Press release
Artificial Intelligence (AI) Market 2018 Analysis by Facebook, Google, IBM, Salesforce, Microsoft, Qualcomm, Brighterion, Rocket Fuel, Kensho Technologies, Sentient Technologies, Infosys
Global artificial intelligence market worth USD 25 billion by 2023 growing at a CAGR of 48% during the forecast period 2017-2023
Key Players
Some of the major players in the global artificial intelligence market include IBM Corporation (U.S.), Google Inc. (U.S.), Brighterion Inc. (U.S.), Microsoft Corporation (U.S.), Facebook (U.S.), Qualcomm (U.S.), Rocket Fuel Inc. (U.S.), Kensho Technologies, Inc. (U.S.), Salesforce (U.S.), Infosys (India) and Sentient Technologies (U.S.) among others.
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Market synopsis
Artificial intelligence has the potential to change the world around us by modernizing the way we communicate, work, and conduct our daily life. Organizations are adopting artificial intelligence technology to extract valuable insights from data for developing innovative products and improving customer experience. The major growth driver of the artificial intelligence market includes growing demand for AI in sectors such as media & advertising and financial, growing need for improving productivity by the organization to increase customer satisfaction, and rising IOT sector among others. Algorithms like deep learning and its hierarchical pattern recognition are driving the adoption of AI. Software such as RStudio and Sentient was the first to adopt artificial intelligence. Adoption of AI in hardware is most significant factor boosting market growth.
However, lack of expertise and high initial cost are some of the major factors hindering the growth of artificial intelligence market.
Segmentation
On the basis of system type, the market is segmented into artificial neural networks, digital assistant system, automotive robotics system, and embedded system.
On the basis of services, the market is segmented into speech recognition, gesture control, robots, and language processing among others.
On the basis of application, the market is segmented into education, oil & gas, automotive, healthcare, media and entertainment, and aerospace among others.
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Regional analysis
North America is expected to dominate the global artificial intelligence market with the largest market share due to growing usage of artificial intelligence in aviation, defense, and financial sector. Additionally, the U.S. holds the largest market share. However, in Europe, the cloud-based AI deployment is expected to witness a significant growth in the near future due to the increasing lean of consumers towards artificial intelligence applications such as fast and easy document control and on-demand access to data.
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