According to the new market research report "Artificial Intelligence Market
by Offering (Hardware, Software, Services), Technology (Machine
Learning, Natural Language Processing, Context-Aware Computing, Computer
Vision), End-User Industry, and Geography - Global Forecast to 2025",
The artificial intelligence market is expected to be valued at USD 21.5
billion in 2018 and is likely to reach USD 190.6 billion by 2025, at a
CAGR of 36.6% during the forecast period. Major drivers for the market
are growing big data, the increasing adoption of cloud-based
applications and services, and an increase in demand for intelligent
virtual assistants. The major restraint for the market is the limited
number of AI technology experts. Critical challenges facing the AI
market include concerns regarding data privacy and the unreliability of
AI algorithms. Underlying opportunities in the artificial intelligence
market include improving operational efficiency in the manufacturing
industry and the adoption of AI to improve customer service.
Browse 123 tables and 52 figures spread through 222 pages and in-depth TOC on "Artificial Intelligence Market"
The Major Players
in this market include Intel (US), NVIDIA (US), Xilinx (US), Samsung
(South Korea), Facebook (US), Micron(US), IBM (US), Google (US),
Microsoft (US), and AWS (US).
Deep learning is expected to grow at the highest CAGR during the forecast period
The
increasing use of deep learning in applications such as image
recognition, speech recognition, and data mining is the prime factor
resulting in its growth. In addition, the rising adoption of deep
learning algorithms to derive vital information generated from wearables
and electronic health record (EHR) systems and its use in drug
discovery application are the key factors driving the market growth.
Software market for artificial intelligence expected to hold the largest market share
The software market is expected to hold the largest share for artificial intelligence market.
The software market is growing due to increasing conversation AI
platforms. Also, The general purpose AI platforms and software being
used to develop interface and application ranging from conversational
interfaces to predictive and prescriptive applications that offer advice
and recommendations. The AI software platform is majorly focused on
tools and API framework for application and technologies based on AI and
ML using both structured and unstructured data to drive these
application.
Manufacturing end-user industry is expected to grow at the highest CAGR during the forecast period
The
manufacturing industry is witnessing a new wave of technological
revolution, which is boosting the idea for implementation of artificial
intelligence (AI) in the plant. AI-based solutions are adopted in
manufacturing facilities to improve the productivity by maximizing asset
utilization, minimizing downtime, and improving machine efficiency.
Moreover, AI in manufacturing is expected to enhance productivity
through quality control by detecting defects and help in the predictive
maintenance of factory machinery. This factor is expected to drive the
growth of the AI market in manufacturing. Deep learning, natural
language processing, context awareness, and computer vision are the
major technologies used for data mining, image analysis, signal
analysis, decision-making, and execution.
North America expected to hold the largest market share, APAC to witness the highest growth rate
North America is expected to hold the largest share and dominate the artificial intelligence market
between 2018 and 2025. Rapid developments in infrastructure and the
high adoption of digital technologies are the 2 major drivers of the AI
market in the region. Additionally, the region, a well-established
economy, has also seen large-scale investments in AI, as a result of
which, both start-ups and well-established companies are concentrating
more on developing innovative AI-enabled solutions to cater to the
various industry verticals. Moreover, the smart city initiatives are
increasing in the North American region, due to which, there is an
increase in the raw data as well. The need to analyze such raw data to
extract relevant information has increased the demand for various AI
platforms, such as Google cloud prediction API, Microsoft Azure ML, and
Amazon’s AWS in this region.
The artificial intelligence market
in Asia Pacific (APAC) is expected to grow at the highest CAGR during
the forecast period. In security, with increasing incidents of
cyberattacks and a growing cyber-war in the region, organizations and
governments are focusing on robust defense infrastructure. APAC,
especially China, Japan, and South Korea, is considered the largest
market for industrial robots. Industrial robots generate a huge volume
of data, which is used for training robots. This would act as one of the
major drivers for the AI market in APAC.
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