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Artificial Intelligence (AI) Market Size, Share, Growth Analysis, Demand Forecast, Revenue, Future Outlook and Impact of COVID

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Market Outlook

The global artificial intelligence market is expected to grow at a fast pace and will approach nearly 50% CAGR. Most of the leading players are adopting artificial intelligence technology to extract valuable insights from data for developing innovative products, implement artificial intelligence in services, and improve customer experience. The demand for artificial intelligence technology is growing rapidly due to its complex, data-driven applications such as voice and image recognition. The artificial intelligence market is segmented into system type, services, and application.

Rising demand for the technology to improve processes in finance and media & entertainment sectors is predicted to boost market demand. The proliferation of internet of things (IoT) across industries to improve productivity and efficiency can bode well for the market. Deep learning and pattern recognition are other subsequent technologies which can grow with the help of AI and offer substantial growth opportunities to the market.

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Segmentation

The global artificial intelligence market is segmented by system type, service, and application.

By system type, it is segmented into automotive robotics system, embedded system, digital assistant, and artificial neural network. The digital assistant type is expected to display the highest growth rate during the forecast period. This can be credited to the resolution of major queries by virtual assistants that can reduce overhead costs for large corporations.

By service, it is segmented into robots, language processing, speech recognition, and gesture control. Language processing holds high promise due to digital assistants such as Siri and Alexa learning new phrases to adapt to the language, accent, and tone. Demand for automation and personalization is likely lead to better iterations of AI to be embedded in applications.

By application, it is segmented into media & entertainment, healthcare, oil & gas, automotive, education, aerospace, and others.

Regional

North America is dominating the global artificial intelligence market with the largest market share and therefore accounting for the highest revenue amounts. This market is expected to grow due to various factors such as growing use of artificial intelligence in aviation, defense and financial sector of the North American region. The higher implementation of AI technologies in various industrial sectors like manufacturing, media and entertainment, and healthcare is the major reason fueling the growth of the artificial intelligence market in North America. Companies like Tesla, Apple and IBM are innovating to install artificial intelligence enabled chipsets and processors in automobiles, smartphones, and medical equipment.

Europe holds the second position in the global artificial intelligence market due to the growing demands for artificial intelligence such as fast and easy document control and on-demand access to data. Additionally, many public and private organizations have been collecting domain-specific information comprising issues such as cybersecurity, medical informatics, marketing, fraud detection, and national intelligence.

Asia Pacific region, with the higher presence of smartphone manufacturers and semiconductor industries, is expected to grow at a fast pace. Countries like China, Taiwan, and South Korea hold near about 80% of the global smartphone manufacturers, and most of them carry a huge opportunity for artificial intelligence market. 

Competitive Outlook

Prominent names include Infosys, Salesforce, Qualcomm, Microsoft Corporation, Google Inc., Sentient Technologies, Facebook, Rocket Fuel Inc., IBM Corporation, Brighterion Inc., Kensho Technologies, Inc., and others.

Industry News

Researchers from the U.S. and Israel have developed a method based on AI to predict metabolic pathways which can assist crops in growing in extreme weather conditions. The machine learning techniques will assist farmers in strengthening the immunity of crops.

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LIST OF FIGURES

FIGURE 1 Global Artificial Intelligence Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis Of Global Artificial Intelligence Market

FIGURE 4 Value Chain Of Global Artificial Intelligence Market

FIGURE 5 Share Of Global Artificial Intelligence Market In 2017, By Country (In %)

FIGURE 6 Global Artificial Intelligence Market, 2017-2023,

FIGURE 7 Sub Segments Of System Type

FIGURE 8 Global Artificial Intelligence Market Size By System Type, 2017

FIGURE 9 Share Of Global Artificial Intelligence Market By System Type, 2017 TO 2023

FIGURE 10 Global Artificial Intelligence Market Size By Services, 2017

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