Major players in the artificial intelligence market are Google, IBM, Baidu, Microsoft, Apple Inc., Ipsoft, NVIDIA Corporation, Samsung Electronics Co.Ltd, and Micro Strategy Inc.
The Global
Artificial Intelligence Market is expected to grow from USD 28.42
billion in 2019 to USD 40.74 billion in 2020 at a compound annual growth rate
(CAGR) of 43.39%. The growth is mainly due to the COVID-19 health emergency
across the globe that has led to a new wave of transformative technologies
including the revolutionary artificial intelligence technology (for
example-smart machines and robots) emerging as a possible solution to contain
the epidemic. The market is then expected to recover and reach USD 99.94 billion
in 2023 at CAGR of 34.86%.
The artificial intelligence market consists of sales of the artificial intelligence software and related services. Artificial Intelligence (AI) some times referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence.
North America was the largest
region in the artificial intelligence market in 2019. Asia Pacific is expected
to be the fastest growing region in the forecast period.
In January 2020, Apple acquired a
Seattle based start-up xnor.ai for a deal amount of USD 200 million. The
acquisition is expected to strengthen in delivering AI capabilities. Xnor.ai is
the listed in 2019 Forbes AI 50: America's most promising artificial
intelligence companies.
The artificial intelligence market
covered in this market is segmented by offering into hardware; software;
services. It is also segmented by technology into machine learning; natural
language processing; context-aware computing; computer vision; others (image
processing, speech recognition) and by end-user industry into healthcare;
automotive; agriculture; retail; marketing; telecommunication; defense;
aerospace; media & entertainment; others.
The limited number of AI Experts is
a major challenge in the Artificial intelligence market. To develop the AI
software the company needs AI experts, practitioners, and researchers.
According to the Tencent research report 2017, a Chinese tech giant, there are
300k AI researchers and practitioners worldwide but the market demand is around
million of roles. The limited number of AI experts may harm the Artificial
intelligence market.
Automated machine learning is being
implemented by many companies. It is quite complicated to apply traditional
machine learning models for real-world business problems. The better solution
is to use Automated machine learning which allows non-machine learning (ML)
experts to use machine learning algorithms without being machine learning
wizards. For instance, tools like "Google cloud AutoML" are used to
train custom made and high-quality ML models with a minimum ML expertise.
Growing investment in AI
technologies contributed to the growth of the Artificial intelligence market.
Many companies are investing in AI technologies or AU start-ups to increase the
efficiency of AI software as AI enables them make more informed decisions and
achieve better results. . For instance, Microsoft has invested around USD 1
billion in OpenAI a San Francisco company. The two companies had formed a
partnership to develop AI supercomputing technologies on Microsoft's cloud
Azure. AI is useful across multiple sectors. For instance, AI can lead to
breakthroughs in R&D and diagnostics in healthcare sector, it can help make
better forecasts in finance, and in manufacturing, it can increase production
controls and efficiency. Therefore rise in investment in Ai technologies due to
its advantages in every sector is driving the market for the Artificial
Intelligence market.
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Global
Artificial Intelligence Market
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