BFSI, Healthcare and Retail sectors to foster the growth of the global artificial intelligence market by 2025

The global artificial intelligence market exhibited a value of USD 6.2 billion in 2017, and is projected to reach USD 153.4 billion by 2025, growing at a CAGR of 49.6% during 2018–2025. The key factors boosting growth of the market are increasing adoption of artificial intelligence solutions across a broad range of industries, rise in demand for analysing and interpreting large amount of data as well as development and acceptance of technologically advanced artificial intelligence solutions for upgrading consumer services.

Surging demand from several industries, such as retail, BFSI, healthcare, automotive & transportation, media & advertising and manufacturing worldwide has led to burgeoning market growth of hardware solution.

The hardware segment includes chipsets, such as central processing unit, graphics processing unit, application specific integrated circuit as well as the field-programmable gate array. Apart from this, the technological advancements, such as superior computing power, parallel computation capabilities and more storage capacity in AI-enabled hardware products are likely to drive the growth of this segment. The hardware segment is expected to exhibit the highest CAGR through 2025.

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“Surging demand for technologically advanced deep learning hardware as well as cloud-based technology has further spurred growth of the AI market, specifically, in the developed countries of Europe and North America. “-GMI Research

In 2017, deep learning segment held the largest share in artificial intelligence market, globally, due to its increased usage across various industries, such as BFSI, automotive as well as media & advertising. Further, in 2017, media & advertising segment held the largest share in the indicated year and is predicted to grow at a substantial rate during the forecast period owing to rising usage of artificial intelligence solutions in various applications, such as ad targeting, content creation, fraud prevention, predictive customer service, consumer product recommendation, sales forecasting and web/app personalization.

Presence of leading technology developers and early technology adoption are few factors which are driving the AI market in North America. Countries such as US and Canada are contributing towards the growth of the market in the region. In 2017, North America had the largest share in the global AI market followed by Europe.

Key takeaways:
•    The hardware segment is expected to exhibit the highest CAGR through 2025
•    In 2017, Deep learning segment held the largest share in artificial intelligence market and is expected to continue in the coming years
•    In 2017, Media & advertising segment held the largest share in the AI market, by end user
•    In 2017, North America occupied the largest share in the global AI market followed by Europe

Some of the key players operating in the global artificial intelligence market include Google Inc., IBM Corporation, Microsoft Corporation, Nvidia Corporation, Intel Corporation, Baidu Inc., Apple Inc., Facebook, Atomwise Inc., Sentient Technologies Holdings Limited.

The research report on artificial intelligence market provides in-depth analysis of the global artificial intelligence market based on solution, technology, end-use and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for artificial intellegence market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

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