Market Highlights
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.
Artificial intelligence has the potential to change the world around us by modernizing the way we communicate, work, and conduct our daily life. Organizations are adopting artificial intelligence technology to extract valuable insights from data for developing innovative products and improving customer experience.
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Segmentation:
The segmentation of the artificial intelligence market is carried out on the basis of system type, services, application, and regions. Based on the system type, the segments of automotive robotics system, digital assistant system, artificial neural networks, and embedded system are included in the artificial intelligence market. The artificial intelligence market on the basis of services consist of gesture control, robots, speech recognition, and language processing, among others. The segmenting the artificial intelligence market on application comprises of oil & gas, media and entertainment, automotive, healthcare, education, and aerospace, among others. Based on the regions, the artificial intelligence market is segmented into North America, Europe, APAC, and other regions.
Detailed Regional Analysis
Geographically, the artificial intelligence market has seen its considerable growth in North America, Europe, Asia Pacific, and the rest of the world.
By MRFR reports, North America leads to having profound artificial intelligence services and is estimated to increase in the forecast period. As North America is an established region having an advanced infrastructure, has adopted the new technology since early days. The service is deployed in various verticals such as BFSI, Government and enterprise.
Next comes, Europe region which is expected to be the second position holder of the global artificial intelligence market. The artificial intelligence services have been increased with time by industries over computing algorithm-based software is fuelling the market growth with time. With the support of Government initiatives to introduce advanced technologies in Europe has created a decisive factor, hence tuning up the market at a global level.
Whereas, Asia-Pacific is projected to see tremendous growth in artificial intelligence market as a service during the forecast period. China, Japan, Singapore, South Korea, and other countries are leading the artificial intelligence market with increasing awareness about the benefits of enabling products and services. Furthermore, with increasing usage of digital technology is also a prime driving factor for the growth of the market in this region in the coming years.
Competitive Analysis
The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The growth of the market is contingent on the delicate balance of the forces of demand and supply. The consumers in the market are well aware of their requirements and how the market can meet them. The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The availability of advantageous policies and regulations by trade bodies and governments is expected to hasten the escalation of the market in the forecast period. The improved economic state of the companies is likely to lead to better research and development trials and activities in the impending period. The upgradation in production capacity is estimated to accelerate market expansion in the upcoming period further.
The vital players in the artificial intelligence market are Microsoft Corporation (U.S.), Google Inc. (U.S.), Brighterion Inc. (U.S.), Rocket Fuel Inc. (U.S.), Facebook (U.S.), Qualcomm (U.S.), IBM Corporation (U.S.), Salesforce (U.S.), Kensho Technologies, Inc. (U.S.), Sentient Technologies (U.S.), Infosys (India) and among others.
Industry Updates:
Mar 2020 The authorities in Spain are funding robots to automate the testing of people for the Covid-19 coronavirus. The Spanish administration is setting up to test 80,000 people a day for coronavirus with the introduction of robot testers. The technology will be applied to speed up examining people in Spain, one of the nations hit severely by the Covid-19 pandemic, with 200 deaths recorded so far. The application of AI and robot technology could help conquer these problems while dipping medical practitioners’ contact with the virus.
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Global Artificial Intelligence Market, System Type (Artificial Neural Networks, Digital Assistant, Automotive Robotics System, Embedded System), Services (Speech Recognition, Gesture Control, Robots, Language Processing), Application - Forecast till 2023
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