Artificial Intelligence Market Growing at a CAGR of 36.6% and Expected to Reach $190.61 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 18, 2019 /PRNewswire/ -- According to the new market research report "Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Artificial Intelligence Market is expected to be valued at USD 21.5 billion in 2018 and is likely to reach USD 190.6 billion by 2025, at a CAGR of 36.6% during the forecast period. Major drivers for the market are growing big data, the increasing adoption of cloud-based applications and services, and an increase in demand for intelligent virtual assistants. The major restraint for the market is the limited number of AI technology experts. Critical challenges facing the AI market include concerns regarding data privacy and the unreliability of AI algorithms. Underlying opportunities in the artificial intelligence market include improving operational efficiency in the manufacturing industry and the adoption of AI to improve customer service.
Ask for PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=74851580
Deep learning is expected to grow at the highest CAGR during the forecast period
The increasing use of deep learning in applications such as image recognition, speech recognition, and data mining is the prime factor resulting in its growth. In addition, the rising adoption of deep learning algorithms to derive vital information generated from wearables and electronic health record (EHR) systems and its use in drug discovery application are the key factors driving the market growth.
Software market for artificial intelligence expected to hold the largest market share
The software market is expected to hold the largest share for artificial intelligence market. The software market is growing due to increasing conversation AI platforms. Also, The general purpose AI platforms and software being used to develop interface and application ranging from conversational interfaces to predictive and prescriptive applications that offer advice and recommendations. The AI software platform is majorly focused on tools and API framework for application and technologies based on AI and ML using both structured and unstructured data to drive these application.
Manufacturing end-user industry is expected to grow at the highest CAGR during the forecast period
The manufacturing industry is witnessing a new wave of technological revolution, which is boosting the idea for implementation of artificial intelligence (AI) in the plant. AI-based solutions are adopted in manufacturing facilities to improve the productivity by maximizing asset utilization, minimizing downtime, and improving machine efficiency. Moreover, AI in manufacturing is expected to enhance productivity through quality control by detecting defects and help in the predictive maintenance of factory machinery. This factor is expected to drive the growth of the AI market in manufacturing. Deep learning, natural language processing, context awareness, and computer vision are the major technologies used for data mining, image analysis, signal analysis, decision-making, and execution.
North America expected to hold the largest market share, APAC to witness the highest growth rate
North America is expected to hold the largest share and dominate the artificial intelligence market between 2018 and 2025. Rapid developments in infrastructure and the high adoption of digital technologies are the 2 major drivers of the AI market in the region. Additionally, the region, a well-established economy, has also seen large-scale investments in AI, as a result of which, both start-ups and well-established companies are concentrating more on developing innovative AI-enabled solutions to cater to the various industry verticals. Moreover, the smart city initiatives are increasing in the North American region, due to which, there is an increase in the raw data as well. The need to analyze such raw data to extract relevant information has increased the demand for various AI platforms, such as Google cloud prediction API, Microsoft Azure ML, and Amazon's AWS in this region.
The artificial intelligence market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In security, with increasing incidents of cyberattacks and a growing cyber-war in the region, organizations and governments are focusing on robust defense infrastructure. APAC, especially China, Japan, and South Korea, is considered the largest market for industrial robots. Industrial robots generate a huge volume of data, which is used for training robots. This would act as one of the major drivers for the AI market in APAC.
Browse in-depth TOC on "Artificial Intelligence Market"
68 – Tables
52 – Figures
222 – Pages
Request Sample pages of the Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=74851580
The major players in this market include Intel (US), NVIDIA (US), Xilinx (US), Samsung (South Korea), Facebook (US), Micron(US), IBM (US), Google (US), Microsoft (US), and AWS (US).
Please Explore Relevant Reports:
Automotive Artificial Intelligence Market by Offering (Hardware, Software), Technology (Deep Learning, Machine Learning, Computer Vision, Context Awareness and Natural Language Processing), Process, Application and Region - Global Forecast to 2025
Artificial Intelligence in Cybersecurity Market by Offering (Hardware, Software, and Service), Deployment Type, Security Type, Technology (ML, NLP, and Context-Aware), Application (IAM, DLP, and UTM), End User, and Geography- Global Forecast to 2026
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/artificial-intelligence-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article