The global artificial intelligence market is expected to reach the market value of around US$ 160 Bn by 2026 and is anticipated to grow at a CAGR of around 49% in terms of revenue during the estimated period 2019 – 2026.
Artificial Intelligence is described as the engineering & science of making smart computer systems capable of displaying human-like intelligence (natural intelligence) & directly performing tasks without any human intervention. In order to interpret complex data and the interaction between machines & person, Artificial Intelligence uses software & algorithms to mimic human perception. Artificial Intelligence use ranges from advanced analytics & analysis to robotics.
The report provides analysis of global Artificial Intelligence market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The growth of the artificial intelligence industry is driven by growing adoption of cloud-based applications and services, the rise in the connected device market, significant investments in 5G technologies, and increased demand for smart virtual assistants. Currently the number of experts in AI technologies is small. Therefore, increasing the role of machine learning software (M2 M, M2P) in manufacturing industries is expected to drive the market in the forecast period. For starters, IBM Corporation purchased Armanta Inc. in 2018 with the goal of providing financial services companies with an AI-based cloud computing platform to satisfy market demands. There are, however, various factors that still need to be tackled which could have a significant long-term effect on the Artificial Intelligence market. Data security & privacy is a key issue about the Artificial Intelligence implementation. In the healthcare sector, for example, private patient & family data constitute a valuable asset, and a malevolent AI or a malicious malware infecting the AI will exploit it. The popular view of Bostrom's work on orthogonality remains true today. The Thesis of Orthogonality says, "Artificial Intelligence will create any mixture of intelligence with several set of objectives. Those targets are added by hacking or a rogue malware attack. Certain major factors inhibiting the Artificial Intelligence industry include low investment returns, AI-related costs, lack of skilled labor force, & weakness due to hardware and software failures. However, in the current scenario, reticence to implement Artificial Intelligence technologies is another major challenge facing the industry.
North America is projected to held the maximum market share in artificial intelligence. North America is anticipated to maintain its dominance amid the forecast period due to technical advancement in analytical tools, machine learning, and natural language processing technology. In fact, knowledge of the advantages of artificial intelligence instruments is common in the region.
Cloud-based AI deployment in Europe is projected to see significant growth in the coming years due to increased consumer demand for quicker and on-demand data access and convenient document management. In fact, many private and public agencies are gathering domain-specific data that covers topics such as medical information processing, communications, cyber security, national intelligence, and prevention of fraud. Big data-based AI algorithms help to evaluate these unorganized and unsupervised data by continuous improvement of each data set.
The market research study on “Artificial Intelligence Market (By Technology: Image Processing, Machine Learning, Natural Language Processing, Speech Recognition; Application, IT & Telecom, Media & Advertising, BFSI, Automotive & Transportation, Retail, Healthcare, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global artificial intelligence market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global artificial intelligence market, its technology, application, end use, and major geographic regions. The report covers global artificial intelligence market size, and segment markets by technology, application, end use, and geography along with the information on companies operating in the market. The artificial intelligence market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global artificial intelligence market is segmented as below:
Artificial Intelligence Market By Technology
Artificial Intelligence Market By Application
Artificial Intelligence Market By Geography
Middle East & Africa
Key Players and Market Situation
The number of players in the artificial intelligence market around the world is increasing steadily. Participants include major global players such as Lifegraph, Zebra Medical Vision, Inc., Sense.ly, Inc., Baidu, Inc., H2O ai, Atomwise, Inc., NVIDIA, Enlitic, Inc., Google LLC, Intel Corporation, IBM Watson Health, and Microsoft Corporation, and others.
Artificial Intelligence is described as the engineering & science of making smart computer systems capable of displaying human-like intelligence (natural intelligence) & directly performing tasks without any human intervention.
There are three types of AI named Artificial Narrow Intelligence (ANI), Artificial General Intelligence (AGI) and Artificial Super Intelligence (ASI).
Factors such as growing adoption of cloud-based applications and services, the rise in the connected device market and increased demand for smart virtual assistants restrain the artificial intelligence market growth.
Image processing, machine learning, natural language processing and speech recognition are the technologies of artificial intelligence.
According to Acumen Research and Consulting, the artificial intelligence market value is anticipated to be worth around US$ 160 Bn in 2026.
The artificial intelligence market is anticipated to grow over 49% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for artificial intelligence market.