A recent report published by Infinium Global Research on artificial intelligence (AI) market provides an in-depth analysis of segments and sub-segments in the global as well as regional artificial intelligence (AI) market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional artificial intelligence (AI) market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global artificial intelligence (AI) market. According to the report, the global artificial intelligence (AI) market is projected to grow at a CAGR of 50% over the forecast period of 2018-2024.
Artificial intelligence (AI) is a stream of computer science that aims in the creation of intelligent machines that work and responds like humans. Further, artificial intelligence (AI) can be defined as the replication of human intelligence processes by machines such as computer systems. Some of the processes or activities computers with artificial intelligence are designed such as speech recognition, problem-solving, planning, and learning. Learning process includes the acquisition of information and rules for using the information, while in reasoning it uses rules to reach approximate conclusions with self-correction. Artificial intelligence has become more popular owing to increased data volumes, improvements in computing power and storage and advanced algorithms. Applications of artificial intelligence have made its way into a number of areas such as healthcare, manufacturing, finance, business, education, and law. Other applications of artificial intelligence includes games, intelligent robots, face recognition, missile guidance, handwriting recognition, and natural language processing.
Growing adoption of cloud-based applications and services drives the growth of artificial intelligence market. The major providers of cloud computing now offer cloud-based AI products. Rising demand for analyzing and interpreting the vast amount of data fuels the growth of artificial intelligence market. Artificial intelligence uses algorithms to adapt data that finds structure and regularities in data and analyzes more and deeper data that in turn is increasing the demand of artificial intelligence market. Furthermore, growing demand for intelligent virtual assistants enhance the growth of artificial intelligence market. However, Lack of personnel with technical expertise may hamper the growth of artificial intelligence market. The growing importance of equivalent processing applications is leading to augmented approval of the technology in scientific disciplines such as artificial intelligence and data science. This, in turn, is having a positive impact for the market growth. Moreover, rising adoption of artificial intelligence in developing regions and growing applications and developments of artificial intelligence such as smart robots are expected to provide beneficial opportunities for the artificial intelligence market.
Among the geographies, North America dominates the artificial intelligence market owing to huge investment regarding advance technologies of artificial intelligence. Increasing adoption of advance technology and presence of major players in North America region is expected to boost the growth of artificial intelligence market. Adoption of cloud-based services in countries, such as the U.S. and Canada, is expressively contributing to the growth in the North American region. Artificial intelligence market is expected to grow in Europe region owing to increasing use of cloud-based services. Furthermore, many public and private administrations have been assembling domain-specific information containing issues such as cybersecurity, medical informatics, marketing, fraud detection, and national intelligence in the European region.
The report on global artificial intelligence (AI) market covers segments such as technology, end-user, and application. On the basis of technology, the sub-markets include natural language processing (NLP), context-aware computing, computer vision, and machine learning. On the basis of end-user, the sub-markets include automotive, retail, manufacturing, healthcare, agriculture, human resources, security, marketing & sales, BFSI, fintech, and others. On the basis of application, the sub-markets include cyber security, digital personal assistant, image recognition, predictive risk assessment, customer experience management, gesture control, smart robots, deep learning, speech recognition, video analysis, language processing, context aware processing, and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in this region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as Siemens Ltd., Intel Corporation, IPsoft Inc., NVIDIA Corporation, Microsoft, Verint, Salesforce.com, Inc., SAP SE, Baidu, Inc., and Rockwell Automation, Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of artificial intelligence (AI) market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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