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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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 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.
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.
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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