Artificial Intelligence Market – Application in Various Industries to Expand Market Economic Growth

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New York, NY 16 May 2019:  New report studies the global “Artificial Intelligence Market to Reach $54 Billion by 2026 | CAGR: 55.9% during 2017 – 2026”, analyzes and researches the Artificial Intelligence Market development status and forecast in United States, EU, Japan, China, India and Southeast Asia. The report analyses the entire production and supply chain of the Market and provides information as per different phases. Whereas, on the basis of sales, data related to sales volume, sales price, cost, sales income, and profit margin etc. of Artificial Intelligence Market used in different fields, sold in different regions and by different companies is provided in this report.

The advancements of robots and the rise in their deployment rate particularly, in the developing economies globally have had a positive impact on the global artificial intelligence market. Augmented customer experience, expanded application areas, enhanced productivity, and big data integration has highly propelled artificial intelligence market worldwide. Although, absence of adequate skilled workforce as well as threat to human dignity are some of the factors that could affect the growth of the market. However, these factors are expected to have minimal impact on the market attributed to the introduction of advanced technologies.

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An extraordinary increase in productivity has been achieved with machine-learning. For instance, Google, with the help of its experimental driverless technology has transformed cars including, Toyota Prius. Integration of various tools by artificial intelligence has helped in the transformation of business management. These tools include brand purchase advertising, workflow management tools, trend predictions among others. For example, the Google’s voice accuracy technology has 98% of accuracy rate. Furthermore, Facebook’s DeepFace technology has a success rate of approximately 97% in recognizing faces. Such accuracy in technologies is further anticipated to bolster the market growth during the forecast period.

Artificial Intelligence Market Segment Analysis.

By Technology (Machine Learning, Natural Language Processing, Speech Recognition, Image Processing);

By End-use Verticals (BFSI, Transportation & Automotive, Healthcare, Retail, Manufacturing, Media & Advertising, Others);

By Regions (North America [U.S., Canada], Europe [Germany, UK, France, Italy, Spain, Belgium, Netherlands, Rest of Europe], Asia-Pacific [China, India, Japan, South Korea, Singapore, Malaysia, Rest of Asia-Pacific], Latin America [ Brazil, Mexico, Argentina, Rest of Latin America], Middle East and Africa [Israel, South Africa, Saudi Arabia, UAE, Rest of MEA])

Major companies profiled: Google Inc., Intel Corporation, Nvidia Corporation, Microsoft Corporation, IBM Corporation, General Vision, Inc., Qlik Technologies Inc., MicroStrategy, Inc., Brighterion, Inc., and Baidu, Inc. among others.

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Regional Analysis

Currently, North America dominates the global artificial intelligence market attributed to the high government funding availability, existence of prominent artificial intelligence providers in the region, and robust technical adoption base. Also, the region is expected to continue its dominance during the forecast period. Moreover, the adoption of cloud-based services in key economies, such as the US and Canada, is considerably adding to the market growth in the North American region. The markets in Asia Pacific, MEA and South America region are expected to notice a high growth during the coming years. The growth in Asia Pacific region is attributed to the increasing demand for artificial technologies by the developing economies. Thus, the region is anticipated to grow at the highest CAGR during the forecast period.

Key Findings from the study suggest North America is expected to command the market over the forecast years. APAC is presumed to be the fastest growing market, developing at a CAGR of more than 65% over the forecast period. The artificial intelligence market is presumed to develop at a CAGR of over 55.9% from 2018 to 2026. The high implementation of artificial intelligence in several end-user verticals including, retail, automotive and healthcare is projected to boost the growth of the market over the forecast period. Several companies are making considerable investments to integrate artificial intelligence competences into their portfolio of products. For instance, in 2016, SK Telecom and Intel Corporation signed an agreement for the development of the artificial intelligence-based vehicle-to-everything (V2X) technology as well as video recognition.

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