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.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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.
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.
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.
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.
- MicroStrategy, Inc.
- IBM Corporation
- Other players
Quick Buy – AI Market Research Report https://www.fortunebusinessinsights.com/checkout-page/100114
Detailed Table of Content
- Definition, By Segment
- Research Approach
- 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
- By End Use Industry (Value)
- Advertising & Media
- Automotive & Transportation
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/artificial-intelligence-market-100114
Have a Look at Related Research Insights:
Cyber Security Market Size, Share & Industry Analysis, By Solution (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Internet Security), By Deployment Type (Cloud and On Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By End-Use (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing) and Region Forecast, 2020-2027
Blockchain-as-a-Service (BaaS) Market Size, Share & Industry Analysis, By Component (Tool and Service), By Application (Smart Contracts, Supply Chain Management, Payments, Governance, Risk, and Compliance Management), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods), and Regional Forecast, 2020-2027
Big Data Technology Market Size, Share & Industry Analysis, By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Regional Forecast, 2019-2026
Data Integration and Integrity Software Market Size, Share and Industry Analysis By Component (Tools (Solutions), Services), By Deployment Model (On-Premises, On-Demand), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Others) And Regional Forecast 2019-2026
Contact Center Software Market Size, Share and Industry Analysis By Component (Solutions & Services), By Organization Size (Large & Small & Medium Enterprises (SMEs)), By Deployment (Cloud & On-Premises), By Vertical (Banking, Financial Services, and Insurance, IT and Telecom, Government, and others), and Regional Forecast, 2019-2026
Home Automation Market Size, Share and Industry Analysis by Product Type (Luxury, Mainstream, Managed, DIY Do It Yourself Home Automation System), Application (Safety and Security, Lighting, Entertainment, Heating, Ventilation and Air conditioning), Networking Technology (Wired & Wireless) and Regional Forecast 2018-2025
Identity And Access Management Market Size, Share and Industry Analysis By Component (Provisioning, Directory Services, Single Sign-On, Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Packed Goods, Others) And Regional Forecast 2019-2026
Speech and Voice Recognition Market Size, Share & Industry Analysis, By Component (Solution, Services), By Technology (Voice Recognition, Speech Recognition), By Deployment (On-Premises, Cloud), By End-User (Healthcare, IT and Telecommunications, Automotive, BFSI, Government, Legal, Retail, Travel and Hospitality and Others) and Regional Forecast, 2019 - 2026
Internet of Things (IoT) Market Size, Share and Industry Analysis By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Regional Forecast, 2019 - 2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune - 411045, Maharashtra, India.
Email: [email protected]
Fortune Business Insights™
LinkedIn | Twitter | Blogs