Artificial Intelligence Market, System Type (Artificial Neural Networks, Digital Assistant, Automotive Robotics System, Embedded System), Services (Speech Recognition, Gesture Control, Robots, Language Processing), Application - Forecast till 2023
Posted July 7,2019 in Science and Technology.
Artificial intelligence has the potential to change the world around us by modernizing the way we communicate, work, and conduct our daily life. Organizations are adopting artificial intelligence technology to extract valuable insights from data for developing innovative products and improving customer experience.
The global artificial intelligence market is set to grow splendidly by 2023 with the help of some of the latest innovations, supporters, improvisations, and future concerns, building it for nationwide intelligence service.
The artificial intelligence market is expected to grow at a fast pace and will approach nearly 50% CAGR. Most of the leading players are adopting artificial intelligence technology to extract valuable insights from data for developing innovative products, implement artificial intelligence in services, and improve customer experience. The demand for artificial intelligence technology is growing rapidly due to its complex, data-driven applications such as voice and image recognition. The artificial intelligence market is segmented into system type, services, and application.
Major Key players
Factors Driving the Artificial Intelligence Market
The sectors such as media & advertisement, intelligence agents are primary growth drivers. They have shown a considerable demand for artificial intelligence for customer satisfaction. By the latest implementations of cloud-based applications and services are also impacting the artificial intelligence growth substantially. Moreover, the advent of image, face and voice recognition technologies are likely to catapult the market growth in the 21st generation.
The developing software system has also boosted the market, as RStudio and Sentient software was the first to adopt artificial intelligence. The growth of hardware has also attributed to making artificial intelligence service prompt and boosted the market splendidly.
Artificial intelligence is bolstering into changing the world into complete modernization in the way of communication, work, and conduct of daily life. Artificial intelligence services are everywhere as it is ongoing with a high level of adoption by several organizations to extract valuable insights from developing products to cater to customers’ needs.
The artificial intelligence market has been segmented based on system type, services, and application.
By mode of the system, the market is segmented into the digital assistant system, automotive robotics system, embedded system, and artificial neutral networks.
By mode of services, the market is segmented into speech recognition, gesture control, robots and language processing and more.
By mode of applications, the market is segmented into media and entertainment, aerospace, automotive, oil & gas, healthcare and among others.
Geographically, the artificial intelligence market has seen its considerable growth in North America, Europe, Asia Pacific, and the rest of the world.
By MRFR reports, North America leads to having profound artificial intelligence services and is estimated to increase in the forecast period. As North America is an established region having an advanced infrastructure, has adopted the new technology since early days. The service is deployed in various verticals such as BFSI, Government and enterprise.
Next comes, Europe region which is expected to be the second position holder of the global artificial intelligence market. The artificial intelligence services have been increased with time by industries over computing algorithm-based software is fuelling the market growth with time. With the support of Government initiatives to introduce advanced technologies in Europe has created a decisive factor, hence tuning up the market at a global level.
Whereas, Asia-Pacific is projected to see tremendous growth in artificial intelligence market as a service during the forecast period. China, Japan, Singapore, South Korea, and other countries are leading the artificial intelligence market with increasing awareness about the benefits of enabling products and services. Furthermore, with increasing usage of digital technology is also a prime driving factor for the growth of the market in this region in the coming years.
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