Artificial Intelligence (AI) Market Growth, Size, Share, Industry Report and Forecast 2018-2023

Posted August 22, 2020 by mansi3210

Artificial Intelligence (AI) Market by Technology, by End-User , by Offerings - Industry Size, Global Trends, Competitive Analysis and Forecast, 2018-2023
The global artificial intelligence market size was estimated at USD 20,820 million in 2018 and expected to grow at significantly high CAGR 35.5% during 2018-2023. The market is growing at a rapid rate due to the rise in the investment in AI technology by big market players. AI emphasizes the creation of intelligent machines that work and reacts like humans. AI will transform each and every business and have the potential to increase profits, market share and revenue. Companies such as Apple, Baidu and Google are working on suites of technology along with it, they are extensively focused on their AI business as well. Amazon is working on robotics and speech recognition, Salesforce on machine learning and virtual agents. BMW, Tesla, and Toyota are also taking interest in robotics and machine learning to develop driverless cars.

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Increased investment and funding for AI startups are significantly contributing in the market growth. AI offers productivity enhancement service for various industries which will increase its adoption in diversified applications. The other factors that are boosting the market growth of the global AI market include growth in big data and growth in the adoption of cloud-based services. Further, a collaboration between IoT and AI will also significantly drive the growth of the market. However, lack of availability of greater volumes and sources of data and limited skilled professionals will hinder the market growth. Focused high-tech automobile giants such as Tesla and BMW for autonomous cars will further influence the AI market in near future.

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Global AI market is segmented on the basis of technology, end-user industry, region, and offerings. On the basis of technology, the market is segmented into natural language generation, speech recognition, virtual agents, machine learning, robotic process automation, biometrics, text analytics & natural language processing and AI optimized hardware. On the basis of end-user industry, the market is segmented into journalism, entertainment, online retail stores, automobile sector, healthcare, banking and finance, manufacturing, home appliances, online customer support. On the basis of the offering, the market is segmented into hardware, software, and services.

Geography, the market is segmented on the basis of North America, Europe, Asia-Pacific, and Rest of the World. In 2017, North America dominated the AI market globally owing to the presence of key market players and extensive research and development in AI technology in the region. Additionally, one of the biggest factors in the development of an AI hub in North America Region is that, the establishment of local university programs that enables companies like Google, Uber, and Amazon to build and accelerate their companies machine learning technology. AI market in Asia-Pacific region is expected to grow significantly as various large market players are investing in regional start-ups.

• AI Market Segmentation

By Technology

Natural Language Generation
Speech Recognition
Virtual Agents
Machine Learning
Robotic Process Automation
Text Analytics and Natural Language Processing

Optimized Hardware
Market by End-User Industry
Online Retail Stores
Automobile Sector
Banking and Finance
Home Appliances
Online Customer Support
AI Market by Offerings


• RegionalAnalysis


• CompanyProfiles

AIBrain, Inc.
ArtivaticDataLabsPvtLtd., Inc.
Anki, Inc.
Apple, Inc.
CloudMinds, Inc.
Facebook, Inc.
Google, Inc.
NextITCorp., Inc.
SoundHound, Inc.
Visense, Inc.
Zebra Medical Vision, Inc.

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Last Updated August 22, 2020