Artificial Intelligence Market Trends, Competitive Market Share & Forecast, 2017 – 2024
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.
The rise in the use of AI in the cyber security will provide significant growth prospects to the artificial intelligence industry players in the coming years. The major factors responsible for the increasing demand for cyber security is its ability to identify image patterns, sounds, and other data.
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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.
The artificial intelligence market is segmented by technology into robotics, digital personal assistance, querying method, deep learning context aware processing, and natural language processing. Robotics and natural language processing are the major contributing segments in the artificial intelligence market. The increasing implementation of natural language processing in the retail sector for the enhancement of customer services is a major factor that improves the segment growth. Additionally, the natural language processing implementation in different AI applications, such as smartphones, robots, and car infotainment, will further drive the industry growth. Moreover, robotic applications for the industrial automation and several government initiatives for smart manufacturing will further fuel the market growth.
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.
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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 Corporation, NVIDIA Corporation, Nuance Communications, Cognii, Quantum Simulations, Google, Inc., Microsoft Corporation, and Intel Corporation. The companies are highly investing in R&D activities. Moreover, the major players are focusing on new product development with more computational efficiency. In October 2016, Google launched Pixel, the new smartphone equipped with a highly developed hardware and software along with several other state-of-the-art features. Pixel includes Google assist, which is a natural language processing tool; it helps users to search answers and assist them in their daily activities.
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