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The global artificial intelligence (AI) market size is prophesized to reach USD 202.57 billion by 20206. The growth is attributable to the increasing availability of AI-enhanced products and services. Recently Fortune Business Insights published a report, titled, “Artificial Intelligence (AI) Market Size, Share and Global Trend by Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Geography Forecast, 2019-2026.” As stated in the report, in 2018, the global AI market was worth USD 20.67 billion. The market is expected to rise at a staggering CAGR of 33.1% during the forecast period, 2019-2026.
Prominence of AI will Encourage Players to Invest into the Market
AI adoption is increasing at a rapid rate across different industry verticals which include BFSI, healthcare, government, manufacturing, retail, and IT & telecom. A lead analyst at Fortune Business Insights states, “Artificial intelligence allows people to analyze data, gain insights, and use them to improve decision making.” He added, “Considering this, AI is gaining prominence in the world, which in turn, is encouraging key players to invest into this technology.” In April 2019, Google announced the launch of a AI platform. This platform will offer data scientists and developers an end-to-end service to build, test, and deploy their custom models. This, as a result, is expected to drive the AI market growth during the forecast period.
To get a detailed report summary and research scope of this market, click here:
Ever-increasing Demand for AI-Infused Virtual Assistants to Propel the Market
A rise in the adoption of cloud-based services and applications is one of the major drivers of the global artificial intelligence (AI) market. Additionally, there has been an increase in the amount of data generated worldwide and a rising demand for AI-enhanced virtual assistants. These factors will contribute to the growth of the global market. There are several other growth opportunities in the market. That includes the persistent adoption of AI to improve customer service as well as improving the operational efficiency in the manufacturing unit. However, there is less number of AI technology experts in the field. It is one of the major factors that is likely to hinder the growth of the global market. Moreover, several critical challenges are faced by the global AI market, such as the unreliability of AI algorithms and theft of data.
As per component, software segment is expected to cover the majority portion of the artificial intelligence market share. As per technology analysis, natural language processing is expected to gain immense traction in the market then computer vision and machine learning. As per the report, computer vision covered a share of 22.5% in the global market in 2018. Demand for AI is anticipated to be the highest from government and BFSI sectors.
Rapid Usage of AI in Drug Discovery Process to Favor Growth in the Asia Pacific
The report analyzes latest AI market trends across regions such as Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Amongst these, North America was worth US$ 9.72 billion in the year 2018. The region is expected to remain in the dominant position throughout the forecast period. This growth is attributed to the ongoing technological advancements in natural language processing, machine learning, and analytical tools. Furthermore, there has been a rise in the number of awareness programs regarding the benefits of artificial intelligence systems in the region. Europe, on the other hand, is anticipated to remain in the second position and will exhibit moderate growth during the latter half of the forthcoming years.
The market in Asia Pacific will witness impressive growth during the forecast period, in terms of AI implementation. In China, the government is currently supporting an AI intelligence plan by integrating with Baidu, Inc., a multinational technology company, to develop a national deep learning laboratory consisting of smart agriculture, military, intelligent logistics, manufacturing, and other applications. There is also a rise in the number of biopharma companies in Asia Pacific that are implementing AI to conduct drug discovery process efficiently. It is because AI algorithms are capable of analyzing a large amount of data from pre-clinical studies, health records, genetic profiles, and clinical trials. Developed countries, such as Japan, accounts for the majority of artificial intelligence (AI) market share as more and more enterprises have begun investing huge sums in this field.
Fortune Business Insights has profiled a few of the most prominent market players operating in the global artificial intelligence (AI) market. They are NVIDIA, Baidu, Alphabet (Google Inc.), Verint Systems Inc. (Next IT Corp), Apple Inc., MicroStrategy, Inc., IBM Corporation, Qlik Technologies Inc., Microsoft Corporation, IPsoft, and other prominent players.
In August 2019, world’s number 1 analytics platform ‘Tableau’ and number 1 CRM ‘Salesforce joined hands with each other to help customers drive smarter decisions. Salesforce acquired Tableau with an aim to drive digital transformations.
The global artificial intelligence (AI) market can be segmented into:
Value (USD billion)
By Industry Vertical