Artificial Intelligence has the potential to change the world around us by modernizing the way we communicate; work and conduct are daily life. The market is growing at a faster pace with a double digit CAGR. Organizations are adopting artificial intelligence technology to extract valuable insights from data for developing innovative products and improving customer experience. The technology is in demand owing to due to its complex, data-driven applications such as voice and image recognition. According to a recent study report published by the Market Research Future, The global market of Artificial Intelligence is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The major growth driver for the artificial intelligence market is the algorithms like deep learning and its hierarchical pattern recognition acts as a major force driving the adoption of AI. Software such as RStudio and Sentient, were the first to adopt artificial intelligence. Adoption of AI in hardware is most significant factor boosting market growth. For example Qualcomm’s new neural processing unit (NPU), Nvidia’s deep learning chip, and IBM’s TrueNorth neuromorphic computing platform, more chips are being developed to enable faster and more powerful AI.
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Major Key players
IBM Corporation (U.S.),
Google Inc. (U.S.),
Brighterion Inc. (U.S.),
Microsoft Corporation (U.S.),
Facebook (U.S.) ,
Rocket Fuel Inc. (U.S.),
Kensho Technologies, Inc. (U.S.),
Infosys (India) and Sentient Technologies (U.S.) among others.
The Artificial Intelligence Market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
On the basis of system type, the market is segmented into artificial neural networks, digital assistant system, automotive robotics system, and embedded system.
On the basis of services, the market is segmented into speech recognition, gesture control, robots, and language processing among others.
On the basis of application, the market is segmented into education, oil & gas, automotive, healthcare, media and entertainment, and aerospace among others.
North America is dominating the global artificial intelligence market with the largest market share and therefore accounting for the highest revenue amounts. This market is expected to grow due to various factors such as growing use of artificial intelligence in aviation, defense and financial sector of the North American region. The higher implementation of AI technologies in various industrial sectors like manufacturing, media and entertainment, and healthcare is the major reason fueling the growth of the artificial intelligence market in North America. Companies like Tesla, Apple and IBM are innovating to install artificial intelligence enabled chipsets and processors in automobiles, smartphones, and medical equipment.
Europe holds the second position in the global artificial intelligence market due to the growing demands for artificial intelligence such as fast and easy document control and on-demand access to data. Additionally, many public and private organizations have been collecting domain-specific information comprising issues such as cybersecurity, medical informatics, marketing, fraud detection, and national intelligence.
Asia Pacific region, with the higher presence of smartphone manufacturers and semiconductor industries, is expected to grow at a fast pace. Countries like China, Taiwan, and South Korea, hold near about 80% of the global smartphone manufacturers, and most of them carry a huge opportunity for artificial intelligence market.
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- Artificial Intelligence Market services providers
- IT providers
- Smartphone manufacturers
- Retail vendors
- Cloud Service providers
- Media advertising providers
- Value-added resellers
- Research firms
TABLE OF CONTENTS
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
LIST OF TABLES
Table1 World Population by Major Regions (2017 To 2030)
Table2 Global Artificial Intelligence Market: By Region, 2017-2023
Table3 North America Artificial Intelligence Market: By Country, 2017-2023
Table4 Europe Artificial Intelligence Market: By Country, 2017-2023
Table5 Asia-Pacific Artificial Intelligence Market: By Country, 2017-2023
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