SAN FRANCISCO, Feb. 5, 2020 /PRNewswire/ -- The global artificial intelligence market size is expected to reach USD 390.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 46.2% from 2019 to 2025. Artificial Intelligence (AI) is considered to be a revolutionary technological development and its integration across a host of applications is one of the key factors driving this market. Advances in image and voice recognition are driving the growth of the regional market. Improved image recognition technology is critical in enhanced drones, self-driving cars, and robotics.
Key suggestions from the report:
Growth in the volume of data being generated from different end-use industries is expected to provide traction to the technology adoption
Increasing adoption of image and pattern recognition in Asia Pacific is expected to provide new growth opportunities over the forecast period
North America is one of the early adopters of advanced technologies and allows organizations to adopt Artificial Intelligence capabilities at a faster pace
Increasing amount of digital data in the form of speech, videos, and images, from different social media sources such as IoT and consumer analytics is driving the need for data mining and analytics.
AI is extensively used by several media and online services such as Google Assistant, dialogue and voice recognition of Siri, Microsoft Cortana, image classification in Facebook & Google Photo, and Amazon's Alexa
Key players in the Artificial Intelligence market include Atomwise, Inc.; Lifegraph; Sense.ly, Inc.; Zebra Medical Vision, Inc.; Baidu, Inc.; H2O ai; IBM Watson Health; NVIDIA; Enlitic, Inc.; Google, Inc.; Intel Corporation; and Microsoft Corporation.
The two major factors fueling market growth are emerging Artificial Intelligence technologies and growth in big data espousal. Rising prominence of Artificial Intelligence is enabling new players to venture into the market by offering niche application-specific solutions. Furthermore, companies are engaging in industry consolidations in a bid to gain competitive advantages. For instance, in January 2017, Microsoft Corporation acquired Maluuba in order to advance in the deep learning and AI landscape. Existing solution providers are innovating their product portfolio to include both hardware and software solutions.
North America held the dominant share in the global AI market in 2018 thanks to the availability of high government funding, presence of leading players, and strong technical base. Asia Pacific, however, is anticipated to overtake North America to emerge as the leading regional market by 2025, registering the highest CAGR. This can be attributed to rapid improvements in information storage capacity, high computing power, and parallel processing, all of which have contributed to the swift uptake of Artificial Intelligence technology in end-use industries such as automotive and healthcare.
AI has the potential to reduce the burden on clinicians and provide an efficient tool to workforces for accomplishing their tasks in a better way. For instance, AI voice-enabled symptom checkers can better access a situation and assist patients to the emergency department when immediate treatment is required. Artificial Intelligence is expected to resolve around 20% of unmet healthcare demands.
Grand View Research has segmented the global Artificial Intelligence market based on solution, technology, end use, and region:
Artificial Intelligence Solution Outlook (Revenue, USD Billion, 2014 - 2025)
Artificial Intelligence Technology Outlook (Revenue, USD Billion, 2014 - 2025)
Natural Language Processing
Artificial Intelligence End-use Outlook (Revenue, USD Billion, 2014 - 2025)
Advertising & Media
Automotive & Transportation
Artificial Intelligence Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Artificial Intelligence in Agriculture Market – Artificial Intelligence techniques for farming help increase productivity and yield. Therefore, agribusiness corporations adopt Artificial Intelligence technologies in terms of predictive analytics-based solutions.
LiDAR Market– The rising demand for 3D imagery in various application areas, such as military and defense, topographical surveys, civil engineering, and corridor mapping, is expected to significantly drive the LiDAR market over the forecast period.
Cleaning Robot Market – An increase in the use of Artificial Intelligence allows the robot to identify cleaning areas and distinguish between dirt and other objects at various spots. The major factors driving the growth of the cleaning robot market are increasing adoption of automation technology for cleaning tasks and the rise in labor costs.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.