The Artificial Intelligence market is a rapidly growing market which is majorly driven by the need for autonomous and semiautonomous devices in all the end-use industries. The developing technology helps in the progress of the AI application though due to the complex arrangement of algorithms the process may take time than expected. The artificial intelligence market is anticipated to reach a total of 102.63 billion with a storming 36.7% CAGR by the end of 2024.
Appen, a Sydney based artificial intelligence firm, has agreed on the payment of USD 426 million to US-based company. Appen is about to launch a USD 300 million capital raising for the funding of its acquisition of figure Eight, which is expected to have gained the company USD 285 million.
Artificial Intelligence Market Value and Growth:
The Artificial Intelligence Market size was around USD 21.5 Billion by revenue, at the end of 2018. It is expected to grow at a CAGR of 36.7 % to reach close to USD 102.63 Billion by the end of 2024.
Artificial Intelligence Market Drivers and Restraints:
The need for autonomous devices in the manufacturing and production related units of major industries is the primary driver to the development of artificial intelligence. This attracts the attention of many major tech- firms to invest in the AI technology thereby increasing the market value for artificial intelligence. However, the limited presence of market players, due to the sophisticated technology used, is a major restraining factor to the market for artificial intelligence. Also, the existing players have no interest in actions which may boost their position. They are more into organic growth strategies such as product launches to expand their business and position.
Artificial Intelligence Market Segmentation Analysis:
By offering the market for artificial intelligence is segmented into Hardware, Software, and Services. Artificial Intelligence, commonly known as AI, is a fast developing technology which is rapidly spreading in different applications. Due to the sophisticated technology filled with advanced algorithms, the AI-based systems requires constant development and maintenance, creating many opportunities in the services sector.
Based on the technology used the artificial intelligence market is categorized into Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision. Among the different technologies, computer vision is calculated to have the highest growth rate in the market in the forecast period. The increase in the adoption of computer vision in various applications which are both autonomous and semiautonomous is fueling this segment’s growth in the artificial intelligence market. This technology is majorly used in the manufacturing and automotive end-use industries.
By End-Use Industry
Based on the end-use industry the market for artificial intelligence is segmented into Healthcare, Automotive, Human Resources, and Others. Other end-user industries include manufacturing, agriculture, security, marketing, fintech, and retail. Of the mentioned industries the manufacturing segment is expected to be the primary revenue generator to the AI market in the forecast as mentioned earlier period. The rapid increase in the data volume in the manufacturing segment has led to the introduction of AI- enabled devices in the system for autonomous analysis of production process.
Artificial Intelligence Market Geographical Analysis:
By geography, the Metallized Film Market is segmented as Latin America, Europe, Asia Pacific, North America, and Middle-East & Africa. North America leads the Artificial Intelligence market by both value and volume, buy the end of 2019. The situation of all the market key players in this region an added advantage to its significant market position. The Asia Pacific is second in the lead in the artificial intelligence market. This region is anticipated to have the highest growth rate in the market for artificial intelligence. The interest shown from the top leading software companies in candidates from the Asia Pacific region, mainly from India, China, and Japan, is the reason for the projected growth of this region. Europe follows the Asia Pacific region in the leaderboard for Artificial Intelligence market in terms of the market share and size. The availability of a large customer base in this region is the primary cause of its end-user eye-catching performance in the Artificial Intelligence market. The growth in the Asia Pacific region is also attributed to the high future opportunities in fast-developing economies like India, China, and Japan. Although the Asia Pacific region will not be leading the market for Artificial Intelligence, it is expected to attract major market giants towards expansion into the region. The regional advantages offered this region, such as ease of setup and a high number of brilliant-minded people, is the sole reason for this region’s advancement in the market. On the other hand, the Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the artificial intelligence Market in these regions is slow growing in nature.
Artificial Intelligence Market Key Market Players:
By the end of 2019 Intel (US), Apple Inc. (US), NVIDIA (US), IPsoft Inc. (US), Xilinx (US), Baidu Inc. (China), Samsung (South Korea), MicroStrategy Inc. (US), Facebook (US), Qlik Technologies Inc. (US), Micron Technology (US), Verint Systems (US), IBM (US), Brighterion Inc. (US), Google (US), Microsoft Corporation (US), and Amazon Web Services Inc. (US) Are the leading shareholders of the market for Artificial Intelligence. There is a constant competition between these companies regarding the pricing and quality of the product. They are currently focused on providing expansion strategies to improve their market value and position.
Artificial Intelligence Market Research Report Key Highlights:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Market Share Analysis
5.2 Product Benchmarking
5.3 Regional Presence
5.4 Mergers & Acquistion Landscape
5.5 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Artificial Intelligence Market, by Offering
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Artificial Intelligence Market, by Technology
6.2.1 Machine Learning
6.2.2 Natural Language Processing
6.2.3 Context-Aware Computing
6.2.4 Computer Vision
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Artificial Intelligence Market, by End-Use Industry
6.3.3 Human Resources
6.3.5 Market Size Estimations & Forecasts (2019-2024)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2019 - 2024)
7.2.1 By Country
7.2.2 By Offering
7.2.3 By Technology
7.2.4 By End-Use Industry
7.2.5 Y-o-Y Growth Rate Analysis
7.2.6 Market Attractiveness Index
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Offering
7.3.3 By Technology
7.3.4 By End-Use Industry
7.3.5 Y-o-Y Growth Rate Analysis
7.3.6 Market Attractiveness Index
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Offering
7.4.3 By Technology
7.4.4 By End-Use Industry
7.4.5 Y-o-Y Growth Rate Analysis
7.4.6 Market Attractiveness Index
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Offering
7.5.3 By Technology
7.5.4 By End-Use Industry
7.5.5 Y-o-Y Growth Rate Analysis
7.5.6 Market Attractiveness Index
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Offering
7.6.3 By Technology
7.6.4 By End-Use Industry
7.6.5 Y-o-Y Growth Rate Analysis
7.6.6 Market Attractiveness Index
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Apple Inc.
8.4 IPsoft Inc.
8.6 Baidu Inc.
8.8 MicroStrategy Inc.
8.10 Qlik Technologies Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures