Artificial Intelligence Market Size, Revenue, End Users And Forecast Till 2026
The artificial intelligence market in North America was valued at US$ 9.72 Bn in 2018. The growth witnessed in this region is attributed to the ongoing technological advancements in the field of natural language processing, machine learning, and analytical tools. According to a published report by Fortune Business Insights, the global market is projected to reach US$ 202.57 Bn by 2026, exhibiting a CAGR of 33.1% during the forecast period from 2019 – 2026. The global market was valued at US$ 20.67 Bn in 2018.
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Key Players Mentioned:
- Alphabet (Google Inc)
- Apple Inc
- Baidu
- IBM Corporation
- IPsoft
- Microsoft Corporation
- MicroStrategy, Inc
- NVIDIA
- Qlik Technologies Inc
- Verint Systems Inc
“The Natural Language Processing Segment to Witness Growth Driven by Extensive Usage of AI”
The report classifies the global artificial intelligence (AI) market on the basis of components, technology, industry vertical, and geography. In terms of technology, the market is divided into machine learning, computer vision, natural language processing, and others. Out of these, the natural language processing segment is expected to gain the highest share of the global artificial intelligence (AI) market during the forecast period. This will occur because of the application of AI techniques in analyzing natural language in spoken as well as written forms.
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“Google, Amazon and Other Prominent Market Players to Gain Competitive Edge Through Innovative Product Launches and Strategic Partnerships”
In January 2017, Google launched its Cloud AutoML. It uses Google’s Cloud Vision application programming interface and Cloud Machine Learning Engine service. AutoML is used by several prominent companies, such as Urban Outfitters and Disney. It is making search and shopping on their particular websites more relevant. It also supports image recognition that allows consumers to drag the images and train their systems to recognize those on Google cloud. In October 2018, Amazon started providing AI-as-a-service under its AWS banner with ‘Amazon AI’. The company will begin expanding the global AI market through this strategy. The system will allow developers to build applications with various tools. AstraZeneca plc, a multinational pharmaceutical and biopharmaceutical company, based in the U.K., announced that it has partnered with Ali Health, a subsidiary of Alibaba, earlier in 2018. The aim of the collaboration was to develop an AI-enhanced diagnostics and screenings applications in China.
Analysis by Market Segmentation:
- By Component
- By Technology
- By Industry Vertical
- By Region
“Increasing Adoption of Cloud-based Applications and Services to Propel the Market”
The report suggests that a rise in the demand for intelligent virtual assistants is likely to boost the global artificial intelligence (AI) market growth. Additionally, expansion of the connected device market, increasing investments in 5G technology, and rising adoption of cloud-based services and applications will contribute to the growth. However, at present, the number of experts working in the field of AI technology is very limited. This is why artificial intelligence market is facing numerous challenges in recent years. Unreliability of AI algorithms and data privacy are two of the most concerning factors affecting the AI market. There is a huge potential for improvements in customer service in the retail sector. Combined with this, improvements in efficiency in the manufacturing industry will also occur. There is also a rise in the number of personalized and high-quality AI-enhanced products in the market which will also contribute to the overall global market growth.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Artificial Intelligence (AI) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Offering (Value)
- Hardware
- Software
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Others
- By End Use Industry (Value)
- Healthcare
- Retail
- Advertising & Media
- BFSI
- Automotive & Transportation
- Government
- Manufacturing
- Others
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Offering (Value)
- North America Artificial Intelligence (AI) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
TOC Continued…!
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