Artificial Intelligence has the potential to change the world around us by modernizing the way we communicate, work, and conduct our daily life. The 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.
Some of the prominent players in the market are IBM Corporation (U.S.), Google Inc. (U.S.), Brighterion Inc. (U.S.), Microsoft Corporation (U.S.), Facebook (U.S.) , Qualcomm (U.S.), Rocket Fuel Inc. (U.S.), Kensho Technologies, Inc. (U.S.), Salesforce (U.S.), Infosys (India) and Sentient Technologies (U.S.) among others.
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North America is dominating the global artificial intelligence market with the largest market share and therefore accounting for the highest revenue amounts. This market is expected to grow due to various factors such as growing use of artificial intelligence in aviation, defense and financial sector of the North American region. The higher implementation of AI technologies in various industrial sectors like manufacturing, media and entertainment, and healthcare is the major reason fueling the growth of the artificial intelligence market in North America. Companies like Tesla, Apple and IBM are innovating to install artificial intelligence enabled chipsets and processors in automobiles, smartphones, and medical equipment.
Europe holds the second position in the global Artificial Intelligence Market due to the growing demands for artificial intelligence such as fast and easy document control and on-demand access to data. Additionally, many public and private organizations have been collecting domain-specific information comprising issues such as cybersecurity, medical informatics, marketing, fraud detection, and national intelligence.
Asia Pacific region, with the higher presence of smartphone manufacturers and semiconductor industries, is expected to grow at a fast pace. Countries like China, Taiwan, and South Korea, hold near about 80% of the global smartphone manufacturers, and most of them carry a huge opportunity for artificial intelligence market.
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