DUBLIN, April 12, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Artificial Intelligence (Ai) Market By Technology (Machine Learning, Natural Language Processing (Nlp), Image Processing, And Speech Recognition), Application & Geography - Global Forecast To 2020" report to their offering.
The author forecasts the artificial intelligence market to grow from USD 419.7 Million in 2014 to USD 5.05 Billion by 2020, at a CAGR of 53.65% from 2015 to 2020.
The major factors driving the growth of this market include diversified application areas of AI, improved productivity, and increased level of customer satisfaction. In addition, the rising demand for intelligent systems is expected to propel the growth of the market in the next five years.
The scope of this report covers the artificial intelligence market by technology, application, and region. The AI market for the healthcare sector is expected to exhibit the highest growth rate during the forecast period due to the increasing demand for clinical trials, treatment simulations, and new solutions. The finance sector is expected to play a key role in changing the artificial intelligence landscape; and the AI market for this sector is expected to grow rapidly during the forecast period.
The machine learning technology held the largest market share of the global artificial intelligence market in 2015. This is because, the machine learning technology is a key element of artificial intelligence and is used in conjunction with other technologies such as natural language processing and image processing across a wide range of application areas. The market for natural language processing technology is expected to grow at the highest rate during the forecast period. Natural language processing technology is paving new market opportunities majorly in the field of media & advertising, retail, and finance, among others.
The AI market in North America is expected to have the largest share of the artificial intelligence market during the forecast period. In addition, APAC offers potential growth opportunities to the AI market as there is a rise in the AI-based applications in the law sector, leveraging on the power of AI for carrying out operations that are time consuming and cumbersome.
However, use of complex algorithms and lack of trained and experienced personnel for implementing artificial intelligence are hindering the growth of the AI market. There are highly complex algorithms involved in the design of an intelligent system, which requires professional interference.
Some of the major players in the artificial intelligence market are IBM Corp. (U.S.), Microsoft Corp. (U.S.), Google Inc. (U.S.), IPsoft (U.S.), FinGenius Corp. (U.K.), Rocket Fuel Inc. (U.S.), Mobileye N.V. (Israel), Kensho Technologies, Inc. (U.S.), Sentient Technologies (U.S.), and Zephyr Health (U.S.).
These players adopted various strategies such as new product developments, mergers & acquisitions, partnerships, collaborations, and expansions to grow in the market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Artificial Intelligence Market, By Technology
8 Artificial Intelligence By Hardware & Service
9 Artificial Intelligence Market, By Application
10 Artificial Intelligence Market, By Geography
11 Competitive Landscape
12 Company Profiles
- Fingenius Ltd.
- Google Inc.
- IBM Corp.
- Kensho Technologies, Inc.
- Microsoft Corp.
- Mobileye N.V.
- Rocket Fuel Inc.
- Sentient Technologies
- Zephyr Technology
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SOURCE Research and Markets