Artificial Intelligence (AI) Market Size is expected to cross US$ 150 Bn in 2020 at 23% CAGR
Growing importance of big data, increasing implementation of cloud-based applications & services, and increasing demand for intelligent virtual assistants are the key driving forces for the adoption and development of artificial intelligence market include. The limited number of AI technology experts and pertaining standardization and interoperability issues can be the major hindrances, however. In this report, the artificial intelligence market has been classified into segments such as offering, technology, end-user industry, and geography.
Computer vision will be the leading technology segment during the forecast period
With respect to technology, the Artificial Intelligence (AI) Market Size has been classified into machine learning (ML), natural language processing (NLP), context-aware computing, and computer vision. The market for computer vision is expected to grow at the highest CAGR. The growing adoption of computer vision in autonomous and semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI market.
Among end-users manufacturing is expected to grow at the highest CAGR
Manufacturing, healthcare, retail, automotive, agriculture, security, marketing, human resources, law, and fintech are the important industries reaping the fruits of AI technology. Amongst all, the manufacturing sector is expected to grow at the highest CAGR during the forecast period. Increasing data volume derived from the manufacturing value chain has led to the involvement of AI-enabled data analytics in the manufacturing sector. In addition, several industry initiatives, such as Industry 4.0, positive government initiatives have proliferated the growth of AI-enabled devices in manufacturing.
Asia Pacific to dominate the AI market in the forecast period
North America is a leader in the Artificial Intelligence (AI) Market Size and is expected to hold the largest share of the Artificial Intelligence (AI) Market – Technological advancements, early adoption, and presence of prominent AI technology providers in the region being the key reasons. The Artificial Intelligence (AI) Market in APAC is expected to grow at the highest CAGR during the forecast period. The increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications is driving the market in APAC.
Browse the Artificial Intelligence (AI) Market Size data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-aware computing, Computer Vision), by End-User Industry (Healthcare, Manufacturing, Automotive, Agriculture, Social Media, Financial Services, Others)) and Region (North-America, Europe, Asia Pacific, Latin America, Middle East and Africa)”.
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