The global artificial intelligence market size was estimated at USD 20,820 million in 2018 and expected to grow at significantly high CAGR 35.5% during 2018-2023. The market is growing at a rapid rate due to the rise in the investment in AI technology by big market players. AI emphasizes the creation of intelligent machines that work and reacts like humans. AI will transform each and every business and have the potential to increase profits, market share and revenue. Companies such as Apple, Baidu and Google are working on suites of technology along with it, they are extensively focused on their AI business as well. Amazon is working on robotics and speech recognition, Salesforce on machine learning and virtual agents. BMW, Tesla, and Toyota are also taking interest in robotics and machine learning to develop driverless cars.
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Increased investment and funding for AI startups are significantly contributing in the market growth. AI offers productivity enhancement service for various industries which will increase its adoption in diversified applications. The other factors that are boosting the market growth of the global AI market include growth in big data and growth in the adoption of cloud-based services. Further, a collaboration between IoT and AI will also significantly drive the growth of the market. However, lack of availability of greater volumes and sources of data and limited skilled professionals will hinder the market growth. Focused high-tech automobile giants such as Tesla and BMW for autonomous cars will further influence the AI market in near future.
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Global AI market is segmented on the basis of technology, end-user industry, region, and offerings. On the basis of technology, the market is segmented into natural language generation, speech recognition, virtual agents, machine learning, robotic process automation, biometrics, text analytics & natural language processing and AI optimized hardware. On the basis of end-user industry, the market is segmented into journalism, entertainment, online retail stores, automobile sector, healthcare, banking and finance, manufacturing, home appliances, online customer support. On the basis of the offering, the market is segmented into hardware, software, and services.
Artificial Intelligence (AI) Market Segmentation
By Technology
Natural Language Generation
Speech Recognition
Virtual Agents
Machine Learning
Robotic Process Automation
Biometrics
Text Analytics and Natural Language Processing
AI Optimized Hardware
By End-User Industry
Journalism
Entertainment
Online Retail Stores
Automobile Sector
Healthcare
Banking and Finance
Manufacturing
Home Appliances
Online Customer Support
By Offerings
Hardware
Software
Services
Competitive Landscape
Key Strategies
Key Company Analysis
Regional Analysis
North America
United States
Canada
Europe
United Kingdom
France
Germany
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
Rest of the World
Company Profiles
AIBrain, Inc.
Artivatic Data Labs Pvt Ltd.
Amazon.com, Inc.
Anki, Inc.
Apple, Inc.
CloudMinds, Inc.
DeepMind Technologies Ltd.
Facebook, Inc.
Google, Inc.
Microsoft Corp.
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