Uttar Pradesh, India -- (SBWIRE) -- 11/13/2019 -- Market Overview
Considered to be one of the biggest technological development in recent years, Artificial Intelligence (AI) is a disruptive technology that is impacting almost every other industry with its capability. Similar to some of the major technological developments in the past, like the industrial revolution, internet revolution, and the emergence of smartphones, AI is expected to cause, if not already, a major wave across different industries. The global AI market is reportedly being driven by the advancements made in image and voice recognition. Aside from this, the market is also driven by the vast number of AI technologies that are emerging into different industries and the growth of the big data ecosystem. The growing popularity and demand of AI is prompting leading and emerging players in the market to take notice and venture into the same by offering niche application-specific solutions. Moreover, companies are being seen engaged in industry consolidations to gain a competitive advantage in the market.

Over the years, AI has evolved in a massive manner. The technology is advancing after every passing day due to the large-scale investments being made for the research and development of the same. A key factor influencing the growth of the AI market is the support it offers as an employee support system. It aids in completing vital tasks, enhancing communication level, and deploys health-focused strategies for the well-being of the employees. Add to this, AI is also seen replacing the traditional workplace surveys and board-room meetings that are used for the purpose of generating data on human performance based on a number of parameters. Forbes states that almost 83% of the businesses consider AI to be a strategic priority for their business, thereby highlighting the booming popularity of the technology. The report on the global artificial intelligence market revealed the growth to be at a staggering pace. However, increasing opposing views against the technology and the potential situation of humans being replaced by the technology can limit the growth of the market in the coming years.

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Market Segmentation

The global artificial intelligence market has been segmented in terms of type and applications.
By offering, the market includes software, services, and hardware.
By technology, the market segments into context-aware computing, machine learning, computer vision, and natural language processing. The machine learning segment of the market is primed to advance at an impressive pace in the coming years due to the rising adoption of the technology across different industry verticals for a number of applications.

Regional Analysis

The global artificial intelligence market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. The North American regional market for AI is expected to be among one of the leading geographical areas due to the presence of a vast pool of key players, a strong and established technical base, and the availability of high government funding. Elsewhere, the market in Asia Pacific is anticipated to gain a strong CAGR over the defined forecast period. This growth of the AI market herein can be primarily attributed to the rising adoption of NLP technologies and deep learning for applications in agriculture, marketing, finance, and law.

Competitive Landscape

The global artificial intelligence market comprises a host of key players. This includes names like IBM, Micron Technology, Nvidia, Intel, Amazon Web Services (AWS), Samsung Electronics, Microsoft, Xilinx, Facebook, and Google.

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