According to the latest report by IMARC Group, titled “Latin America Artificial Intelligence Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the latin america artificial intelligence market expected to continue its robust growth during the forecast period (2021-2026). The report provides a detailed analysis of the market by Offering, Technology, System, End-Use Industry, geography.
Base Year: 2020
Forecast Year: 2021-2026
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Industry Definition and Application:
Artificial intelligence (AI) refers to an interdisciplinary field of computer science invented to imitate human intelligence to perform several activities in real-time. It is extensively utilized for multiple purposes, such as decision-making, voice recognition, visual perception, language translation, handwriting recognition, etc. Artificial intelligence offer numerous advantages, such as better adaptability, higher time-efficiency, improved accuracy, enhanced productivity, etc. As a result, it is used across various sectors, such as defense, trade, automobile, construction, healthcare, transportation, banking, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends and Drivers:
The rising internet connectivity and increasing penetration of smart devices are primarily driving the Latin America artificial intelligence market. Furthermore, the escalating deployment of AI-based algorithms in e-commerce platforms for gathering specific insights is also augmenting the market growth in the region. Additionally, the growing trend of digitization across several industries, such as retail, BFSI, construction, etc., is further inducing the AI market in the region. In line with this, continuous government support for the expansion of the 5G network is also propelling the demand for AI across Latin American countries. Moreover, the increasing integration of image recognition technology with optical character identification is expected to further bolster the demand for AI in drones, robots, and self-driving cars, over the forecasted period.
Latin America Artificial Intelligence Market Segmentation:
The report has segmented the market on the basis on region, Offering, Technology, System, End-Use Industry.
Breakup by Type:
- Narrow/Weak Artificial Intelligence
- General/Strong Artificial Intelligence
Breakup by Offering:
Breakup by Technology:
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
Breakup by System:
- Intelligence Systems
- Decision Support Processing
- Hybrid Systems
- Fuzzy Systems
Breakup by End-Use Industry:
- Human Resources
- Financial Services
- Transportation and Logistics
Breakup by Country:
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