Major players in the artificial intelligence market are Google, IBM, Baidu, Microsoft, Apple Inc., Ipsoft, NVIDIA Corporation, Samsung Electronics Co.Ltd, and Micro Strategy Inc.
The Global Artificial Intelligence Market is expected to grow from USD 28.42 billion in 2019 to USD 40.74 billion in 2020 at a compound annual growth rate (CAGR) of 43.39%. The growth is mainly due to the COVID-19 health emergency across the globe that has led to a new wave of transformative technologies including the revolutionary artificial intelligence technology (for example-smart machines and robots) emerging as a possible solution to contain the epidemic. The market is then expected to recover and reach USD 99.94 billion in 2023 at CAGR of 34.86%.
The artificial intelligence market consists of sales of the artificial intelligence software and related services. Artificial Intelligence (AI) some times referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence.
North America was the largest region in the artificial intelligence market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
In January 2020, Apple acquired a Seattle based start-up xnor.ai for a deal amount of USD 200 million. The acquisition is expected to strengthen in delivering AI capabilities. Xnor.ai is the listed in 2019 Forbes AI 50: America’s most promising artificial intelligence companies.
The artificial intelligence market covered in this market is segmented by offering into hardware; software; services. It is also segmented by technology into machine learning; natural language processing; context-aware computing; computer vision; others (image processing, speech recognition) and by end-user industry into healthcare; automotive; agriculture; retail; marketing; telecommunication; defense; aerospace; media & entertainment; others.
The limited number of AI Experts is a major challenge in the Artificial intelligence market. To develop the AI software the company needs AI experts, practitioners, and researchers. According to the Tencent research report 2017, a Chinese tech giant, there are 300k AI researchers and practitioners worldwide but the market demand is around million of roles. The limited number of AI experts may harm the Artificial intelligence market.
Automated machine learning is being implemented by many companies. It is quite complicated to apply traditional machine learning models for real-world business problems. The better solution is to use Automated machine learning which allows non-machine learning (ML) experts to use machine learning algorithms without being machine learning wizards. For instance, tools like “Google cloud AutoML” are used to train custom made and high-quality ML models with a minimum ML expertise.
Growing investment in AI technologies contributed to the growth of the Artificial intelligence market. Many companies are investing in AI technologies or AU start-ups to increase the efficiency of AI software as AI enables them make more informed decisions and achieve better results. . For instance, Microsoft has invested around USD 1 billion in OpenAI a San Francisco company. The two companies had formed a partnership to develop AI supercomputing technologies on Microsoft’s cloud Azure. AI is useful across multiple sectors. For instance, AI can lead to breakthroughs in R&D and diagnostics in healthcare sector, it can help make better forecasts in finance, and in manufacturing, it can increase production controls and efficiency. Therefore rise in investment in Ai technologies due to its advantages in every sector is driving the market for the Artificial Intelligence market.
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Impact of COVID-19 on Global Artificial intelligence Market By Technology (Context-Aware Computing, Machine Learning, Natural Language Processing, and Computer Vision); By Solution Type (Software, Hardware and Ai-As-A-Solution); and Region –Analysis of Market Size, Share & Trends for 2016 – 2019 and Forecasts to 2030
Ankur Gupta, Head Marketing & Communications