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What are the Growth Drivers of Artificial Intelligence Market?

Author : Ronak Bora | Published Date : 2019-05-29 

A comprehensive research study on artificial intelligence market introduced by Global Market Insights, Inc. provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of market in terms of the demand landscape, driving factors and growth strategies adopted by market players.

Artificial Intelligence Market growth will be driven by increasing R&D in human-like robots and the rising deployment rate in the various regions. The growing adoption of artificial intelligence-enabled software and products to improve customer services is further augmenting the demand. The requirement for such technologies in various sectors, such as healthcare, transportation, retail, and manufacturing, is extensively contributing to the industry growth.

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On the basis of application, the artificial intelligence market is segmented into retail, transportation & automotive, oil & gas, media & advertising, manufacturing, healthcare, BFSI, and agriculture. Transportation & automotive is projected to hold the largest market share in the application segment followed by healthcare and media & advertising services. Rising adoption of AI in car infotainment and atomization will drive the segment growth over the forecast timeline.

North America held the highest market share in 2016 and is expected to grow at the highest CAGR from 2017 to 2024. Applications of AI in various sectors, such as agriculture, BFSI, media and advertising, consumer electronics, transportation, and automotive, majorly drive the industry growth. Moreover, the presence of various software development companies and domestic & multinational AI products in this region will further boost the artificial intelligence market growth in this region.

However, the major challenges faced by industry players are the low return on investment and the complexity involved in the creation of AI mechanisms and models. Lack of energy-efficient and cost-effective hardware restricts the adoption of such technology in small and medium enterprises, thereby restricting the artificial intelligence market growth during the forecast timeline. In addition, lack of skilled labor owing to the requirement of a complex algorithm in the development of artificial intelligence models pose as a barrier for the industry growth.

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Based on offerings, the artificial intelligence market is classified into products and services. The product segment including software and hardware held a substantial market share in 2016. The extensive development in AI-enabled hardware and software products are the major factors boosting the industry growth.

Artificial Intelligence Market growth will be driven by increasing implementation of natural language processing in the retail sector for the enhancement of customer services. The  market is segmented by technology into robotics, digital personal assistance, querying method, deep learning context aware processing, and natural language processing. Robotics and natural language processing are the major contributing segments in the artificial intelligence industry. Additionally, the natural language processing implementation in different AI applications, such as smartphones, robots, and car infotainment, will further drive the industry growth. Moreover, robotic applications for the industrial automation and several government initiatives for smart manufacturing will further fuel the market growth. 

Browse Full Report: www.gminsights.com/industry-analysis/artificial-intelligence-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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