, driven by growth of AI companies & research centers. This region is also seeing the application which includes agriculture, energy & finance. AI Development is not limited to specific regions, as there are pockets of AI research & start-ups across the country.
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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:
- Government agencies
- Tech companies
- Investors & Venture Capital Firms
- Academic & Research Institutions
- Businesses across Industries
- Consulting Firms
- Educational Institutions
- Non-profit organizations
Time Period Captured in the Report:
- Historical Period: 2017-2022
- Base Year: 2022
- Forecast Period: 2023-2028
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