Artificial Intelligence is the technology of the computer systems which are capable to perform tasks which generally require human intelligence such as speech recognition, visual perception, language translation and decision making. According to Machine Intelligence Research Institute, due to hardware advantages, superior processing power, superior serial and parallel power and excellent memory power due to recent advancements in the computer power and several other benefits, the global artificial intelligence market is anticipated to expand at a CAGR of 62% during the forecast period 2016-2023.
Increasing number of applications of artificial intelligence is the key driving factor fueling the growth of the global artificial intelligence market. Several U.S academic institutions are employing AI technology to overcome social and economic challenges. University of South California launched Center for Artificial Intelligence to address socially relevant problems such as homelessness. In aviation industry, the use of AI in simulators is very useful in Air Operations Division(AOD). Intelligent systems are used for controlling a three-phase active filter. Majority of the banks and financial institutions have transitioned from traditionalrule based software system to artificial intelligence based system as this technology is very powerful and intelligent to the anti-money laundering (AML) patterns. Moreover, the artificial intelligence is expected to become more fast and accurate ny 2023 due to the ongoing developments and innovations in the field of artificial intelligence. Furthermore, the latest technology involve Chat bots which uses artificial intelligence technology are being extensively used in financial and banking industry. Also, Bank of America plans to develop its virtual assistant named "Erica " based on artificial intelligence technology in order to provide assistance over mobile phones to its customers . , much like Siri, developed by Apple INC. AI technology has vast application in fraud detection and is widely deployed by the banking industry worldwide. In conclusion, it is evident that artificial intelligence is impacting large number of industries by enabling them to use artificial intelligence systems to ease their operation. This trend is expected to grow exponentially and the upcoming companies would adopt artificial intelligence by the end of 2027.
Source:OBRC
The report on global artificial intelligence market includes technology, system type and end users.
Technology is segmented into:
- Machine learning
- Image Processing
- Speech Recognition
- Natural language processing
- Robotics
- Cognitive computing
Systems type is segmented into:
- Fuzzy systems
- Intelligence systems
- Hybrid systems
- Decision support processing
The end user is segmented into:
- BFSI
- Space technology
- Education
- Customer self-service
- Media & Entertainment
- Automotive and Transportation
- Others
The global artificial intelligence market report has been geographically segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America has the largest market for artificial intelligence and occupied 38% of total market share in 2015 as all the elite market players such as Google, Microsoft, Facebook etc. are in the U.S. Factors that attribute to the growth of North America include high-tech developments of artificial intelligence in various fields such as BFSI, healthcare, transportation etc. Demand in Europe is mainly due to scalability of developed advanced solutions. Asia Pacific is expected to exhibit a promising growth due to increasing demand for artificial intelligence in the automation for various manufacturing and processing industries which is encouraging the deployment of smart robots to increase work rate. Market growth in Middle East and Africa. (MEA) is primarily driven by the growth of aviation programs and technological advancements in the field across the region which in turn is encouraging companies to invest in artificial intelligence technologies. In Latin America, market demand is rising due to the increasing investments in digital advertising with increasing usage of smartphones and other technologically advanced gadgets. Brazil is currently the top player across Latin America due to large availability of skilled professionals.
Global artificial intelligence market report covers segmentation analysis of technology, system type and end users. Report further covers segments of technology type which includes machine learning, image processing, speech recognition etc. In 2015, machine learning generated high revenue worth $2 billion in the global artificial intelligence market. However, speech recognition is projected to exhibit the highest growth in the forecast period and reach revenue worth $11.96 billion by 2023. The end users of artificial intelligence include BFSI, healthcare, education, media etc. Among these, BFSI segment dominated the market in terms of revenue in 2015 and is expected to continue its dominance during forecasted period.
The major market players of the global artificial intelligence market are:
- IBM CORPORATION
- GOOGLE INC.
- MICROSOFT CORPORATION
- INTEL CORPORATION
- APPLE INC.
- OTHERS
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, product and service launches is the key strategy adopted by the companies in the artificial intelligence market.
For Example; According to Bloomberg dated May 27, 2017, Apple INC. is working on a dedicated chip known as Apple Neural Engine to power artificial intelligence on devices in order to provide best services to the customers
According to New York Times, on June 15, 2017, Facebook announced that it will use artificial intelligence technology to filter out inappropriate content and posts from Facebook.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in artificial intelligence market.
Key reason to buy the report:
- The report includes market estimation, forecast and analysis for forecasted period 2016-2023.
- Report includes detailed analysis of different segments such as technology, system type and end users of artificial intelligence.
- Identify and understand the strength, opportunities, challenges and threat of the artificial intelligence market.
- Covers detail analysis of Porters 5 force model and other strategic models and covers revenues, market share analysis, competitive landscape analysis of major players of artificial intelligence market.
- Detailed analysis of various regulatory policies which are affecting the global artificial intelligence market.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global artificial intelligence market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the artificial intelligence market, with giving extensive SCOT analysis of key companies.
Key findings of the global artificial intelligence market:
- The global artificial intelligence market is anticipated to expand at a CAGR of 62% during the forecast period 2016-2023 and is projected to hit $36 billion by 2025.
- North America is largest market for artificial intelligence and occupied 38% of total market share in 2015.
- The speech recognition segment is projected to exhibit the highest growth in the forecast period and reach revenue worth $11.96 billion by 2023.
- BFSI segment dominated the market in terms of revenue in 2015 and is expected to continue its dominance in the coming years.