The global intelligent apps market size to grow at a CAGR of 32.9%
LONDON, Oct. 17, 2018 /PRNewswire/ -- The global intelligent apps market size to grow at a CAGR of 32.9% during the forecast period
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The global intelligent apps market size is expected to grow from USD 11.34 billion in 2018 to USD 46.98 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period. Major growth factors for the market include increasing consumer expectation for rich contextual and personalized experience, and the growing use of smartphones driving the demand for greater business mobility. However, fragmentation in mobile operating systems may restrain the market growth. High cost of implementing AI solutions is a major challenge for the growing adoption of intelligent apps.
Enterprise apps to grow at a higher rate during the forecast period
The intelligent apps market by type includes consumer apps and enterprise apps.The enterprise apps segment is expected to grow at a higher CAGR during the forecast period.
An increasing demand for optimized and secure mobility solutions among enterprises is driving the adoption of intelligent apps across verticals.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR in the global intelligent apps market during the forecast period.The AI market in APAC has recently progressed from its nascent stage to intermediate stage.
The APAC region is also expected to account for the largest market size during the forecast period. The government investments and the large presence of key players, such as Microsoft, IBM, Facebook, Google, and Hewlett-Packard Enterprise, are driving the intelligent apps market in the APAC region especially in China, Japan, Singapore, and India.
In the process to determine and verify the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The following is the breakup of primary participants' profiles:
• By Company Type - Tier 1 – 10%, Tier 2 – 48%, and Tier 3 –42%
• By Designation – C-level – 32%, Director-level – 40%, and Others – 28%
• By Region – North America – 20%, EMEA– 38%, and APAC - 42%
Major vendors in the global intelligent apps market include IBM (US), Google (US), AWS (US), Microsoft (US), Salesforce (US), Oracle(US), Apple (US), Baidu (China), SAP SE (Germany), ServiceNow (US), Facebook (US), Intel(US), HPE(US), Avaamo (US), H2O.ai (US), BigML (US), Sentient Technologies (US), Clarifai (US), CloudMinds (US), Ayasdi (US), Narrative Science (US), AIBrain (US), Dation (US), Arkenea Technologies (US), iCarbonX (US), and Fuzzy.ai (US).
Research Coverage
The report segments the global intelligent apps market by type, providers, store type, services, deployment modes, verticals, and regions.The deployment modes in the intelligent apps market are cloud and on-premises.
There are consumer apps and enterprise apps in the intelligent apps market.The store types in the intelligent apps market are Google Play, Apple App Store, and others (slideME, Amazon app store, Baidu app store, Samsung galaxy app store, and others).
The intelligent app market by provider covers infrastructure providers, data collection and preparation providers, and machine intelligence service providers.The market by vertical includes retail and eCommerce, BFSI, education, media and entertainment, travel and hospitality, healthcare and life sciences, and others (energy and utilities, manufacturing, and government and defense).
Intelligent apps market by region studies the market in 5 major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The report helps the market leaders and new entrants in the global intelligent apps market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split into various application areas and regions.
2. The report helps understand the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps organizations better understand competitors and gain more insights to strengthen their position in the market. In addition, the study presents the positioning of the key players based on their product offerings and business strategies.
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