According to a new study published by
Polaris Market Research the global artificial
intelligence market is anticipated to reach USD 54 billion by 2026. The
advancements of robots and the rise in their deployment rate particularly, in
the developing economies globally have had a positive impact on the global
artificial intelligence market. Augmented customer experience, expanded
application areas, enhanced productivity, and big data integration has highly
propelled artificial intelligence market worldwide. Although, absence of
adequate skilled workforce as well as threat to human dignity are some of the
factors that could affect the growth of the market. However, these factors are
expected to have minimal impact on the market attributed to the introduction of
advanced technologies.
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An extraordinary increase in
productivity has been achieved with machine-learning. For instance, Google,
with the help of its experimental driverless technology has transformed cars
including, Toyota Prius. Integration of various tools by artificial
intelligence has helped in the transformation of business management. These
tools include brand purchase advertising, workflow management tools, trend
predictions among others. For example, the Google’s voice accuracy technology
has 98% of accuracy rate. Furthermore, Facebook’s DeepFace technology has a
success rate of approximately 97% in recognizing faces. Such accuracy in
technologies is further anticipated to bolster the market growth during the
forecast period.
Currently, North America dominates the
global artificial intelligence market attributed to the high government funding
availability, existence of prominent artificial intelligence providers in the
region, and robust technical adoption base. Also, the region is expected to
continue its dominance during the forecast period. Moreover, the adoption of
cloud-based services in key economies, such as the US and Canada, is
considerably adding to the market growth in the North American region. The
markets in Asia Pacific, MEA and South America region are expected to notice a
high growth during the coming years. The growth in Asia Pacific region is
attributed to the increasing demand for artificial technologies by the
developing economies. Thus, the region is anticipated to grow at the highest
CAGR during the forecast period.
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Major companies profiled in the report
include Google Inc., Intel Corporation, Nvidia Corporation, Microsoft
Corporation, IBM Corporation, General Vision, Inc., Qlik Technologies Inc.,
MicroStrategy, Inc., Brighterion, Inc., and Baidu, Inc. among others.
Key Findings from the study suggest
North America is expected to command the market over the forecast years. APAC
is presumed to be the fastest growing market, developing at a CAGR of more than
65% over the forecast period. The artificial intelligence market is presumed to
develop at a CAGR of over 55.9% from 2018 to 2026. The high implementation of
artificial intelligence in several end-user verticals including, retail,
automotive and healthcare is projected to boost the growth of the market over
the forecast period. Several companies are making considerable investments to
integrate artificial intelligence competences into their portfolio of products.
For instance, in 2016, SK Telecom and Intel Corporation signed an agreement for
the development of the artificial intelligence based vehicle-to-everything
(V2X) technology as well as video recognition.
About Polaris Market Research
Polaris Market Research is a global
market research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises.
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Polaris Market Research
Phone: 1–646–568–9980
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