Artificial Intelligence Market to accumulate around US $ 54 Bn by 2026

June 04, 2019

Global artificial intelligence market is estimated to amass around US $54 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.

The global artificial intelligence market is positively influenced by the advancement of robots, and the increase in their deployment rate, specifically in the emerging economies of the world. Enhanced customer experience, improved productivity, big data integration, and expanded application areas are said to propel the market growth worldwide. The lack of skilled workforce, and threat to human dignity would further impact the growth of the market. The artificial intelligence market is foreseen to develop at a CAGR of more than 55.9 percent over 2018-2026, cites the report.

With machine learning, a significant rise in productivity has been attained, as for instance, Google has successfully transformed cars such as Toyota Prius, using its experimental driverless technology. The incorporation of AI with several tools is slated to bring about business transformation. These tools include workflow management tools, brand purchase advertising, trend predictions, etc.

The Google’s voice accuracy technology has around 98 percent accuracy rate, while Facebook’s DeepFace technology holds a face recognition success rate of about 97 percent. Such accuracy levels in technologies are expected to bolster the artificial intelligence market expansion during the forecast years.

In terms of the technology spectrum, the worldwide artificial intelligence market is fragmented into machine learning, image processing, natural language processing, and speech processing. The various end-user verticals constituting the worldwide market are the transportation & automotive, BFSI, healthcare, manufacturing, media & advertising, retail, and other sectors. The extensive implementation of artificial intelligence in these verticals is poised to fuel market growth over the estimated timeframe.

Several companies have been making huge investments for the incorporation of artificial intelligence competencies into their respective product portfolios, which will influence the commercialization scope of the market over the future. Reportedly, Intel Corporation and SK Telecom has signed an agreement for building artificial intelligence-based V2X (vehicle-to-everything) technology and video recognition.

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Based on the geographical outlook, North America currently dominates the worldwide artificial intelligence market, by virtue of high availability of government funding, strong technical adoption base, and the presence of leading artificial intelligence providers in the region. North America is anticipated to maintain its leading position throughout the forecast timeline and increasing adoption of cloud-based services in the key economies like the US and Canada, would impel market growth.

The report also cites that the markets in South America, MEA, and Asia Pacific are expected to witness substantial growth in the ensuing years. Market growth in the APAC region is credited to augmented demand from the developing economies for artificial technologies. APAC is slated to expand at a CAGR of over 65 percent throughout the predicted timeframe, cites the report.  

The renowned companies operating in the global artificial intelligence market include Intel Corporation, Microsoft Corporation, Google Inc., IBM Corporation, Qlik Technologies Inc., Nvidia Corporation, General Vision, MicroStrategy Inc., Baidu Inc., and Brighterion Inc.

The report analyses these players, in the light of their strong points, business tactics, and market performance. The company profiles of these players are documented in the study alongside their business overview, product benchmarking, financials, and recent developments.