“Artificial intelligence market to grow at a CAGR of 62.9%”
According to the new market research report on artificial intelligence, this market is expected to be worth USD 16.06 billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022. The growth of the artificial intelligence market can be attributed to the growing application of artificial intelligence in various industries and the increasing adoption of AI for improving consumer service. However, the lack of availability of low-cost and energy-efficient hardware, especially high-speed computing hardware, is hindering the growth of AI market
“Natural language processing is expected to grow at the highest rate from 2016 to 2022”
The market for natural language processing (NLP) is expected to witness fastest CAGR from 2016 to 2022. The growing adoption of NLP in various applications such as AI-powered robots, smartphones, car-infotainment systems, navigation systems, and personal assistant systems, among others is largely driving its growth. Moreover, the deep learning technology is likely to grow at the second-highest CAGR from 2016 to 2022. The growing penetration of deep learning algorithms for myriad AI applications such as voice recognition, fraud detection, voice search, recommendation engines, sentiment analysis, image recognition, and motion detection, among others is mainly driving its market growth.
“Artificial intelligence for the transportation and automotive sector held the largest market share in 2015”
The artificial intelligence market for the transportation and automotive sector held the largest market share compared to other end-user industries in 2015. The use of various AI technologies such as machine learning, natural language processing, image processing, and speech recognition for self-driving cars and the development of human-machine interface systems would drive in the growth of this segment.
“Artificial intelligence market in North America expected to grow at the highest rate”
This report covers the AI market in regions including North America, Europe, Asia-Pacific, and Rest of the World (RoW). The market in North America is expected to grow at a high CAGR from 2016 to 2022 owing to factors such as the wide-scale adoption of AI technologies in several industries such as manufacturing, media and advertising, healthcare, BFSI, and transportation and automotive. Moreover, the presence of key industry players such as Google Inc. (U.S), IBM Corporation (U.S.), NVIDIA Corporation (U.S.), and Microsoft Corporation (U.S.) which are engaged in R&D and new product launches of AI-enabled products is further fuelling its market growth.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 - 50%, Tier 2 - 33%, and Tier 3 - 17%
- By Designation: C level - 62%, Director level - 25%, and Others - 13%
- By Region: North America - 40%, APAC - 25%, Europe - 20%, and RoW - 15%
The companies that are profiled in the report are IBM Corp. (U.S.), Microsoft Corp. (U.S.), Google Inc. (U.S.), Fin Genius Ltd. (U.K.), NVIDIA Corporation (U.S.), Intel Corporation (U.S.), General Vision, Inc. (U.S.), Numenta, Inc. (U.S.), Sentient Technologies (U.S.), and Inbenta Technologies, Inc. (U.S.).
The report describes various technologies associated with artificial intelligence and related developments in terms of hardware, software solutions, and associated services across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as offering, technology, end-user industry, and geography. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Reasons to Buy the Report:
- This report includes the market statistics pertaining to technology, offering, end-user industry, and geography along with their respective revenue.
- The Porter’s Five Forces framework has been provided along with the value chain analysis to provide an in-depth insight into the artificial intelligence market.
- The major drivers, restraints, challenges, and opportunities for the artificial intelligence market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for artificial intelligence markets based on technology, offering, end-user industry, and geography have been provided to give an overall view of the artificial intelligence market.
- A detailed competitive landscape has been provided including key players, in-depth analysis, and revenue of key players.