Artificial Intelligence Market by Technology (Machine Learning, Natural Language Processing, Image Processing, Speech Recognition) Key Players: Apple Inc., Baidu, IBM, IPsoft, Microsoft Corporation, MicroStrategy, Inc, NVIDIA, Verint Systems Inc.
The machine learning segment secured the highest share of about 52.0% in the artificial intelligence market in 2016 and is expected to grow at a CAGR of 56.4% during the forecast period. In terms of industry vertical, IT & telecom sector is expected to contribute the highest market share in the coming years, as various new startups are investing in artificial intelligence solutions. Moreover, the rapid urbanization, technological advancement, and increase in demand for cloud applications has fueled the demand for AI technologies in developing economies.
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The artificial intelligence market accounted for $4,065.0 million in 2016, and is expected to reach $169,411.8 million by 2025, growing at a CAGR of 55.6% from 2018 to 2025. In 2016, North America dominated the global market, in terms of revenue, accounting for about 49.0% share of the global market, followed by Europe.
North America is one of the fastest growing region in the Artificial Intelligence market. It is expected to witness higher growth rate during the forecast period, owing to presence of the key artificial intelligence companies in the region.
The major players, such as Alphabet (Google Inc.), Apple Inc., Baidu, IBM, IPsoft, Microsoft Corporation, MicroStrategy, Inc, NVIDIA, Qlik Technologies Inc., Verint Systems Inc (Next IT Corp), have focused on developing new products as well as these companies expanded their business by acquiring small businesses to deal with competitors.
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Artificial intelligence market, by technology
4.1. Market overview
4.1.1. Market size and forecast, by technology
4.2. Machine learning
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market analysis, by country
4.3. Natural language processing (NLP)
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market analysis, by country
4.4. Image processing
4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market analysis, by country
4.5. Speech recognition
4.5.1. Key market trends, growth factors, and opportunities
4.5.2. Market size and forecast, by region
4.5.3. Market analysis, by country
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