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Rise in investment in AI technologies, increased demand for analyzing and interpreting large amount of data, and surge in customer satisfaction coupled with increase in adoption of reliable cloud application have boosted the growth of the global artificial intelligence (AI) market. However, dearth of trained and experienced staff hampers the market growth. On the contrary, rise in adoption of AI in emerging markets and rapid development of smarter robots are expected to create lucrative opportunities in the near future.The global artificial intelligence market was pegged at $4.06 billion in 2016 and is projected to reach $169.41 billion by 2025, registering a CAGR of 55.6% from 2016 to 2025.
The global AI market is divided on the basis of technology, industry vertical, and geography. Based on technology, the market is segmented into machine learning, natural language processing, image processing, and speech recognition. The machine learning segment held the largest share in 2016, contributing more than half of the market and expected to maintain its dominance throughout the study period. Moreover, the segment is projected to register the fastest CAGR of 56.4% during the forecast period.
The global AI market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2018, contributing nearly half of the market. However, the market across Asia-Pacific is projected to manifest the fastest CAGR of 59.4% during the forecast period.
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Based on industry vertical, the market is divided into media & advertising, BFSI, it & telecom, retail, healthcare, automotive & transportation, and others. The IT & telecom segment dominated the market in 2016, contributing more than one-fifth of the market. Moreover, the segment is projected to register the fastest CAGR of 56.8% during the forecast period.
Profiling Key Players: lphabet (Google Inc.), Apple Inc., Baidu, IBM, IPsoft, Microsoft Corporation, MicroStrategy, Inc, NVIDIA, Qlik Technologies Inc., Verint Systems Inc (Next IT Corp)
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