Artificial intelligence technology deals with the study and development of intelligence of machines and software. This technology has its vast applications in various sectors like healthcare and manufacturing. Artificial intelligence consists of various technologies such as natural language processing, quarrying, deep learning etc which can be implemented in various applications. rising number of startups on artificial intelligence across the globe and huge funding by private firms are serving the uplift of artificial intelligence market which is anticipated to boost in the upcoming years. Likewise, the IT industry across the globe is growing on the back of advancements in connectivity and huge research funding. Big market players such as Microsoft, Google, Apple and others are bringing artificial intelligence (AI) into the core of their business. These advancements and wide-scale adoption and application of artificial intelligence is boosting the growth of AI market all across the globe.
Market Segmentation
Our in-depth analysis segmented the Global Artificial Intelligence (AI) Market in the following segments:
By Technology
Deep Learning
Robotics
Digital Personal Assistant
Querying Method
Natural Language Processing
Context-Aware Processing
By Product
Software
Hardware
By Services
Installation
Training
Support and Maintenance
By End-User Application
Banking, Financial Services & Insurance (BFSI)
Wealth Management
Fraud Detection
Robot-integrated Manufacturing Systems
Automated Virtual Assistants
Manufacturing
Retail
Transportation & Automotive
Healthcare
Health Assistance
Research And Development
Autonomous Guided Vehicles
Product Recommendation
Automated In-store Robot
By Region
North America (US, Canada)
Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
Latin America (Brazil, Mexico and Rest of Latin America)
Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific
Rest of the World
Market Size and Forecast
Global artificial intelligence market is anticipated to expand with a promising CAGR of 17.2% over the forecast period. Acquisition, mergers and collaborations in IT sector helps to boost the growth of artificial intelligence market. In 2015, the global artificial intelligence market has reached USD 525 Milli0n. Further, the market is anticipated to reach USD 14.2 Billion by the end of 2024. The natural language processing (NLP) segment is expected hold the largest share in near future on the back of rising implementation of NLP in banking and e-commerce industry for the improvement of customer assistance. North America region is anticipated to capture major share of the market. The reason behind the positive growth of AI market in this region is the wide-scale adoption of AI technologies in various end-use industries such as manufacturing, media and e-commerce.
