The global artificial intelligence market accounted for a value of USD 28.8 billion in 2019 is projected to register growth at a CAGR of 19.5% during forecast period.
COVID-19 has impacted the AI infrastructure market. The spending in global AI technology is expected to decline by the end of 2020. The artificial intelligence growth has slowed down due to reduced manufacturing capacity and slowdown of hardware supply. The solution and service providing businesses are estimated to showcase decline for a short time whereas the adoption of analytics, AI, security and collaboration. This market is expected to foresee growth in this ongoing pandemic.
For more details, visit: Global Artificial Intelligence Market By Offering (Hardware, Services, Others), By Technology (Computer Vision, Natural Language Processing, Others), By End-Users (Healthcare, Retail, Others), By Region, Forecast & Opportunities to 2026
Artificial intelligence technology has become a vital part of business organizations due to data availability from sources such as internet of things. The need to analyze the customer data obtained from CRM systems is increasing among organizations. The AI helps in product reviews and media comments in order to understand their customers at ground level. The demand for AI is increasing rapidly among companies and this drives growth in AI market during forecast period.
On the basis of offering, the AI market is segmented into hardware, services and software. The hardware segment is estimated to register growth at highest CAGR during forecast period. The need for hardware platform with high computing power in order to run different software is increasing around the world. The demand and adoption of AI hardware is rapidly increasing and this drives growth in hardware segment during forecast period.
On the basis of Technology, the AI market is segmented into computer vision, context-aware computing, machine learning and natural language processing. The computer vision segment is estimated to hold largest market share during forecast period. The computer vision has wide range of adoption in semiautonomous or autonomous applications in various verticals such as automotive, manufacturing and others. The increase in adoption of computer vision technology drives growth in this segment during forecast period.
Asia-Pacific region is estimated to dominate the market during forecast period. The adoption of NLP, deep learning and machine learning technologies are increasing in this region. The numerous industries such as marketing, finance, agriculture and law is increasing. The countries such as Japan, China, Australia and India are widely adopting AI technologies. The ecommerce sector is immensely growing in this region along with the penetration of internet. The adoption of AI based solution in marketing sector is increasing in Asia-Pacific region. This drives growth in Asia-Pacific region during forecast period.
The key market players in AI sector are Siemens, Intel, NVIDIA, Samsung Electronics, Xilinx, Micron Technology, IBM, Microsoft, Google, Amazon Web Services, Facebook, Baidu, Oracle, Salesforce, SAS, SAP, General Electric, Cisco and Rockwell.
- What are the expected industry trends over the next three to five years?
- Which of the artificial intelligence technology is likely to lead by 2026?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?