Artificial intelligence is an area of computer science that uses digital computers or robots that have ability to perform tasks by using human intelligence which include learning or acquisition of information, reasoning, and self-correction. Artificial systems are commonly used in expert systems that make complex decisions, speech recognition, evaluate investment opportunities etc.
Increasing adoption of artificial intelligence in consumer electronics and healthcare sector is a primary factor driving demand for this technology in the global market. This demand is expected to increase exponentially during the forecast period owing to increasing application of artificial intelligence in various other sectors. Features such as high computing power and accuracy to enhance productivity and improve customer satisfaction are also some of the factors that are expected to drive demand in the global market.
Rising adoption of artificial intelligence technology in media and advertising to determine the influencing factors for consumer buying behavior is expected to boost demand during the forecast period.
Challenges such as high production and deployment costs are hampering demand for artificial intelligence technology in the market globally. Lack of skilled labor to manage, monitor, and operate systems is restricting growth of the global artificial intelligence market. Majority of companies operating in the market are facing challenge related to accumulating funds for early stage R&D of prototypes and their underlying technologies.
The global artificial intelligence market is segmented on the basis of solution, technology, industry verticals, and region. On the basis of region, the global artificial intelligence market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is the leading regional market and is expected to hold its dominance over the forecast period owing to increasing adoption of artificial intelligence technology in various sectors, cloud based services, and government funding. Europe is expected to witness remarkable growth during the forecast period. Among other regions, the market in Asia Pacific is expected to register rapid and high revenue growth during the forecast period.
Key players in the global artificial intelligence market are Atomwise Inc., Google Inc., IBM Corp., Microsoft Corporation, Rocket Fuel Inc., Qlik Technologies Inc., MicroStrategy, Inc., Brighterion, Inc., Numenta Inc., Sentient Technologies, and Inbenta Technologies, Inc.