Artificial Intelligence Industry Analysis – Market Size, Growth, Forecast, and Trends Market Analysis
Artificial Intelligence Industry Overview
The size of the global artificial intelligence industry is expected to increase USD 75.5 billion in market size between 2019-2023, accelerating at a CAGR of more than 33% during the forecast period. It is expected that during the forecast period global artificial intelligence market size will approach USD 1 trillion in value. This revenue growth will be attributed to numerous factors such as the popular demand for computer-controlled mechanical devices, especially to perform hazardous tasks in industries, and the need to increase employee productivity. Al has evolved into a support system for employees, allowing for boosted productivity because of its high efficiency in comparison to manual methods as it is faster, offers customized insights to managers and HR, and helps in monitoring organization-wide performances in real-time.
Additionally, numerous emerging trends are expected to gain traction within the artificial intelligence industry over the next five years, positively impacting market growth. These top trends include an increase in cloud-based AI services, narrow AI, alternative solutions to GPU for accelerating AI workloads, professional services benefiting from AI, and the growing number of AI startups. AI start-ups have attracted significant investments and are advancing in innovation. Most AI start-ups specialize in developing AI solutions for critical industrial processes, especially in major industries like oil and gas. For example, start-ups such as Kepler/Oquant have started using AI-based geo-tracking technology to monitor the transportation of oil and gas through ships. Other insights provided within Technavio's artificial intelligence industry research reports include:
Artificial Intelligence Market Insights
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The 2019 year-over-year growth rate for the global artificial intelligence market is expected to be 29.43%.
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The global artificial intelligence-as-a-service market is expected to increase approximately USD 9.5 billion between 2019-203. The use of advanced infrastructure at a reduced cost will be the primary market driver during the forecast period.
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There is a growing demand for data integration and visual analytics in energy companies, whose complex operations make deploying and maintaining reliable data interfaces difficult. AI helps them integrate technical and business process data from various sources and convert them into meaningful business insights, thus driving the AI market growth in the energy sector.
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With a high unsubscribe rate for mass marketing, personalization through AI, and creating a unique customer experience is growing heavily. As a result, the market demand for AI-based personalization applications has increased considerably in recent years and is likely to continue to increase during the forthcoming years.
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Companies in the artificial intelligence market are also focusing on developing improved human-derived AI technologies that can raise work efficiency and offer better operational quality.
Artificial Intelligence Market Share and Segmentation
Within our artificial intelligence industry research, we provide deep insights into the market landscape, its segments, and their market share. Our artificial intelligence market segmentation research offerings include:
- Ambient Intelligence (AmI) Market
- Speech recognition market
- Scent recognition market
- Tactile recognition market
- Deep Learning Market
- Conventional neural network market
- Image classification market
- Recurrent neural network market
- Facial recognition market
- Voice recognition market
- Feed-forward network market
- Convolutional neural network market
- Generative adversarial network market
- Conventional neural network market
- Expert System Market
- Rule-based expert system market
- Chaining expert system market
- Confidence factor expert system market
- Real-time adaption expert system market
- Genetic Algorithm Market
- Machine Learning Market
- Supervised machine learning market
- Un-supervised machine learning market
- Reinforcement machine learning market
- Automatic Knowledge Acquisition Market
In addition to the above-mentioned markets, Technavio’s artificial intelligence market research on the also covers several markets such as enterprise AI market, automotive artificial intelligence market, and artificial intelligence-powered video analytics market. Further, our artificial intelligence market research reports are focused on presenting critical market insights on multiple factors that are expected to propel the growth within the industry.
We at Technavio, with our comprehensive understanding of the artificial intelligence market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our artificial intelligence market reports offer the following insights:
- Artificial intelligence industry overview
- Artificial intelligence industry statistics
- Artificial intelligence market share
- Artificial intelligence market size
- Artificial intelligence market growth
- Artificial intelligence market forecast
- Artificial intelligence market trends
