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August 09, 2019 | Information & Technology
Pune, India, 2nd August 2019: The Global Artificial Intelligence Market is likely to expand considerably in the coming years due 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 till 2026.” As stated in the report, in 2018, the global artificial intelligence (AI) market was worth US$ 20.67 Bn. The market is expected to expand at an impressive CAGR of 33.1% and value US$ US$ 202.57 Bn during the forecast period from 2019-2026.
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 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.
Rapid Usage of AI in Drug Discovery Process to Favor Growth in the Asia Pacific
The global artificial intelligence (AI) market is geographically divided into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Amongst these, North America was worth US$ 9.72 Bn 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.
Fortune Business Insights predicts that 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 the 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.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114
The global artificial intelligence (AI) market can be segmented into:
By Industry Vertical