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Artificial Intelligence (AI) Market is Projected to Reach USD 169.9 Billion in 2026

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Artificial Intelligence (AI) Market is Projected to Reach USD 169.9 Billion in 2026

February 21
13:03 2020
Artificial Intelligence (AI) Market is Projected to Reach USD 169.9 Billion in 2026

Artificial Intelligence (AI) Market – GMI Research
New analysis from GMI Research, expects the revenue for the Artificial Intelligence (AI) market to increase from USD 20.6 Billion in 2018 to USD 169.9 Billion in 2026, growing at a robust compound annual growth rate (CAGR) of 30.2% during the forecast period 2019-2026.

The major factors propelling the growth of the Global Artificial Intelligence (AI) market include the rise in the adoption of cloud-based applications and services and the growth of big data across the globe. The advanced AI technologies is continuously enhancing the performance of economies, businesses and different industries. The growing demand for intelligent virtual assistants across different verticals in several industries will have a positive impact on the Global Artificial Intelligence (AI) market during the forecast period. The increased integration of image recognition technology with optical character recognition, pattern matching and face recognition in various end-use applications such as drones, self-driving cars and robotics will propel the growth of the artificial intelligence market during the forecast period. Various multinational giants are largely focusing on mergers and acquisitions with emerging start-ups in order to capture the highest market share and gain a competitive advantage over the other market players. For instance, in 2017, Microsoft Corporation acquired Maluuba aiming to advance in the deep learning and AI landscape. The rising AI technologies will create new opportunities in the market, thereby attracting large number of customers to opt for AI-based solutions across the globe. In addition to this, the growing demand of AI-powered industrial robots in developing economies such as China and Japan will further augment the growth of Global Artificial intelligence (AI) market over the coming years. On the other hand, the difficulty in data labeling and limited application of AI in complex models along with the restricted number of AI experts will hamper the growth of the Global Artificial Intelligence (AI) market during the forecast period.

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Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are specifically programmed to think like humans and mimic their actions. AI is a combination of numerous technologies including machine learning and deep learning which helps in the creation of hardware and software used for various purposes such as problem-solving, reasoning, perception and linguistic intelligence. Artificial Intelligence is continuously evolving to benefit various industries including automotive, financial and healthcare industries. It is also reshaping economies, enhancing productivity, improving efficiency and lowering costs by creating a conceptual change in every industry.

Know more about the Global Artificial Intelligence (AI) Market: https://www.gmiresearch.com/report/global-artificial-intelligence-ai-market/

Based on offering, the Global Artificial Intelligence (AI) market is segmented into Hardware, Software and Services. The Hardware segment is projected to grow at the fastest CAGR during the forecast period owing to the rising demand for hardware platforms with high level of computing power in order to run different AI software. The AI systems are becoming more sophisticated, thus making it necessary to develop new hardware which will accelerate the training and performance of neural networks while reducing power consumption.

Based on Type, the Global Artificial Intelligence (AI) market is segmented into Narrow/Week AI and General/Strong AI. The Narrow AI segment is anticipated to lead the market during the forecast period owing to the increasing application of narrow AI techniques in devices such as Alexa, Google Assistant, Siri and Cortana. Moreover, the narrow AI is widely used in self-driving cars, face recognition tools, customer service bots, recommendation systems and spam filters having automated sorting in order to improve efficiency, cut costs and automate tasks. This growing demand for narrow AI across different industries will complement the growth of the Global Artificial Intelligence (AI) market.

Based on End User, the Global Artificial Intelligence (AI) market is segmented into Healthcare, Manufacturing, Automotive, Agriculture, Retail, Security, Human Resources, Marketing, Law, Fintech, Construction, Defence, Aerospace, Supply chain, Building Automation, Consumer, Food & Beverage, Gaming, Media and Entertainment, Telecommunication and Oil & Gas. The Automotive segment is expected to grow at a higher CAGR during the forecast period owing to the rising usage of AI technologies in the semi-autonomous and autonomous car in order to meet the changing demand of the end-users and to deliver amazing customer experience. The car manufacturers are largely focusing on implementing artificial intelligence technologies in every part of the manufacturing process such as using AI and machine learning-based robots for transferring vehicle parts and loading & unloading of the cars. Moreover, the rising demand for autonomous cars with remarkable artificial intelligence technologies such as internet radio, voice commands, roadside assistance, collision warning and contextual help will further propel the growth of the Global Artificial Intelligence (AI) market during the forecast period.

Based on Technology, the Global Artificial Intelligence (AI) market is segmented into Machine Learning, Natural Language Processing (NLP), Context-Aware Computing and Computer Vision. The Computer Vision is anticipated to lead the market during the forecast period owing to the rising adoption of computer vision in autonomous or semiautonomous applications in numerous industries such as Manufacturing and Automotive industry across the globe. Moreover, the growing need for quality inspection & automation and the expanding demand for the vision-guided robotic systems will drive the demand for computer vision, thereby accelerating the growth of the Global Artificial Intelligence (AI) market during the forecast period.

Based on the region, Asia-Pacific is anticipated to lead the market during the forecast period owing to the rising adoption of deep learning and natural language processing technologies in numerous industries including finance, agriculture, marketing and law across China, Japan, and Australia. With the growing e-commerce and increasing internet penetration, the key players of the marketing industry are adopting AI-based solutions for marketing on different platforms in order to capture the changing demand of the consumer base. Moreover, the increasing incidences of cyberattacks in Asian countries is encouraging governments and organizations to opt for AI and machine learning tools to improve cybersecurity. The growing demand of industrial robots in the production process across various Food & Beverage companies to improve quality, enhance efficiency and reduce the operational post, will further complete the growing demand of the Artificial Intelligence (AI) market in the region. 

Various notable players operating in the market include Intel Corporation, NVIDIA Corporation, Samsung, Xilinx, Micron Technology, Inc., IBM Corporation, Microsoft Corporation, Google, Amazon Web Services (AWS), Facebook among others.

The Global Artificial Intelligence (AI) market has been segmented based on Offering, Technology, Type, End-User and Key Regions. Based on Offering, the market is segmented into Hardware, Software and Services. Based on Technology, the market is segmented into Machine Learning, Natural Language Processing (NLP), Context-Aware Computing and Computer Vision. Based on Type, the market is segmented into Narrow/Week AI and General/Strong AI. Based on End-User, the market is segmented into Healthcare, BFSI, Retail, Manufacturing, Automotive & Transportation, Agriculture, Media & Entertainment, and Others.

About GMI Research:

GMI Research is a market research & consulting firm which helps its client to address their most pressing strategic and business challenges. Our market research helps our clients to address business challenges and also helps them to make better business decisions with our fact-based insights, intelligence, and data. Our insights and intelligence equip our clients with information not known to them and aid them in solving the toughest business problems. We help business leaders through independent fact-based insight, ensuring their business achieve success by beating the competition.

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