Global Artificial Intelligence Market Size was estimated at USD 15. 2 bn in 2017 and projected to cross USD 151.8 billion by 2023, at a CAGR of 33.34% during the forecast period.  Artificial Intelligence (AI) is expected to be the next stunning technological innovation, such as past developments for instance the computer era, revolution of industries, and the emergence of smartphone technology. AI has the potential to essentially renovate the world around us -- the way we work, conduct our daily lives and communicate. Artificial intelligence consists of machine learning, computer vision, deep learning, robotics, collaborative systems, and natural learning process among other technology. For instance, when a person upload photographs or videos on Facebook, it recognizes the faces of the people present in the photo or video and suggest tags with nearly 98% accuracy, from promoting and affecting national level election campaigns to basic domestic chores AI has imprinted its footprints across on each and every human activity.

Global Artificial Intelligence Market, By Regional Share Analysis

Artificial Intelligence Market Insights

The key factors driving the artificial intelligence market advancements are the growth in the big data and emerging AI technologies. The growing importance of artificial intelligence is allowing new players to venture in the market by giving a chance to prove themselves in emerging application-specific solutions. Additionally, key players are also taking a step ahead in industry mergers and acquisitions to gain competitive advantages. Such as, in January 2017, Maluuba was acquired by Microsoft corporation for bracing themselves in the artificial intelligence and deep learning landscape. Existing solution providers are revolutionizing their product portfolio to include software, hardware and services solutions.

In spite of the broad effectiveness of artificial intelligence (AI) across various industries, the requirement in the global artificial intelligence market is restricted due to the lack of skilled experts who can operate AI technologies. Additionally, the high cost for the installation of AI-enabled technologies has made it challenging for the emerging economies to install these technologies.

Artificial Intelligence Market: By Segmentation

The AI market can be categorized based on components, technologies, end-user, and geography. On the basis of components the market is segmented into hardware, software and services. Based on technology the artificial intelligence market size is classified into computer vision, natural language processing, machine learning and context-aware computing. Artificial intelligence market on the basis of application is divided into manufacturing, retail, healthcare, and agriculture among others.

Artificial Intelligence Market: Reginal Analysis

The North American region is anticipated to hold the major chunk of the artificial intelligence market size due to the key factors such as strong technical base, government initiations and, the presence of leading players. Additionally, developments in voice and image recognition technologies are boosting the growth of the artificial intelligence market as the enhanced image recognition technology is critical in order to offer self-driving cars, enhanced drones, and robotics.

Artificial Intelligence Market: Competitive Overview

Key companies covered as a part of this study include Microsoft Corporation, Intel, IBM Corporation Google, Inc., NVIDIA, Samsung Electronics, Facebook, Xilinx, Amazon Web Services, Oracle Corporation, SAP SE and Salesforce.