Pune, June 16, 2020 (GLOBE NEWSWIRE) — The global artificial intelligence market size is anticipated to gain traction and reach USD 202.57 billion by the end of 2026 on account of the rising adoption of cloud-based services and applications. Artificial intelligence is defined as the simulation of human intelligence into machines and programs so that they can think and behave like humans. A recent report by Fortune Business Insights titled, “Artificial Intelligence (AI) Market Size, Share and Industry Analysis 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 Regional Forecasts, 2019-2026,” states that the market value stood at USD 20.67 billion in 2018 and is anticipated to rise at a CAGR of 33.1%. The forecast duration is set between 2019 and 2026.
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An Overview of the Impact of COVID-19 on this Market:
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The Report Answers the Following Queries:
- How fierce is the market competition?
- How will cloud computing help the market to grow?
- What are the major challenges and opportunities of the market for artificial intelligence?
- Which are the key strategies adopted by players in the market to gain dominance?
Drivers & Restraints-
Advent of Machine Learning for Various Manufacturing Applications to Spur Growth
Growth of big data in the information technology sector for mining, management, and administering enormous data is the key factor propelling the artificial intelligence market growth. Additionally, a rise in the adoption of cloud-based services and applications is also aiding to the expansion of the market. This, coupled with the increasing demand for intelligent virtual assistants and the use of machine learning applications in various industries are expected to add impetus to the market in the coming years.
On the contrary, the lack of skilled professionals, coupled with the unreliability of AI algorithms, may challenge the market in the coming years. This, coupled with the data privacy issues are likely to cause hindrance to the market in the coming years.
Segment:
Natural Language Processing Segment to Hold Dominance Accountable to Machine Translation Properties
Based on segmentation by technology, the natural language processing segment earned the highest market share in 2018. This is owing to its features such as semantic disambiguation, text parsing, informational retrieval (IR), machine translation, and others. However, the computer vision earned 22.5% artificial intelligence market share in 2018.
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Regional Analysis-
North America Emerged Dominant Owing to Rapid Adoption of Machine Learning
In 2018, North America generated USD 9.72 billion and held the largest global market share. This is attributed to the rapid adoption of advanced technology, natural language processing, and other analytical tools. This, coupled with the increasing awareness about the advantages of using AI, is further expected to help this region continue dominating the market in future.
Asia Pacific is likely to grow steadily on account of a rise in the implementation of artificial intelligence supported majorly by China. The Chinese government entered into a joint venture with Baidu Inc. for the formation of a national deep learning laboratory consisting of smart agriculture, manufacturing, intelligent logistics, military, and other applications in the end-use sector. Furthermore, with the growing number of biopharma industries that use AI for drug discovery processes, Asia Pacific is likely to showcase significant growth in the coming years.
Competitive Landscape-
Players Engaging in Innovative Software Lunches to Compete for Leading Position
The current scenario of the market is very fierce, with an estimated ten companies holding significant share. They are engaging in massive investments for forming AI-based startup companies that focus on machine learning to replace human resources with artificial intelligence tools. This will result in mass revenue generation and reduce expenditures, thereby helping the players to reach the top position in the market. Besides this, they are also engaging in collaborative efforts and in developing strategic partnerships, thus focusing on technology up-gradation and operational efficiency.
Major Industry Developments of the Market for Artificial Intelligence include:
October 2018 – Amazon AI was launched by Amazon to be an AI-as-a-service for the expansion of the artificial intelligence market.
January 2017 – Cloud AutoML was inaugurated by Google for helping various businesses start their custom models with advanced techniques with the help of AI.
List of the Key Players Operating in the Artificial Intelligence (AI) Market Include:
- Microsoft Corporation
- Alphabet (Google Inc)
- Qlik Technologies Inc.
- Apple Inc.
- IPSoft
- NVIDIA
- Baidu
- MicroStrategy, Inc.
- IBM Corporation
- Other players
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Detailed Table of Content
- 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)
- 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
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