Press release
Artificial Intelligence Market Trends Evolution By Top Companies: IBM, NVIDIA, Nuance Communications, Cognii, Quantum, Google, Microsoft, Intel Corporation
Global Market Insights, Inc.
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Artificial Intelligence Market size is expected to a have significant growth over the forecast timeline. Increasing complex IT databases and rising AI applications in numerous applications will drive the artificial intelligence market growth.
However, the major challenges faced by industry players are the low return on investment and the complexity involved in the creation of AI mechanisms and models. Lack of energy-efficient and cost-effective hardware restricts the adoption of such technology in small and medium enterprises, thereby restricting the artificial intelligence market growth during the forecast timeline. In addition, lack of skilled labor owing to the requirement of a complex algorithm in the development of artificial intelligence models pose as a barrier for the industry growth.
Increasing R&D in human-like robots and the rising deployment rate in the various regions are likely to fuel the artificial intelligence market growth. The growing adoption of artificial intelligence-enabled software and products to improve customer services is further augmenting the demand. The requirement for such technologies in various sectors, such as healthcare, transportation, retail, and manufacturing, is extensively contributing to the industry growth.
Key Players in Artificial Intelligence Market:
1. IBM
2. NVIDIA
3. Nuance Communications
4. Cognii
5. Quantum
6. Google
7. Microsoft
8. Intel Corporation
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On the basis of application, the artificial intelligence market is segmented into retail, transportation & automotive, oil & gas, media & advertising, manufacturing, healthcare, BFSI, and agriculture. Transportation & automotive is projected to hold the largest market share in the application segment followed by healthcare and media & advertising services. Rising adoption of AI in car infotainment and atomization will drive the segment growth over the forecast timeline.
Based on offerings, the artificial intelligence market is classified into products and services. The product segment including software and hardware held a substantial market share in 2016. The extensive development in AI-enabled hardware and software products are the major factors boosting the industry growth.
North America held the highest market share in 2016 and is expected to grow at the highest CAGR from 2017 to 2024. Applications of AI in various sectors, such as agriculture, BFSI, media and advertising, consumer electronics, transportation, and automotive, majorly drive the industry growth. Moreover, the presence of various software development companies and domestic & multinational AI products in this region will further boost the artificial intelligence market growth in this region.
Various companies are currently offering advanced products and services according to the customer requirements. Key players in the artificial intelligence market include IBM, NVIDIA, Nuance Communications, Cognii, Quantum, Google, Microsoft, and Intel Corporation.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
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