The worldwide market size for Artificial Intelligence market is estimated to be USD 987.9 million in 2017 and is estimated to grow at a CAGR of 55.9% during the forecast period. The demand is attributed to the high computing power, improved productivity, big data integration, as well as increased customer satisfaction. Moreover, the increasing requirement for analyzing and understanding visual contents efficiently for attaining significant insights, is another factor expected to drive the market for artificial intelligence during the coming years. Furthermore, rapidly increasing market for autonomous vehicle coupled with significant investments in the research and development are also providing traction to the artificial intelligence industry in the automotive segment. Escalation in the demand for self-driven cars, civil aviation, unmanned aerial vehicles for controlling, monitoring and tracking will further stimulate the market growth globally. By the end of 2018, several companies worldwide including, Google, Tesla, and Apple among others are planning to introduce their self-driven cars, which will add to the market growth and thus, the global market for Artificial Intelligence in anticipated to account for USD 54 billion by 2026.
The market for artificial intelligence is finding huge opportunities across several end-user industries including, retail, manufacturing, healthcare, BFSI, and transportation & healthcare, among others. One of the key factor propelling the market growth worldwide is the increasing applications of artificial technologies in varied industry sectors and the increasing adoption of artificial intelligence in the enhancements of consumer services. Also, the global market for artificial intelligence is propelled by the expansion of IT infrastructure and the increased smartphones and smart wearables penetration in developing countries worldwide.
The global Artificial Intelligence market is segmented on the basis of technology and by end-use verticals. The technology segment is further bifurcated Machine Learning, Natural Language Processing, Speech Recognition, and Image Processing. The artificial intelligence market for natural language processing is anticipated to dominate the market throughout the forecast period. Natural language processing helps in enhancing consumer services particularly, in retail industry and thus, its implementation is rapidly growing resulting in influencing the market growth. Additionally, implementation of natural language processing in varied applications including, car-infotainment system, smartphones, and robots among others in bolstering the market growth.
Among the end-use verticals, transportation and automotive comprises of the major market share of the artificial intelligence. The healthcare segment of end-use verticals are expected to grow at a very high pace during the forecast period. The increasing adoption of artificial intelligence for patient care, disease diagnosis, and drug discover application is driving the market in the healthcare segment. Further, artificial intelligence is extensively used in congress planning, clinical trials, promotional outreach, and advisory boards as well as for serving unexplored sales opportunities.
Presently, North America dominates the artificial intelligence market in terms of manufacturing operations, technological advancement, disposable income, infrastructure, and others. The extensive implementation of AI technologies in industries including media & advertising, manufacturing, BFSI, healthcare, and transportation & automotive are supporting the AI market growth in this region.
Major industry players include Google Inc., Intel Corporation, Nvidia Corporation, Microsoft Corporation, IBM Corporation, General Vision, Inc., Qlik Technologies Inc., MicroStrategy, Inc., Brighterion, Inc., and Baidu, Inc. among others.