Artificial Intelligence is an ever-growing and ever-changing field in which intelligence is manifested by machines and software. Over the past years, it has made its presence felt in the industry in a significant way. It makes use of previous data for analyzing and keeping a track of the system so as to smoothen operational process with the help of computer software that uses certain algorithms and tools for solving complex problems. It helps in reducing operational cost, streamlining and automating processes, decision making, forecasting the future demand, and problem solving among others. Moreover, it is fast being implemented in customer handling services, thereby enhancing their experience. Therefore, looking at these features, there has been an increase in demand for AI across various verticals, thereby stimulating the growth of this market, globally.
Driving Factors and Opportunities
The growth of the global market for artificial intelligence can be primarily attributed to the following factors:
- Growing implementation of AI in diverse industries
- Ability to improve productivity
- Enhanced customer satisfaction
All these factors have led to an increase in the demand for AI. The rising adoption rate of AI in various applications is expected to offer an array of growth opportunities in the near future. Moreover, increased demand for intelligent systems is likely to trigger the growth of this market even further. However, complex algorithms in AI, lack of experienced and skilled workforce, and objections regarding implementation of AI by industry personnel stand as major challenges for the growth of this market.
Market Trends and Forecasts
The global artificial intelligence market that was valued at USD 419.7 Million in 2014 is forecasted to reach USD 5.05 Billion by 2020, growing at a CAGR of 53.65% during the forecast period. The North American market for AI is projected to hold the largest market share between 2015 and 2020, whereas Asia-Pacific is expected to offer good growth opportunities, owing to the rise in adoption of AI-based applications.
Based on application, the AI market in healthcare sector is expected to witness the highest growth rate over the forecast period, mainly because of the increasing demand for clinical trials, treatment simulations, and new solutions. Moreover, the finance sector is anticipated to play a vital role in changing the face of the AI landscape. The AI market in this sector is also expected to grow at a fast pace over the coming years. Among technology, the machine learning technology took up the largest market share in 2015. However, the natural language processing technology is expected to grow at the highest CAGR during the projected period, thereby paving the path for new opportunities, especially in the field of media & advertising, retail, and finance, among others.
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Research Scope
As per the researchers, the global market for artificial intelligence has been studied and forecasted on the basis of following segmentation:
- Technology: Machine Learning, Natural Language Processing, Image Processing, Speech Recognition
- Vertical: Media & Advertising, Finance, Retail, Healthcare, Automotive & Transportation, Agriculture, Law, Oil & Gas, Others
- Geography: North America, Europe, Asia-Pacific, Middle East & Africa, South America
IBM Corp. (U.S.), Microsoft Corp. (U.S.), Google Inc. (U.S.), IPsoft (U.S.), FinGenius Corp. (U.K.), Rocket Fuel Inc. (U.S.), Mobileye N.V. (Israel), Kensho Technologies, Inc. (U.S.), Sentient Technologies (U.S.), and Zephyr Health (U.S.) are some of the key players participating in the global market for artificial intelligence.
