Artificial
Intelligence (AI) Market - Overview
The surfeit of opportunities offered by AI is
prompting the development of the Artificial Intelligence Market 2020. The information &
communication technology industry reports are shaped by Market Research Future,
which centers on market choices for expansion. A 48 % CAGR is estimated to spur
the market’s revenue to USD 25 billion by 2023.
The leveraging of AI by organizations to mine
valuable insights is estimated to spur the AI industry in the coming period.
Furthermore, the stress on enhancing customer experience is projected to create
a favorable scope for the AI market size in the coming period. Also, the
growing IoT sector is estimated to bolster the artificial intelligence market
in the impending period.
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Segmental Analysis
The segmentation of the artificial intelligence
market is carried out on the basis of system type, services, application, and
regions.
Based on the system type, the segments of automotive
robotics system, digital assistant system, artificial neural networks, and
embedded system are included in the artificial intelligence market.
The artificial intelligence market on the basis of
services consist of gesture control, robots, speech recognition, and language
processing, among others. The segmenting the artificial intelligence market on
application comprises of oil & gas, media and entertainment, automotive,
healthcare, education, and aerospace, among others.
Based on the regions, the artificial intelligence
market is segmented into North America, Europe, APAC, and other regions.
Detailed Regional Analysis
The regional examination of the artificial
intelligence market includes regions such as North America, Europe, APAC, and
other regions.
The North American region is likely to direct the
development of the artificial intelligence market with the prime percentage
owing to the growing use of artificial intelligence in defense, aviation, and
the financial sector. Moreover, the U.S. retains the most significant market
portion. Though, in the European region, the deployment of cloud-based AI is
projected to view a remarkable growth shortly due to the escalating demand of consumers
towards artificial intelligence uses such as speedy and simple document control
and on-demand access to data.
Competitive Analysis
The collaboration of competitors in this market is
expected to give way to new developments and novel product launches. The growth
of the market is contingent on the delicate balance of the forces of demand and
supply. The consumers in the market are well aware of their requirements and
how the market can meet them. The enrichment of the sources of supply is
allowing the market players to create products that can be successful in the
market effectively. The availability of advantageous policies and regulations
by trade bodies and governments is expected to hasten the escalation of the
market in the forecast period. The improved economic state of the companies is
likely to lead to better research and development trials and activities in the
impending period. The upgradation in production capacity is estimated to
accelerate market expansion in the upcoming period further.
The vital players in the artificial intelligence
market are Microsoft Corporation (U.S.), Google Inc. (U.S.), Brighterion Inc.
(U.S.), Rocket Fuel Inc. (U.S.), Facebook (U.S.), Qualcomm (U.S.), IBM
Corporation (U.S.), Salesforce (U.S.), Kensho Technologies, Inc. (U.S.),
Sentient Technologies (U.S.), Infosys (India) and among others.
Industry Updates:
Mar 2020 The authorities in Spain are funding robots
to automate the testing of people for the Covid-19 coronavirus. The Spanish
administration is setting up to test 80,000 people a day for coronavirus with
the introduction of robot testers. The technology will be applied to speed up
examining people in Spain, one of the nations hit severely by the Covid-19
pandemic, with 200 deaths recorded so far. The application of AI and robot
technology could help conquer these problems while dipping medical
practitioners’ contact with the virus.
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