Market Research Report
Artificial Intelligence Market, By Solution, By Technology, By Type, By End User, and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026
|Published by||AnalystView Market Insights||Product code||930131|
|Published||Content info||223 Pages
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|Artificial Intelligence Market, By Solution, By Technology, By Type, By End User, and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026|
|Published: March 1, 2020||Content info: 223 Pages||
Artificial intelligence Market was valued at USD 25.12 billion by 2019, growing with 39.4% CAGR during the forecast period, 2020-2026
Artificial intelligence or termed as machine intelligence is a boon of technology which makes it possible for hardware and software to replicate human actions. The AI technology present in today's world is capable of driving automobiles, responding to climatic conditions, and can even play games. Versions of AI which are successfully implemented in today's era are chat-bots, digital assistants and machine learning. The industry is expected to flourish in future owing to demand for cloud-based applications, big data, and virtual assistants. The only challenge of this market is less availability of AI technology experts.
Improvement in high computing power has resulted in the adoption of AI and robotics in sectors like IT, healthcare, manufacturing and automotive. To grab their dominance in the industry, companies are putting efforts to come up with integrated solutions comprising both hardware and software. Also, to spread their business, players are joining hands with various distributors and end-users.
Based on the solution, the industry is segmented into hardware, software, and services. Many applications are now integrated with AI technology. Being a complex technology, AI demands sophisticated algorithm, deployment and integration along with support services. Almost all the companies which are involved in the development of AI systems cater to both online and offline support, based on the application.
As per technology, the industry is segmented into (Deep Learning, Machine Learning, Natural Language Processing, and Machine Vision. Based on revenue, deep learning technology is expected to win the maximum market share during the forecast period. This technology is well preferred by consumers because of its complex data-driven application which comprises of text as well as sound recognition. Deep learning can take an edge as it overcomes the challenge offered by high data volumes.
Based on end-user the industry is bifurcated into Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, and Manufacturing. The advertising and media segment is anticipated to lead the market, as this segment captured the maximum share of the market until 2018. However, the retail sector can adopt AI technology for increasing its production capability by minimizing human intervention. Furthermore, many companies are putting their focus towards the development and deployment of 'Industry 4.0' which will support the usage of artificial intelligence devices in the manufacturing segment.
In terms of revenue, North America is expected to hold the maximum share in the near future. It is a technologically savvy region concerning machine learning, analytical tools, natural language processing. Also, the consumers of this region are more aware of the benefits of Artificial Intelligence. Europe is also expected to hold the second largest position by achieving moderate growth during the second half of the forecast period.
Some of the major players of this market include Lifegraph, Microsoft Corporation, Atomwise Inc., NVIDIA Corporation, Cyrcadia Health, HyperVerge, Baidu Inc, Google Inc., Clarifai, Inc., Zebra Medical Vision Inc, IRIS AI, IBM Watson Health, Intel Corporation, Advanced Micro Devices, Inc, Sense.ly Inc, Enlitic, Inc., AiCure, H2O.ai, ARM Ltd., and 7Ayasdi.
Many software and IT-based companies are getting support and interest from big investors. Most of the start-up companies are putting their efforts to come up with machine learning applications. This is a type of tool which allow computers to work without any human intervention.
Currently, to retain their dominance in the industry, companies need to invest in R&D of AI tools, technological advancement, operational efficiency and partnership. Key vendors are offering Artificial Intelligence-based tools to consumers which can reduce human error up to a great extent.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2014 & 2016
Base Year - 2017
Estimated Year - 2020
Projected Year - 2026
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
Zebra Medical Vision Inc.
IBM Watson Health
Advanced Micro Devices, Inc.
MARKET, BY SOLUTION
MARKET, BY TECHNOLOGY
Natural Language Processing
MARKET, BY TYPE
Narrow / Weak AI
General / Strong AI
MARKET, BY END-USER
Advertising & Media
Automotive & Transportation
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA