Future of Artificial Intelligence Market

[222 Pages Report] Artificial Intelligence Market research report categorizes by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography.

The artificial intelligence market is expected to reach USD 190.61 Billion by 2025 from USD 21.46 Billion in 2018, at a CAGR of 36.62% during the forecast period.

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The market growth is mainly driven by factors such as the increasing adoption of cloud-based applications and services, growing big data, and increasing demand for intelligent virtual assistants. The major restraint for the market is the limited number of AI technology experts.

Artificial intelligence market for services to grow at highest CAGR during forecast period

The market for services is expected to grow at the highest CAGR between 2018 and 2025. The adoption of AI is rapidly increasing in various applications. As AI is a complex technology requiring the implementation of sophisticated algorithms, AI-based systems require deployment and integration, and support and maintenance services. Also, most companies that manufacture and develop AI-based systems and related software provide both online and offline support, depending on the application.

Artificial intelligence market for manufacturing end-user industry to grow at highest CAGR during forecast period

Of all the end-use industries, the market for manufacturing is expected to grow at the highest CAGR during the forecast period. Increasing data volume derived from the manufacturing value chain has led to the involvement of AI-enabled data analytics in the manufacturing sector. In addition, several industry initiatives, such as Industry 4.0, a connected manufacturing initiative by the Government of Germany, have proliferated the growth of AI-enabled devices in manufacturing.

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North America to hold largest market share, and market in APAC to witness highest growth

North America is expected to hold the largest share of the artificial intelligence market between 2018 and 2025. North America, being technologically advanced, is a leader in the market. It is the early adopter of the latest technologies; moreover, awareness about the benefits of artificial intelligence is high in the region. In addition, the presence of prominent AI technology providers, such as IBM (US), Google (US), Microsoft (US), NVIDIA (US), Intel (US), Facebook (US), MetaMind (US), Tute Genomics (US), and AWS (US), is complementing the growth of the market in this region.

The artificial intelligence market in APAC is expected to grow at the highest CAGR during the forecast period. The increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications is driving the market in APAC.

Research Methodology

This research study involves the use of secondary sources, directories, and databases (such as D&B Hoovers, Bloomberg Businessweek, Factiva, and OneSource) to identify and collect information useful for the extensive technical, market-oriented, and commercial study of the artificial intelligence market.

Primary sources mainly comprise several experts from core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, and standards and certification organizations related to the various parts of this industry’s value chain.

In-depth interviews with various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key companies, and consultants, have been conducted to obtain and verify critical qualitative and quantitative information, as well as assess prospects. The breakdown of the profiles of primaries has been depicted in the below figure.

Study Objectives

• To define, describe, and forecast the overall artificial intelligence market segmented on the basis of offerings, technologies, end-user industries, and regions
• To forecast the market size, in terms of value, for segments with respect to 4 major regions North America, Europe, APAC, and RoW
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the artificial intelligence market
• To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall artificial intelligence market
• To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the artificial intelligence market
• To analyze various strategic developments, such as joint ventures, mergers and acquisitions, product launches, and research and development (R&D), in the artificial intelligence market