Press Release / Technology / Artificial Intelligence (AI) Market Emerging Technologies and Industry Growth by Forecast to 2023

Artificial Intelligence (AI) Market Emerging Technologies and Industry Growth by Forecast to 2023

The report on the global Artificial Intelligence (AI) Market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.

Market Highlights:

Due to the growing need for cloud-based services, high computation power, a huge volume of data generated each day, and development in advanced algorithms, experiments with artificial intelligence (AI) technology are being carried out by various organizations. Market Research Future (MRFR) has published a research report about the global artificial intelligence market that foretells huge surge for this market at 26% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 21 bn by the end of forecast period.

The primary market driver for the global artificial intelligence market is the increasing use of AI across different industries. Increasing demand for digital assistance is another reason for the market growth. Marketing enterprises use predictive analytics offered by AI that is helpful in lead generation and customer acquisition. AI is also helpful in customer relationship management due to chatbots. However, complex algorithms and data privacy concerns can hinder the market growth.

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Major Key players

IBM Corporation (U.S.),
Google Inc. (U.S.),
Brighterion Inc. (U.S.),
Microsoft Corporation (U.S.),
Facebook (U.S.) ,
Qualcomm (U.S.),
Rocket Fuel Inc. (U.S.),
Kensho Technologies, Inc. (U.S.),
Salesforce (U.S.),
Infosys (India)
Sentient Technologies (U.S.)
Latest Industry News

IBM and McCormick, a company that is known for selling spices and condiments, are teaming up for a unique collaboration that aims at creating new spice blends.
Kansas has become the first state in the USA to add artificial intelligence known as Agent Kay that is a tax assistance chatbot.
Segmentation:

The global artificial intelligence market has been segmented on the basis of application, deployment, technology, verticals, and lastly, region. As per segmentation regarding the application, this market has been segmented into ad optimization, content curation, dynamic pricing, predictive analytics, sales forecasting, virtual assistance, and others. Based on deployment, the market has been segmented into on-cloud deployment and on-premise deployment.

The technology-based segmentation segments the market into adaptive learning, advanced analytics, computer vision, machine learning, natural language generation, natural language processing, and speech recognition. On the basis of verticals, the market has been segmented into banking, financial services & insurance (BFSI), commercial organization, government, healthcare, information technology (IT) & telecommunication, retail & e-commerce, and others.

Regional analysis:

The regional segmentation of the global artificial intelligence market segments the market into the regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW). During the forecast period, North America is expected to dominate the global market. The major factor influencing the market growth in this region is well-established economies like the USA and Canada. Due to technological advancement, these countries are spending a large share on research and development (R&D) of AI algorithms and technologies such as machine learning, natural language processing, virtual assistance, and others. Lastly, increasing adoption of social media platforms to stay connected is offering an additional platform for advertisement because of which AI is growing the world of marketing. Mexico is the third most important country-specific market in this region.

Europe is another important regional market due to its vast technological advancement that is second only to North America. The crucial country-specific markets in this region are France, Germany, and the UK, followed by the remaining countries in Europe.

During the forecast period, Asia Pacific market is expected to grow at a significant rate due to the increasing adoption of cloud deployment and AI technology by large as well as small & medium enterprises (SMEs) for enhancing operational performance and increasing customer satisfaction. The pivotal country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.

The RoW segment covers countries of Latin America and the Middle East & Africa (MEA). In Latin America, Argentina and Brazil are two strong economies that can be suitable markets in the future. The MEA market is small due to poor countries, lack of awareness, lack of education, lack of infrastructure, and lack of technological advancement.

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Intended Audience

Artificial Intelligence Market services providers
IT providers
Smartphone manufacturers
Retail vendors
Cloud Service providers
Media advertising providers
Value-added resellers
Research firms
LIST OF TABLES

Table1 World Population by Major Regions (2017 To 2030)

Table2 Global Artificial Intelligence Market: By Region, 2017-2023

Table3 North America Artificial Intelligence Market: By Country, 2017-2023

Table4 Europe Artificial Intelligence Market: By Country, 2017-2023

Table5 Asia-Pacific Artificial Intelligence Market: By Country, 2017-2023

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LIST OF FIGURES

FIGURE 1 Global Artificial Intelligence market segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis of Global Artificial Intelligence Market

FIGURE 4 Value Chain of Global Artificial Intelligence Market

FIGURE 5 Share of Global Artificial Intelligence Market in 2017, by country (in %)

Continued……

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