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Artificial Intelligence (AI) Market Reach 29.1 Billion in 2018 and will Reach USD 239 Billion in 2026


Artificial Intellige

iCrowdNewswire   May 13, 20204:00 PM ET

According to GMI Research Latest Analysis, Artificial Intelligence Market to reach USD 239 Billion in 2026, growing at a compound annual growth rate (CAGR) of 30.1% percent during the forecast period 2019-2026.

AI is defined as the simulation of human intelligence in machines that are designed to think like humans and mimic their actions. AI is a combination of various technologies, including machine learning and deep learning, which are used to create hardware and software for different purposes such as problem-solving, reasoning, perception, and linguistic intelligence. Artificial Intelligence is continuously evolving to provide benefits to various industries, including automotive, financial, and healthcare industries. It is also reshaping economies, improving productivity, enhancing efficiency, and reducing the costs by creating a conceptual change in every sector.

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The accelerated adoption of cloud-based applications and services and the drastic growth of big data at the global level are the key factors propelling the growth of the Global Artificial Intelligence (AI) market. Continuous technological advancement is improving the performance of economies, businesses, and various industries. The strong demand for intelligent virtual assistants across numerous verticals in industries will further accelerate the demand of the Global Artificial Intelligence (AI) market during the forecast period. The rising integration of image recognition technology with optical character recognition, pattern matching, and face recognition in various end-use applications, including drones, self-driving cars, and robotics, will create innumerable growth opportunities in the market. Various global giants are focusing on implementing mergers and acquisition with emerging start-ups to capture the growing demand and gain a competitive advantage over the other players.

On the basis of offering, the Global Artificial Intelligence (AI) market is segmented into Hardware, Software and Services. Among these, the hardware segment is projected to grow at a higher CAGR during the forecast period owing to the increasing demand for hardware platforms with the growing level of computing power to run different AI software. The AI systems are becoming more sophisticated, therefore emerging a demand to develop new hardware which will enhance the training and performance of the neural network while reducing power consumption.

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On the basis of Technology, the Global Artificial Intelligence (AI) market is segmented into Machine Learning, Natural Language Processing (NLP), Context-Aware Computing, and Computer Vision. Among these, the Computer Vision is projected to lead the market during the forecast period owing to the increasing adoption of computer vision in autonomous or semiautonomous applications in various industries such as Manufacturing and Automotive industry. Moreover, the increasing need for quality inspection & automation and the expanding demand for the vision-guided robotic systems will further surge the demand for computer vision, thereby driving the growth of the Global Artificial Intelligence (AI) market during the forecast period.

On the basis of Type, the Global Artificial Intelligence (AI) market is segmented into Narrow/Week AI and General/Strong AI. Among these, the Narrow AI segment is anticipated to lead the market during the forecast period owing to the growing application of narrow AI techniques in devices such as Alexa, Google Assistant, Siri, and Cortana. The narrow AI is used in self-driving cars, customer service bots, face recognition tools, and spam filters to allow the automated sorting options to enhance efficiency, reduce costs, and automate tasks. This increasing demand for narrow AI across various industries will accelerate the growth of the Global Artificial Intelligence (AI) market.

On the basis of End User, the Global Artificial Intelligence (AI) market is segmented into Healthcare, Manufacturing, Automotive, Agriculture, Retail, Security, Human Resources, Marketing, Law, Fintech, Construction, Defence, Aerospace, Supply chain, Building Automation, Consumer, Food & Beverage, Gaming, Media and Entertainment, Telecommunication and Oil & Gas. Among these, the Automotive segment is projected to grow at a higher CAGR during the forecast period attributed to the increasing usage of AI technologies in the semi-autonomous and autonomous car to meet the growing demand of the end-users and to deliver excellent customer experience. Various car manufacturers are mainly focusing on implementing artificial intelligence technologies in the production process such as using AI and machine learning based robots for moving parts of different vehicles. In addition to this, the increasing demand for autonomous cars having technologies including internet radio, voice commands, roadside assistance, collision warning and contextual help will further boost the growth of the Global Artificial Intelligence (AI) market during the forecast period.

On the basis of region, Asia-Pacific is anticipated to lead the market during the forecast period due to the accelerated adoption of deep learning and natural language processing technologies in various industries such as finance, agriculture, marketing and law across China, Japan and Australia. With the expansion in the e-commerce and growing internet penetration, the leading players of the marketing industry are adopting AI-based solutions for marketing on different platforms to capture the growing demand of the consumer base. Moreover, the increasing number of incidences of cyberattacks in Asian countries is encouraging governments and organizations to opt for AI and machine learning tools to improve the cybersecurity level. The increasing demand of industrial robots in the production process across various Food & Beverage companies to enhance quality, improve efficiency and minimize the operational post will further accelerate the growing demand of the Artificial Intelligence (AI) market in the region.

Various notable players operating in the market include Intel Corporation, NVIDIA Corporation, Samsung, Xilinx, Micron Technology, Inc., IBM Corporation, Microsoft Corporation, Google, Amazon Web Services (AWS), Facebook, among others.

 

Market Segmentation

Global Artificial Intelligence (AI) Market by Offering

Global Artificial Intelligence (AI) Market by Technology

Global Artificial Intelligence (AI) Market by Type      

Global Artificial Intelligence (AI) Market by End-User

Global Artificial Intelligence (AI) Market by Region

Global Artificial Intelligence (AI) Leading Market Players

 

About GMI Research 

 

GMI Research leverages its industry expertise and experience to identify the industry trends, big opportunities and potential growth areas across industries. Our Syndicated reports provide actionable insights and covers industry trends, market drivers & restraints, macroeconomic factors, market estimates & forecasts, competitive landscape etc. which helps our clients to strengthen its market position by deploying specific strategies and actions that will lead to higher growth.

 

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