Artificial Intelligence Market Size, Revenue, End Users And Forecast Till 2026 | Fortune Business Insights

The artificial intelligence market in North America was valued at US$ 9.72 Bn in 2018. The growth witnessed in this region is attributed to the ongoing technological advancements in the field of natural language processing, machine learning, and analytical tools. According to a published report by Fortune Business Insights, the global market is projected to reach US$ 202.57 Bn by 2026, exhibiting a CAGR of 33.1% during the forecast period from 2019 – 2026. The global market was valued at US$ 20.67 Bn in 2018.

Top Key Players Mentioned:

Alphabet (Google Inc.)
Apple
Baidu
IBM Corporation
IPsoft
Microsoft Corporation
MicroStrategy, Inc
NVIDIA
Qlik Technologies Inc.
Verint Systems Inc

“Google, Amazon and Other Prominent Market Players to Gain Competitive Edge Through Innovative Product Launches and Strategic Partnerships”

In January 2017, Google launched its Cloud AutoML. It uses Google’s Cloud Vision application programming interface and the Cloud Machine Learning Engine service. AutoML is used by several prominent companies, such as Urban Outfitters and Disney. It is making search and shopping on their particular websites more relevant. It also supports image recognition that allows consumers to drag the images and train their systems to recognize those on Google cloud. In October 2018, Amazon started providing AI-as-a-service under its AWS banner with ‘Amazon AI’. The company will begin expanding the global AI market through this strategy. The system will allow developers to build applications with various tools. AstraZeneca plc, a multinational pharmaceutical and biopharmaceutical company, based in the U.K., announced that it has partnered with Ali Health, a subsidiary of Alibaba, earlier in 2018. The aim of the collaboration was to develop an AI-enhanced diagnostics and screenings applications in China.

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“Increasing Adoption of Cloud-based Applications and Services to Propel the Market”

The report suggests that a rise in the demand for intelligent virtual assistants is likely to boost the global artificial intelligence (AI) market growth. Additionally, expansion of the connected device market, increasing investments in 5G technology, and rising adoption of cloud-based services and applications will contribute to the growth. However, at present, the number of experts working in the field of AI technology is very limited. This is why artificial intelligence market is facing numerous challenges in the recent years. Unreliability of AI algorithms and data privacy are two of the most concerning factors affecting the AI market. There is a huge potential for improvements in customer service in the retail sector. Combined with this, improvements in efficiency in the manufacturing industry will also occur. There is also a rise in the number of personalized and high-quality AI-enhanced products in the market which will also contribute to the overall global market growth.

Artificial Intelligence Market Segmentation:

By Component
By Technology
By Industry Vertical
By Region

“The Natural Language Processing Segment to Witness Growth Driven by Extensive Usage of AI”

The report classifies the global artificial intelligence (AI) market on the bases of components, technology, industry vertical, and geography. In terms of technology, the market is divided into machine learning, computer vision, natural language processing, and others. Out of these, the natural language processing segment is expected to gain the highest share of global artificial intelligence (AI) market during the forecast period. This will occur because of the application of AI techniques in analyzing natural language in spoken as well as written forms.

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Major Table of Contents:

Introduction
Definition, By Segment
Research Approach
Sources
Executive Summary
Market Dynamics
Drivers, Restraints and Opportunities
Emerging Trends
Key Insights
Macro and Micro Economic Indicators
Consolidated SWOT Analysis of Key Players
Porter’s Five Forces Analysis
Global Artificial Intelligence (AI) Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Size Estimates and Forecasts
By Offering (Value)
Hardware
Software
Services
By Technology (Value)
Computer Vision
Machine Learning
Natural Language Processing
Others
By End Use Industry (Value)
Healthcare
Retail
Advertising & Media
BFSI
Automotive & Transportation
Government
Manufacturing
Others
By Geography (Value)
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
North America Artificial Intelligence (AI) Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
TOC Continued…!

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This release was published on openPR.