GROWING ROBOTIZATION WITH INCREASED ADOPTION OF AI, IS PROPELLING THE GLOBAL ARTIFICIAL INTELLIGENCE MARKET AT A CAGR OF 46.36% FOR THE FORECAST PERIOD OF 2017-2026
“According to a new market research report published by Inkwood Research, the Global artificial intelligence market was valued at $1295 million in 2016 and is estimated to generate net revenue of approximately $70.13 billion by 2026, rising at a CAGR of 46.36% over the forecast period of 2017-2026.”
“Browse 44 market data Tables and 57 Figures and in-depth TOC on Global Artificial Intelligence Market Forecast 2017-2026.”
Rising funding & investment in AI technology, growing number of start-ups in AI market, increased adoption of AI for improved customer service experience, integration of big data with artificial intelligence & machine learning, and AI-driven improvements enhancing the productivity are few of the factors responsible for accelerating the growth of the global artificial intelligence market.
Big data, Artificial intelligence, and machine learning are becoming part of business
Big data, Artificial intelligence, and machine learning are becoming part of the business so as to accelerate the delivery of business value and increase the efficiency. Availability of large sources and volume of data is empowering capabilities of machine learning and Artificial intelligence that stayed inactive for decades owing to factors like an inability to analyze enormous amounts of data in milliseconds, limited sample sizes, and the lack of data availability.Availability of gigantic datasets has resembled with significant inventions in machine learning, mainly due to the development of better and more chic AI algorithms.
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North America is likely to witness steady gains over the coming years
North America artificial intelligence market is growing with a CAGR of 46.83% for the forecast period. It held the largest revenue share in the global artificial intelligence market. The government in North American countries like the U.S is also backing the development of North America artificial intelligence market. In May 2016, The United States announced its draft which included hosting a series of workshops along with the formation of National Science & Technology Council subcommittee. The committee’s major focus is on the development of artificial intelligence and machine learning in the medical industry which will directly boost the growth of artificial intelligence.
The APAC artificial intelligence market is developing and expanding at a significant pace. The Asia-Pacific artificial intelligence market is mainly driven by the growing adoption and investment activities within countries such as China, India, Japan, Australia and Rest of the Asia-Pacific.
In 2016, Natural Language Processing (NLP) contributed to the highest market share by Technology
Natural Language Processing (NLP) is an artificial intelligence method which is used for communicating with an intelligent system. It is primarily concerned with the interactions between computers and human (natural) languages and processing of a large amount of data (big data).
The global natural language processing market is majorly driven by a large amount of data generation and a high demand for natural language processing for the analysis of computer-generated digital big data.
Major players in global artificial intelligence market in the report include International Business Machine (IBM) Corporation, Microsoft Corporation, GE Healthcare, Apple Inc., Intel Corporation and Google Inc.
Global artificial intelligence is consolidated, with its top five companies accounting for around 52% of the market share in 2016. However, in the medium term (till 2021) global artificial intelligence market is poised to get competitive. An analysis of INKWOOD RESEARCH estimates that the number of start-ups investing in artificial intelligence has increased from 50 in 2015 to 70 in 2016. Between 2015 and 2017, more than $2.2billion funding was raised by artificial intelligence start-ups in the US alone.
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