The artificial intelligence market is expected to grow at a CAGR 40.12% rate during the forecast period. Factors such as the increasing adoption of cloud-based applications and services, growing big data, and increasing demand for intelligent virtual assistants are expected to drive the market. The major restraint for the market is the limited number of AI technology experts.
The market has been segmented into hardware, software, and services on the basis of offerings. The adoption of AI is rapidly increasing in various applications. As AI is a complex technology requiring the implementation of sophisticated algorithms, AI-based systems require deployment and integration, and support and maintenance services. Also, most companies that manufacture and develop AI-based systems and related software provide both online and offline support, depending on the application.
The artificial intelligence marketÂ has been segmented into machine learning (ML), natural language processing (NLP), context-aware computing, and computer vision on the basis of technology. Computer vision is expected to grow at the highest CAGR. The growing adoption of computer vision in autonomous and semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI market.
Manufacturing segment is expected to grow at the highest CAGR during the forecast period. Increasing data volume derived from the manufacturing value chain has led to the involvement of AI-enabled data analytics in the manufacturing sector. In addition, several industry initiatives, such as Industry 4.0, a connected manufacturing initiative by the Government of Germany, have proliferated the growth of AI-enabled devices in manufacturing.
APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications in APAC. Moreover, the presence of major players in market ecosystem results in the increasing adoption of these systems in APAC.
Key market players include Intel (US), NVIDIA (US), Xilinx (US), Samsung (South Korea), Facebook (US), Micron Technology (US), IBM (US), Google (US), Microsoft (US), and AWS (US).
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Market Dynamics
3.1.1.Growth in Big Data
3.1.2.Growth in Adoption of Cloud-Based Applications and Services
3.1.3.Increase in Demand for Intelligent Virtual Assistants
3.2.1.Limited Number of AI Experts
3.2.2.Concerns Regarding Data Privacy
3.2.3.Unreliability of AI Algorithms
3.3.1.Improving Operational Efficiency in Manufacturing Industry
3.3.2.Adoption of AI to Improve Customer Service
4. Artificial Intelligence Market, By Offering
126.96.36.199. Application program interface (API)
188.8.131.52. Machine learning framework
184.108.40.206. Deployment and integration
220.127.116.11. Support and maintenance
5. Artificial Intelligence Market, By Technology
5.1. Machine learning
5.2. Natural language processing (NLP)
5.3. Context-aware computing
5.4. Computer vision
6. Artificial Intelligence Market, By Industry
6.7. Human resource
7. Artificial Intelligence Market, By Region
7.1. North America
7.2.6.Rest of Europe
7.3. Asia Pacific
7.3.5.Rest of APAC
7.4. Rest of the World
7.4.2.Middle East and Africa
8. Company Profiles
8.1. Leading Companies in Artificial Intelligence Market
8.1.7.General Electric Company
8.1.10. General Vision Inc.
8.2. Other Companies in Artificial Intelligence Market
Company introduction, financial information, recent developments, SWOT analysis
9. Conclusion and Recommendations
10.2. Related Reports