The leveraging of AI by organizations to mine valuable insights is estimated to spur the AI industry in the coming period. Furthermore, the stress on enhancing customer experience is projected to create a favorable scope for the AI market size in the coming period. Also, the growing IoT sector is estimated to bolster the artificial intelligence market in the impending period.
The surfeit of opportunities offered by AI is prompting the development of the artificial intelligence market 2020. The information & communication technology industry reports are shaped by Market Research Future, which centers on market choices for expansion. A 48 % CAGR is estimated to spur the market’s revenue to USD 25 billion by 2023.
Top Drivers and Key Restraints
AI’s ability to assess the collected data accurately and predict sound decisions via vital algorithms results in better productivity. For example, Netflix makes suggestions for movies based on the previous viewing experiences of the viewers. In the present business landscape, AI has completely revolutionized the concept of business management by integrating trend predictions, brand purchase advertising, and workflow management tools along with other tools. Besides, a number of small startups, as well as tech companies, are making considerable investments in the deployment of open-source AI platforms in an attempt to attain better productivity in their value chains. Additionally, the rising availability of low-cost AI technologies seems to be working in favor of the global market.
Artificial intelligence has grown to be one of the most sought-after technologies in recent times. AI is related to human intelligence with somewhat similar properties including reasoning, language understanding, problem-solving, learning, and others. Manufacturers are facing a number of significant underlying intellectual issues pertaining to the development as well as revision of this technology but are consistently working towards achieving their goals of reaching a better position in the market. AI is considered to be the core of the advanced software technologies within the market, with renowned players like Microsoft, IBM, and Google actively implementing AI in their technologies.
Furthermore, AI finds use in a variety of application areas such as finance, oil & gas, media & advertising, healthcare, retail, agriculture, automotive & transportation, educational institutions, law, among others. This has led AI to greater heights in recent years, given the developments like accurate weather predictions, space exploration, self-driving cars, and others. Speaking of positive developments in the market, AI also has the potential to induce numerous healthcare advancements, thanks to its ability to assess massive amounts of genomic data and also ensure highly accurate treatment of several medical conditions.
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The leading players operating in the worldwide market for artificial intelligence are Sentient Technologies (U.S.), Brighterion Inc. (U.S.), Kensho Technologies, Inc. (U.S.), Qualcomm (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), Salesforce (U.S.), Infosys (India), Facebook (U.S.), Microsoft Corporation (U.S.), Rocket Fuel Inc. (U.S.), to name a few.
The regional examination of the artificial intelligence market includes regions such as North America, Europe, APAC, and other regions. The North American region is likely to direct the development of the artificial intelligence market with the prime percentage owing to the growing use of artificial intelligence in defense, aviation, and the financial sector. Moreover, the U.S. retains the most significant market portion. Though, in the European region, the deployment of cloud-based AI is projected to view a remarkable growth shortly due to the escalating demand of consumers towards artificial intelligence uses such as speedy and simple document control and on-demand access to data.
System type, services, and application are the primary segments based on which the global artificial intelligence market has been studied extensively in the MRFR report.
The system types covered in the MRFR report are digital assistant system, artificial neural networks, embedded system, and automotive robotics system.
Services-wise, the market segments are gesture control, speech recognition, language processing, and robots, among others.
Application-dependent market segments include oil & gas, education, healthcare, automotive, aerospace, and media and entertainment among others.
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