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Artificial Intelligence Market Worth $5.05B by 2020
February 4, 2016 | PRNewswireEstimated reading time: 2 minutes
According to the new market research report "Artificial Intelligence Market by Technology (Machine Learning, Natural Language Processing, Image Processing, and Speech Recognition), Application (Advertising & Media, Finance, Retail, and Others), & Geography - Global Forecast to 2020", published by MarketsandMarkets, the market is estimated to reach USD 5.05 Billion by 2020, growing at a CAGR of 53.65% between 2015 and 2020
The increasing use of machine learning technology in the advertising & media and finance sectors, and the growing demand for AI across diversified application areas are driving the growth of the artificial intelligence market.
Machine learning technology expected to have the largest market share during the forecast period
The artificial intelligence market is segmented on the basis of technology into machine learning, natural language processing, image recognition, and speech processing. The market for AI was dominated by the machine learning technology as it provides the computers with the ability to learn without being explicitly programmed. This involves the development of computer programs that are capable of updating themselves when exposed to new data.
Media & advertising sector expected to hold the largest market share during the forecast period
The artificial intelligence market for the media & advertising sector is expected to account for the largest share of the overall artificial intelligence market during the forecast period due to the rising adoption of AI technologies in the media & advertising sector to determine the consumer behavior to influence their buying pattern. The artificial intelligence market for the healthcare sector is expected to grow with the highest rate from 2015 to 2020 as AI minimizes the costs related to false diagnosis and enhances the efficiency of treatments. The market for the retail, law, and oil & gas sectors is also expected to grow during the forecast period.
Market in North America expected to have the largest share; market in APAC likely to grow at the fastest rate
The AI market in North America is expected to have the largest share of the global artificial intelligence market during the forecast period. This is because of the increasing adoption of the artificial intelligence technology across multiple application areas in this region. APAC also offers potential growth opportunities for the AI market as there is rise in the adoption of the machine learning and natural language processing technologies in the media & advertising and finance sectors. These sectors deploy AI to extract valuable insights to complex financial problems and also to make better marketing decisions.
The scope of the report covers detailed information regarding the major factors influencing the growth of the artificial intelligence market such as drivers, restraints, challenges and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, product and service offerings, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the artificial intelligence market.
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