Global Artificial Intelligence Market is projected to be valued $61 Billion by 2024; with a CAGR of 61% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to be the promising markets in the coming time.
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Demand for unmanned aerial vehicles to drive the market
Rising demand for unmanned aerial vehicles, autonomous cars, civil aviation for vehicle tracking, and monitoring & auto control are the key aspects driving the market. But the lack of low-cost & energy-efficient hardware among small & medium businesses may restrict the market growth. Moreover, ongoing R&D and implementation of ITS (intelligent tutoring systems) in the learning process is also expected to create growth opportunities for the market in the predicted period.
Market Segmentation
The Artificial Intelligence market is categorized into technology, end-user, and geography. By technology segment, the market is divided into deep learning, machine learning, natural language processing, and machine vision. The end-user segment is further divided into healthcare, BFSI, law, retail, advertising & media, automotive and transportation, agriculture, manufacturing, and other end users.
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). U.S., Canada, and Mexico are covered by North America. Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is divided into India, China, Japan, South Korea, and Rest of Asia- Pacific, while RoW is bifurcated into South America, the Middle East, and Africa.
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"Healthcare accounted for the largest market share in the end-user segment", says Accurize Market Research
Healthcare is expected to achieve the fastest CAGR throughout the forecast period i.e. 2017 – 2025. The growth is attributed owing to the growing application of AI technologies in disease diagnosis, and patient care. Besides, Artificial Intelligence is also broadly used in clinical trials, advisory boards, congress planning, promotional outreach, and for helping untapped sales prospects among others. Also, natural language processing accounted for the major artificial intelligence market share in the technology segment in 2017, due to the increasing operation of NLP for the development of consumer services in the retail sector.
"North America dominated the global market with the highest market share over the forecast period", says Accurize Market Research
North America accounted for the largest market share of 48.9 % and is anticipated to grow at the fastest CAGR during the forecast period 2017 – 2025. The growth is seen due to wide applications of Artificial Intelligence in end-use industries such as media and advertising, agriculture, transportation & automotive, BFSI, consumer electronics, and retail among others.
Top players in the market
The major companies operating in the market are Google Inc., IBM Corporation, Microsoft Corporation, NVIDIA Corporation, Intel Corporation, Qlik Technologies Inc., Brighterion, Inc., MicroStrategy, Inc., IPsoft, and Next IT Corp., among others.