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  • Artificial Intelligence Market – Size, Share and Forecast 2026

    (I-SoftwareNews.Com, September 05, 2019 ) Market Overview

    • Artificial intelligence is a technology which will be able to perform tasks usually requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.

    • AI has the potential to disrupt every industry in the economy and all aspects of human life within the next 20 to 50 years. Thus,the growing demand for AI in various industry sectors is projected to drive the global artificial intelligence market over the forecast period.

    Market Dynamics

    • In July 2017, the State Council of China released the Next Generation Artificial Intelligence Development Plan outlining the country’s strategic approach and policy for AI up to 2030. In 2017, the Government of China invested $ 2.1 billion in a technology park dedicated to artificial intelligence to be built in Beijing. Also, Government funding of around 430 million USD for AI-related research projects in six months in early 2018 alone. Additionally, French president Emmanuel Macron, for example, announced government investments of more than 1.5 billion U.S. dollars for his country in March 2018.

    • Thus, all these factors are positively influencing the growth of the global artificial intelligence market.

    Market Segmentation

    • Based on technology, the global artificial intelligence market is broadly segmented as machine learning, voice recognition, virtual assistance, NLP, computer vision, image processing, and others. Among all these machine learning accounted for major market share in 2018. It is owing to an increase in demand for artificial intelligence industry solutions. Over the forecast period, virtual assistants are expected to grow at a high CAGR. Virtual digital assistants such as the Google Assistant and Apple’s Siri are already part of the consumer market’s mainstream. Thus, growth in sales of virtual assistance devices is expected to drive the global artificial intelligence market. According to Apple's reports in 2018, they sold more than 217 million iPhone’s. Additionally, the growing application of virtual assistants in various end-user industries such as automotive, healthcare, and others. For instance, in January 2019 Starkey Hearing Technologies offered Livio AI device which now comes with built-in virtual assistance.

    • Based on the application, the global artificial intelligence is broadly segmented into transportation, automotive, agriculture, healthcare, and others. Automotive applications accounted for significant market share in 2018. It is owing to growing adoption of machine learning, computer vision, voice recognition in autonomous and semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the artificial intelligence market in the automotive & manufacturing sector. Thus, increase in the automotive sector is expected to grow the global artificial intelligence market. According to the International Organization of Motor Vehicle Manufacturer (OICA), the global automobile production between 2000 and 2017 was increased by approximately 25%.">Geographical Analysis

    The global Artificial Intelligence market is segmented into

    • North America,

    • Europe,

    • Asia Pacific,

    • South America,

    • Middle East & Africa.">Competitive Trends

    • Significant players of the global artificial intelligence market are Google, Amazon, Apple, Intel, Microsoft, Facebook, Salesforce, IBM, Toshiba, UBTech, and others.

    • In October 2018, Intel introduced Intel Neural Compute Stick 2(Intel NCS 2). It is Intel's latest high-performance vision processing unit.

    • In October 2016, DENSO Corporation and Toshiba Corporation jointly developed an artificial intelligence technology called Deep Neural Network-Intellectual Property (DNN-IP), which will be used in image recognition systems.

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