Original article was published on artificial intelligence
BANGALORE, India, June 30, 2020 /PRNewswire/ — The global Artificial Intelligence (AI) market size is expected to reach USD 169,411.8 Million in 2025, from USD 4,065.0 Million in 2016, growing at a CAGR of 55.6% from 2018 to 2025.
Artificial intelligence enables computers and machines to mimic the perception, learning, problem-solving, and decision-making capabilities of the human mind.
AI is positioned at the core of the next-gen software technologies in the market. AI has several industrial applications where production plants can operate without human supervision. AI-enabled applications in the industries are expected to improve efficiency and aid saving of time.
The study provides Porter’s five forces analysis of the AI industry to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the artificial intelligence market growth. This AI market report focuses on the growth prospects, restraints, and artificial intelligence market trends.
TRENDS INFLUENCING THE AI MARKET SIZE
- Growing e-commerce, streaming content, and growing internet penetration has led to growth in the marketing industries. Marketers are now searching for more innovative and state-of-the-art marketing solutions for a consumer base that is constantly growing. This has culminated in the adoption of marketing solutions powered by AI.
- Organizations are trying to analyze consumer data from CRM systems, product reviews, and media commentaries in order to understand their consumers at a granular level, making their ads more focused and effective. With more data being generated across various industries, analyzing the data to get valuable information becomes crucial in making an organization operate successfully. AI helps analyze the data, gain valuable insights, and detect anomalies. These features of the AI are expected to fuel its adoption and, in turn, increase the AI market size during the forecast period.
- In the retail industry, the application of AI will enable more sophisticated supply chains, a deeper understanding of consumer preferences, and the ability to customize products and purchase experiences both on- and off-line. Furthermore, AI technology will help retailers focus on trend creation and preference formation/brand building. This adoption of AI in the retail industry will increase the AI market size.
- Increasing R&D investments by leading players will also play a crucial role in increasing the uptake of artificial intelligence technologies.
- The increasing adoption of autonomous vehicles and EV’s are expected to increase the AI market size during the forecast period. In the automotive industry, AI has many applications, including Advanced Driver Assistance Systems ( ADAS). Neural networks are widely adopted in lane detection vehicles, which facilitate the replacement of expensive sensors.
- The rising investments in AI technologies by various private organizations is expected to increase the market size during the forecast period. As AI technology is still in its early stage of the product life cycle, the workforce possessing in-depth knowledge of this technology is limited. Thus, the impact of this restraining factor will likely remain high during the initial years of the forecast period of the AI market.
AI MARKET SHARE ANALYSIS
- North America held the largest AI market share. One of the major factors that can be attributed to dominance is the emergence of several small-scale enterprises in this region. Furthermore, with its merger-and-acquisition activities and the presence of big companies like Google, Apple, IBM, Intel, and Salesforce, the North American region is further expected to extend its dominance during the forecast period.
- The Asia Pacific market is expected to witness the highest growth rate during the forecast period. This growth can be attributed to the increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications is also driving the market in this region.
- The increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications is also driving the market in this region.
- In Europe, cloud-based AI deployment is expected to witness significant growth in the coming years due to increasing consumer demand for faster and on-demand access to data and easy document control.
TOP COMPANIES IN THE ARTIFICIAL INTELLIGENCE MARKET
- The rising prominence of artificial intelligence is enabling new players to venture into the market by offering niche application-specific solutions. Furthermore, companies are engaging in industry consolidations in a bid to gain competitive advantages.
- Companies such as Google, IBM, Microsoft, and other leading players have actively implemented AI as a crucial part of their technologies.
ARTIFICIAL INTELLIGENCE (AI) MARKET KEY SEGMENTS:
- Machine learning
- Natural language processing
- Image processing
- Speech recognition.
By Industry Vertical
- Media & advertising
- IT & Telecom
- Automotive & transportation
- Others (agriculture, law, educational institutions).
- North America
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- Alphabet (Google Inc.)
- Apple Inc.
- IBM Corporation
- Microsoft Corporation
- MicroStrategy, Inc.
- Qlik Technologies Inc
- Verint Systems Inc (Next IT Corp)
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