Artificial Intelligence Market Overview:
Artificial intelligence market size to reach $19,478 million by 2022, growing at a CAGR of 45.4% from 2016 to 2022.
The developments of more human-like robots and increase in their deployment rate in the developing regions have had a substantial effect on the overall artificial intelligence (AI) market. Improved productivity, diversified application areas, increased customer satisfaction, and big data integration drive the artificial intelligence market. However, lack of skilled workforce and threat to human dignity & other threats could restrain the market growth. Nevertheless, the impact of these factors is anticipated to be minimal due to the introduction of newer technologies.
The report comprises the study of artificial intelligence market with a focus on machine learning, natural language processing, image processing, and speech recognition. Fraud screening, oil & gas exploration, sales forecasting, inventory management, and public health are among many applications that have deployed machine learning significantly.
Some of the key manufacturers profiled in the report include Google Inc., IBM Corp., Microsoft Corporation, IPsoft, Rocket Fuel Inc., Qlik Technologies Inc., MicroStrategy, Inc., Brighterion, Inc., 24/7 Customer, Inc., and Next IT Corp.
The market is segmented by technology, industry verticals, and geography. By technology, it is sub-segmented into machine-learning, natural language processing, image processing, and speech recognition. In the year 2015, machine-learning generated the highest revenue in the global market. However, the speech recognition sub-segment is anticipated to exhibit the highest growth during the forecast period.
Based on industry verticals, the market is segmented into media & advertising, BFSI, IT & telecom, retail, healthcare, automotive & transportation, and others (agriculture, educational institutions, and law). Among these, BFSI segment dominated the market in terms of revenue in 2015 and is projected to continue its dominance throughout the forecast period.
The geographical regions considered in the report are North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). North America is expected to dominate the AI market. However, Asia-Pacific is projected to grow rapidly during the forecast period.
Top factors impacting the world artificial intelligence market
The machine-learning technology has driven exceptional increase in productivity. For example, Google has modified cars such as Toyota Prius with its experimental driverless technology. AI has currently transformed business management through integration of various tools such as workflow management tools, brand purchase advertising, trend predictions, and others. In fact, the voice recognition technology of Google has an accuracy rate of 98%. Similarly, DeepFace by Facebook recognizes faces with a success rate of 97%. The current impact of this factor is prominent and is expected to rise further during the forecast period.
Diversified application areas
AI has varied application areas across media & advertising, finance, retail, healthcare, automotive & transportation, agriculture, law, educational institutions, oil & gas, and other industries. The impact of this factor is expected to be higher in future, since machine-learning algorithms would soon be used for preventing payment frauds and cyberterrorism. Furthermore, AI is estimated to have a strong impact on healthcare advancements and lead to more accurate treatments and prevention of medical conditions.
Lack of skilled workforce
Management of AI and automated systems requires exceptionally skilled workforce owing to the complex algorithms required for the development of AI. Software engineering skills and a notable experience in dealing with programming/debugging with communication protocols is essential for the development and maintenance of AI. However, emerging economies such as Latin America, Africa, and many countries in the Asia-Pacific lack such skilled workforce. The current impact of this factor is prominent in the market. However, it is expected to decrease over the forecast period due to rise in training & development of skillsets.
- This study comprises analytical depiction of the world AI market, with current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends for gaining a stronger coverage in the market.
- The report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2014 to 2022, to highlight the financial competency of the market.
- Porters five forces analysis illustrates the potency of the buyers and suppliers.
- Value chain analysis provides a clear understanding of the roles of stakeholders involved.
ARTIFICICIAL INTELLIGENCE MARKETKEY SEGMENTS
The market is segmented by technology, industry vertical, and geography.
- 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
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
KEY MARKET PLAYERS PROFILED
- Google Inc.
- IBM Corp.
- Microsoft Corporation
- Rocket Fuel Inc.
- Qlik Technologies Inc.
- MicroStrategy, Inc.
- Brighterion, Inc.
- 24/7 Customer, Inc.
- Next IT Corp.
COMPANIES MENTIONED IN THE REPORT
Tekes, IntelliResponse Systems Inc., DeepMind Technologies, United Services Automobile Association, General Electric, Deep Knowledge, Netflix, Jarvis Corp, Rethink Robotics, Affectiva, BT Group, Relevance Cloud, North Face, Nuance Dragon, Apple Inc., Nissan, Maluuba, Bluemessaging, Facebook, Russian Promobot, Baidu, Yamaha Motor Co., Tapiatric, KUKA AG, Accenture, Wipro Ltd., Ramco Systems, Unisys Corporation, and Amtrak.