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Market Revenue to Grow at a CAGR of 41.6% Between 2019 and 2025
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Artificial intelligence (AI) can be defined as machines running cognitive processes that are designed based on human intelligence. AI is one of the foundations for the growing digitization of industries or Industry 4.0 around the world. The application of AI leads to productivity and economic growth, as these technologies are capable of analyzing large datasets. AI can also help in the designing of new products to meet the new demands raised by consumers. AI has many contributions across industries; the chemical industry, automotive industry, and healthcare industry have provided better opportunities and a larger market for the application of AI.The global AI software market revenue will grow at a CAGR of 41.6% between 2019 and 2025, with IBM representing the highest revenue among all competitors during 2016–2018. The forecast share of Asia-Pacific (including China) in the total market revenue of the chemical industry in 2020 is about 60%, representing more digitization opportunities in the region. This trend has been led by rising the importance of safer operations in chemical production processes, which is one of the main benefits of AI application in this industry, along with the need for smart and green manufacturing. In the automotive industry, the global AI market revenue will grow at a CAGR of 51.3% between 2019 and 2025, with the Asia-Pacific region expected to represent the fastest growth. The global AI market revenue in the healthcare industry will grow at a CAGR of 25.4% between 2019 and 2025, with North America contributing the highest share. Interest in the potential of AI in applications such as drug discovery, medical imaging and diagnostics, predictive analytics, clinical decision support, and lifestyle and chronic condition management has been growing, as shown by the high rate of new companies entering the market every year.
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