AI is associated to human intelligence with similar characteristics such as language understanding, reasoning, learning, problem solving, and other. Manufacturers in the market witness enormous underlying intellectual challenges in the development and revision of such a technology. The market for artificial intelligence is primarily driven by the improved productivity, diversified application areas, increased customer satisfaction, and big data integration. However, lack of skilled workforce and threat to human dignity & other threats are some of the restraints of the market. Nonetheless, the impact of these factors is expected to be minimal due to the introduction of new technologies in the market.
The artificial intelligence market accounted for $4,065.0 million in 2016, and is expected to reach $169,411.8 million by 2025, growing at a CAGR of 55.6% from 2018 to 2025. In 2016, North America dominated the global market, in terms of revenue, accounting for about 49.0% share of the global market, followed by Europe.
The machine learning segment secured the highest share of about 52.0% in the artificial intelligence market in 2016 and is expected to grow at a CAGR of 56.4% during the forecast period. In terms of industry vertical, IT & telecom sector is expected to contribute the highest market share in the coming years, as various new startups are investing in artificial intelligence solutions. Moreover, the rapid urbanization, technological advancement, and increase in demand for cloud applications has fueled the demand for AI technologies in developing economies.
North America is one of the fastest growing region in the Artificial Intelligence market. It is expected to witness higher growth rate during the forecast period, owing to presence of the key artificial intelligence companies in the region.
The major players, such as Alphabet (Google Inc.), Apple Inc., Baidu, IBM, IPsoft, Microsoft Corporation, MicroStrategy, Inc, NVIDIA, Qlik Technologies Inc., Verint Systems Inc (Next IT Corp), have focused on developing new products as well as these companies expanded their business by acquiring small businesses to deal with competitors.
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Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging market trends, and dynamics in the global artificial intelligence market.
- In-depth analysis is conducted by constructing market estimations for the key market segments between 2018 and 2025.
- Extensive artificial intelligence market analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities in these geographies.
- Key market players within the artificial intelligence market are profiled in this report and their strategies are analyzed thoroughly, which help in understanding the competitive outlook of the global artificial intelligence market.
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Artificial Intelligence (AI) Market Key Segments:
- Machine learning
- Natural language processing
- Image processing
- Speech recognition
By Industry Vertical
- Media & advertising
- IT & Telecom
- Automotive & transportation
- ucational institutions)Others (agriculture, law, ed)
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This post was originally published on Trading Herald