Category Intelligence on Artificial Intelligence covers the following
The global artificial intelligence market is expected to grow at a CAGR of about 46 percent for 2018–2024, reaching a market value of $71 billion in 2024
Currently, North America has the highest adoption of AI, and also, the largest revenue share in the global market, i.e., more than 40 percent, followed by Asia-Pacific and Europe
APAC is expected to emerge as a lucrative market for AI in the next 5–7 years. The key factors propelling this AI Market growth are cloud-based services and the emergence of several AI technology start-ups, which provide innovative products/services
The AI market in key leading countries, such as the US, China, India, Germany, and Japan, has an advent growth, due to the high level of process automation, which is adopted in various industries
Large number of tier-2 suppliers are emerging in the market, with specialized service offerings in the field of healthcare, BFSI, agriculture, gaming, etc.
The North American artificial intelligence market size is expected to grow at a CAGR of about 41-42 percent from 2018 to 2023
The government & defense segments contributed the largest share to the North America's AI market size in 2018, and they would continue to be a dominant market until 2022, and it is expected to grow at a CAGR of 41 percent during the AI market forecast period
The US AI market is highly fragmented, with a presence of a huge number of start-ups in the country, however, the market is expected to undergo consolidation in the coming years, with tech giants, such as Apple, Google, Microsoft, Intel, Amazon, IBM, etc., thrusting on inorganic expansion in the country's AI market
Growing trend of integration of video surveillance with AI for video analysis, coupled with rising government spending on cyber security solutions, integrated with real-time analytics and AI, is expected to boost the AI market in the US over the next five years
The European AI market is expected to grow at a CAGR of about 43 percent till 2023
The ML segment continues to contribute the majority of the revenue share of the European AI market from 2014 to 2016. It would continue to be a dominant market until 2022 and is expected to grow at a CAGR of ~40 percent during the forecast period
Germany has the major revenue share of the European AI market, with a Y-o-Y increase of ~40 percent
Robotics, manufacturing, and healthcare are the major end-user industries implementing AI
Automation and accuracy
Strategic Assistance for Enterprises
Lack of Technical & Functional Ambiguity
Market Share by Technology
NLP is the technology from AI, which is predominantly developed and used in the real world
Major companies develop AI focussed on NLP and ML platforms, with a funding of $1.1 and $3.4 billion, respectively
Tier-1 companies are also investing in budding start-ups to encourage new ideas and innovations
Google, Apple, Microsoft, Facebook, NVIDIA, IBM, etc., are some of the companies developing NLP and ML platforms
Widely Used AI Technologies
Enterprises are adapting to the technological advancement in their business area by implementing AI technologies
Voice recognition, automated responses, virtual assistants are proving to be helpful, time-saving, and cutting down on non-value services
ML and expert systems are AI technologies, which work on algorithms, previous cause-and-effect scenarios, etc., to arrive at decisions. Enterprises are actively participating in knowledge-sharing activities with technology companies
Predictive analytics is widely adopted by enterprise data evaluation. Because of its quick response time and accuracy, it also helps perform functions and calculations, which were not possible to perform manually
Video analytics in retail integrated with surveillance cameras provides situational awareness of business operations, delivering insights about risk, safety, and security.
Speech recognition technologies integrated into call centers automate the identification of callers.
Personal assistants on consumer smartphones provide guidance and services using natural language and enhanced search using individual verbal communication.
Automated approval or credit decision. Such capabilities can deliver accurate decisions in a fraction of the time compared to manual decision making.
In healthcare, cognitive analytics enables better treatment and analysis for patients with potential abnormalities.
In legal research, cognitive expert systems aid in accessing millions of data sources, synthesize information and present it as a user-dashboard.
Software tools and personal agents can understand user work patterns and thereby enhance productivity. E.g., Mailbox and Calendar sorting by user preference.
Patient diagnosis using their baseline health data
Early identification of pandemic, epidemic, and endemic diseases
Imaging diagnostics (radiology, pathology)
Medical insurance and claims scheduling
Medical data-driven diagnostics and virtual drug development
Deployment of robot doctors in patient diagnosis and treatment
Autonomous fleets for ride-sharing,
Driver assist, engine monitoring and predictive maintenance
Automated driver assistance systems (e.g., parking assistance, lane correction, and centering, adaptive cruise control, etc.).
Just-in-time/on-demand parts manufacturing and maintenance
Customized financial planning and assistance
Fraud detection and anti-money laundering
Automation of banking processes, i.e., back office, customer-facing roles, etc.
Automated insurance underwriting
AI: Major Market Developments
Artificial Intelligence market in China will gain close to $7 trillion with the aid of AI deployment
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