Artificial intelligence (AI) Market Size is Expected to Reach USD 169,411.8 Million in 2025 - Valuates Reports
BANGALORE, India, June 30, 2020 /PRNewswire/ -- The global Artificial Intelligence (AI) market size is expected to reach USD 169,411.8 Million in 2025, from USD 4,065.0 Million in 2016, growing at a CAGR of 55.6% from 2018 to 2025.
Artificial intelligence enables computers and machines to mimic the perception, learning, problem-solving, and decision-making capabilities of the human mind.
AI is positioned at the core of the next-gen software technologies in the market. AI has several industrial applications where production plants can operate without human supervision. AI-enabled applications in the industries are expected to improve efficiency and aid saving of time.
The study provides Porter's five forces analysis of the AI industry to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the artificial intelligence market growth. This AI market report focuses on the growth prospects, restraints, and artificial intelligence market trends.
TRENDS INFLUENCING THE AI MARKET SIZE
AI MARKET SHARE ANALYSIS
TOP COMPANIES IN THE ARTIFICIAL INTELLIGENCE MARKET
ARTIFICIAL INTELLIGENCE (AI) MARKET KEY SEGMENTS:
By Industry Vertical
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Increasing complex data sets, such as big data in the banking sector, is fueling business development. However, the potential of such tools to detect payment fraud propels market development further. Nonetheless, the industry is hindered by high initial investment and maintenance costs.
It is anticipated that improvements in data processing speeds and the ability of these AI systems to detect non-standard behavioral trends during auditing financial transactions would make way for business growth.
Key players operating in this market are iCarbonX, Jibo. Inc, Next IT Corp., Prisma Labs, Inc., AIBrain, Quadratic Insights Pvt. Ltd., NVIDIA Corporation, Inbenta Technologies Inc., Numenta, and Intel Corporation.
In 2018, the global Natural Language Processing (NLP) market size was 486.4 Million USD and it is expected to reach 1.748 Billion USD by the end of 2025, with a CAGR of 20.1% during 2019-2025.
The NLP market's key growth drivers include increasing the usage of smart apps, increasing the adoption of cloud-based technologies, and NLP-based applications to enhance customer support, as well as growing technical innovation in the healthcare sector.
This report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
The global AI in the healthcare market size was valued at USD 1,441 Million in 2016 and is estimated to reach USD 22,790 Million by 2023, registering a CAGR of 48.7% from 2017 to 2023.
Global AI growth in the healthcare industry is driven by AI's potential to enhance patient outcomes, need to increase collaboration between healthcare workers & patients, increase the adoption of precision medicine, and a significant rise in investment in venture capital.
The global automotive artificial intelligence market size is expected to reach at USD 8,887.6 Million by 2025, from USD 445.8 Million in 2017, growing at a CAGR of 45.0% from 2018 to 2025.
The growth of the automotive artificial intelligence market is driven by increasing demand for autonomous vehicles and increased preference for improved user interface and comfort features. The threat from hackers and the increase in cybercrime, however, is expected to curb market growth.
This report provides a complete quantitative data and qualitative analysis on the global market for AI in Education. Market size is analyzed by country, product type, application, and competitors. Expanded coverage includes additional end-user industry breakdowns and in-depth producer profiles.
In 2019, the global AI In Telecommunication market size was US$ 773 million. The increasing adoption of AI for various applications in the telecommunication industry and the utilization of AI-enabled smartphones are expected to drive the growth of the AI in telecommunication market size.
The global artificial intelligence as a service market size (AIaaS Market size) is expected to reach USD 77,047.7 Million in 2025, from USD 2,397.2 Million in 2017, growing at a CAGR of 56.7% from 2018 to 2025.
The rise in the adoption of cloud-based solutions and a surge in requirement for the artificial intelligence and cognitive computing market are the major factors that boost the growth of the AIaaS market.
Enhancement in automation in the manufacturing industry and the rise in demand for big data integration boost the growth of artificial intelligence in the manufacturing market. In addition, widespread usage of machine vision cameras in manufacturing applications, for machinery inspection, material movement, field service, and quality control drive the growth of artificial intelligence in manufacturing market size during the forecast period.
The global enterprise AI market size was valued at USD 4.68 billion in 2018 and is projected to reach USD 53.06 billion by 2026, registering a CAGR of 35.4% from 2019 to 2026.
The global artificial intelligence in the medicines market size was valued at USD 719 Million in 2017 and is estimated to reach USD 18,119 Million at a CAGR of 49.6% from 2018 to 2025.
The development of novel pharmaceuticals and biologicals through clinical trials can take more than a decade and cost billions of dollars during that tenure period. AI technology can help to make this process faster and cheaper, which in turn is expected to help improve the efficiency of pharmaceutical and biotechnology companies. The advantages offered by AI are expected to fuel its adoption and, in turn, increase the Artificial Intelligence in Medicine Market size.
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