The financial outlook for the global artificial intelligence market looks pretty good in 2021. But that's nothing compared to the expansion experts expect to see over the next seven years. According to a recently released analysis report from Grand View Research, the AI market is expected to reach nearly $100 billion in 2021 and nearly ten times that by 2028. The global AI market is expected to grow at a compound annual growth rate of 40.2% from 2021 to 2028 to reach USD 997.77 billion by 2028. This is based on numerous data points, but the most indicative might be the year-over-year growth we're seeing from 2020 (where the market was evaluated at approximately $60 billion) to this year's predicted evaluation of just shy of $100 billion.

WIRE)--Worldwide revenues for the artificial intelligence (AI) market, including software, hardware, and services, is estimated to grow 16.4% year over year in 2021 to $327.5 billion, according to the latest release of the International Data Corporation (IDC) Worldwide Semiannual Artificial Intelligence Tracker. By 2024, the market is expected to break the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching an impressive $554.3 billion. Among the three technology categories, software represented 88% of the total AI market revenues in 2020. However, it is the slowest growing category with a five-year CAGR of 17.3%. Within the AI software category, AI Applications took the largest share of revenue at 50% in 2020.

With the emergence of 5G technology, the global AI Market is likely to gain momentum, states Fortune Business Insights in their latest study. The study is titled, "Artificial Intelligence Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025." According to the study, the global AI market will exhibit remarkable growth owing to factors such as the advent of machine learning into various other industries such as education, health, and others. Technological advancements and the launch of smart devices are creating lucrative growth opportunities for the artificial intelligence market. The rising popularity of machine learning technology is likely to help this segment pick pace over the forecast period.

AI is often being linked to Industry 4.0 in a similar way to the invention of steam engines (First Industrial Revolution), Mass Production (Second Industrial Revolution) and the emergence of the digital age (Third Industrial Revolution). We've been roping in the benefits of AI on a regular basis and it feels so accessible for the consumers that even the small business leaders are trying to encash the advantages that AI will be offering to their businesses. With more and more number of companies developing AI applications, competition and adoption rates of AI technology has increased, which in turn drives down the costs, thus, making AI accessible to a wider range of businesses. But, the debate remains- whether the small businesses should really consider the usage of AI for fulfilling their business needs or not? If the smaller businesses are looking to encash the benefits of this technology, then the timing of adopting the technology is going to play a crucial role.

Drivers 4.3.2.1 High penetration of IOT in agriculture industry 4.3.2.2 Increasing number of IOT device installation in agriculture 4.3.2.3 Decreasing price of sensors 4.3.2.4 Increase in adoption of cattle facial recognition 4.3.2.5 Impact analysis of drivers on market forecast 4.3.3