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New Report Forecasts Growth of Artificial Intelligence Market to 2026

Aug 13 2019

The Artificial Intelligence (AI) Market in North America was valued at US$ 9.72 Bn in 2018. The growth witnessed in this region is attributed to the ongoing technological advancements in the field of natural language processing, machine learning, and analytical tools. According to a published report by Fortune Business Insights, titled, “Artificial Intelligence (AI) Market Size, Share and Global Trend by Component (Hardware, Software, Services), by Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), by Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Geography Forecast till 2026,” the global market is projected to reach US$ 202.57 Bn by 2026, exhibiting a CAGR of 33.1% during the forecast period from 2019 – 2026. The global market was valued at US$ 20.67 Bn in 2018.

Increasing Adoption of Cloud-based Applications and Services to Propel the Market

The report suggests that a rise in the demand for intelligent virtual assistants is likely to boost the global artificial intelligence (AI) market growth. Additionally, expansion of connected device market, increasing investments in 5G technology, and rising adoption of cloud-based services and applications will contribute to the growth. However, at present, the number of experts working in the field of AI technology is very limited. This is why, Artificial Intelligence (AI) Market is facing numerous challenges in the recent years. Unreliability of AI algorithms and data privacy are two of the most concerning factors affecting the AI market. There is a huge potential of improvements in customer service in the retail sector. Combined with this, improvements in efficiency in the manufacturing industry will also occur. There is also a rise in the number of personalized and high-quality AI-enhanced products in the market which will also contribute to the overall global market growth.

The Natural Language Processing Segment to Witness Growth Driven by Extensive Usage of AI

The report classifies the global artificial intelligence (AI) market on the bases of component, technology, industry vertical, and geography. In terms of technology, the market is divided into machine learning, computer vision, natural language processing, and others. Out of these, the natural language processing segment is expected to gain the highest share of global artificial intelligence (AI) market during the forecast period. This will occur because of the application of AI techniques in analyzing natural language in spoken as well as written forms.

Google, Amazon and Other Prominent Market Players to Gain Competitive Edge Through Innovative Product Launches and Strategic Partnerships

In January 2017, Google launched its Cloud AutoML. It uses Google’s Cloud Vision application programming interface and Cloud Machine Learning Engine service. AutoML is used by several prominent companies, such as Urban Outfitters and Disney. It is making search and shopping on their particular websites more relevant. It also supports image recognition that allows consumers to drag the images and train their systems to recognize those on Google cloud. In October 2018, Amazon started providing AI-as-a-service under its AWS banner with ‘Amazon AI’. The company will begin expanding the global AI market through this strategy. The system will allow developers to build applications with various tools. AstraZeneca plc, a multinational pharmaceutical and biopharmaceutical company, based in the U.K., announced that it has partnered with Ali Health, a subsidiary of Alibaba, earlier in 2018. The aim of the collaboration was to develop an AI-enhanced diagnostics and screenings applications in China.

Sample PDF https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/artificial-intelligence-market-100114

Fortune Business Insights has profiled few of the most prominent market players operating in the global artificial intelligence (AI) market. They are NVIDIA, Baidu, Alphabet (Google Inc.), Verint Systems Inc. (Next IT Corp), Apple Inc., MicroStrategy, Inc., IBM Corporation, Qlik Technologies Inc., Microsoft Corporation, IPsoft, and other prominent players.

Some of The Key Companies Profiled in The Report