Artificial Intelligence (AI) Market is projected to register a CAGR of 17.2% during 2016-2024

Market Overview
In the era of digitalization and rapidly changing technology, Artificial intelligence technology is one the fastest evolving technology across the globe. Artificial intelligence technology deals with the study and development of intelligence of machines and software. Further this technology has vast applications in various sectors like healthcare and manufacturing. Artificial intelligence has potential to lift various industries by reducing the human effort and increasing productivity. The AI technology will transform the functionality of various sectors such as agriculture, Industrial, BFSI, Healthcare among others by providing ease to consumers and the users. Artificial intelligence consists of various technologies such as natural language processing, quarrying, deep learning etc which can be implemented in various applications. AI technologies increase the efficiency of organization and complete tasks efficiently on the back of systematic inputs in the system. AI software can be used in various cases such image recognition, algorithm pattern, big data management and many more. Business service applications and consumer products based on artificial intelligence expected to exhibit positive impact on AI market.

The market of artificial intelligence (AI) is projected to register a CAGR of 17.2% during the forecast period i.e. 2015-2023

Moreover, massive researches are carrying out on big data services and machine learning which are some of the factors driving the growth of artificial intelligence market. Big international players like IBM, Microsoft among others are spending huge investments in research and development sectors to increase the advancement of artificial intelligence and to open the new avenues of application and services in untapped markets. Additionally, rising number of startups on artificial intelligence across the globe and huge funding by private firms are serving the uplift of artificial intelligence market which is anticipated to boost in the upcoming years. On the other hand, various key players adopted the business strategy of merger & acquisition by collaborating with each other and acquiring small startups and AI related organizations to boost the research activities of artificial intelligence

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Top Manufacturers: Microsoft, IBM, Google, Apple, Intel, Amazon, Anki, AI Brain, Iris AI

Market Segmentation

By Technology
 Deep Learning
Digital Personal Assistant
Querying Method
Natural Language Processing
Context-Aware Processing
By Product
By Services
Support and Maintenance
By End-User Application
 Banking, Financial Services & Insurance (BFSI)
Wealth Management
Fraud Detection
Robot-integrated Manufacturing Systems
Automated Virtual Assistants
Transportation & Automotive
Health Assistance

� By Region

o North America (US, Canada) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
o Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
o Rest of the World{Market Share (%), Market Size (USD Billion), Product Sales (Units)}

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Market Size and Forecast (2016-2024)

The market of artificial intelligence (AI) is projected to register a CAGR of 17.2% during the forecast period i.e. 2015-2023. Acquisition, mergers and collaborations in IT sector helps to boost the growth of artificial intelligence market. Further, the market accounted USD 525 Milli0n in 2015 and it is expected to garner USD 14.2 Billion by the end of 2023. The natural language processing (NLP) segment is expected hold the largest share in near future on the back of rising implementation of NLP in banking and e-commerce industry for the improvement of customer assistance. Geographically, North-America region is expected to account the largest market share by 2023 across the globe. The reason behind the positive growth of AI market in this region is the wide-scale adoption of AI technologies in various end-use industries such as manufacturing, media and e-commerce. Moreover, North-America is one of the fastest growing markets in terms of technological advancements, business operations and manufacturing operations. On the other hand, Europe and Asia-Pacific region are expected to be the most opportunistic and growing sector across the globe during the forecast period i.e. 2015-2023. Rapid pace urbanization in growing economies such as India, China, Japan and other and rising penetration of smart phones further adopt AI technologies to save their time and to increase the efficiency. Likewise, huge automotive industry in Germany and wide advantages of AI technology in automotive systems further help to gain popularity among automotive industry.

Market Size and Cagr Forecast

Growth Drivers and Challenges

Digitization across the globe up surged the demand for artificial intelligence. Every sector including healthcare, banking, agriculture, education and other are shifting towards digitization. Developing economies around the world are adopting smart technologies to increase the efficiency of their business which further helps to gain profitability. The shift of enterprises towards innovative and smart technology products is directly opens the door for artificial intelligence market globally. The adoption of artificial intelligence in corporate enterprises to interpret the data and to read the algorithm pattern with less time consuming methods is expected to boost the demand for artificial intelligence in these sectors. Moreover, penetration of virtual assistance or chatbots for customer assistance in various end-use industries such as banking, e-commerce and others are propelling the demand for artificial intelligence based software. The ease of operating business processes along with cost-containment is the major reason behind the growth of artificial intelligence in end-use industries. In addition to this, increasing demand for smart conversational virtual assistants and speech to speech translation is expected to bolster the growth of artificial intelligence (AI) market globally.

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Market Trends:

More and more people globally are inclining towards fitness. This increases the demand for high protein food supplements. Artificial Intelligence (AI) provide a good alternative to chemically processed supplements, and are therefore gaining popularity. Players could capture this trend and target the fitness conscious population concentrated in urban areas to market their products.

Global Artificial Intelligence (AI) market is segmented as follows:

� By Aircraft Types (Market Size, Demand Analysis and Growth Analysis)
� By Product type (Market Size, Demand Analysis and Growth Analysis)
� By End-User (Market Size, Demand Analysis and Growth Analysis)

  • Market Dynamics: Growth Drivers, Restraints and Opportunities
  • Risk Factors
  • Regional Variations
  • Recent Trends and Developments
  • Key Market Players
    Business Strategy
    Product Portfolio
    SWOT Analysis
    Porters Five Force Model

Market Landscape:

Competition and Beyond Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks

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