Artificial Intelligence Market to Hit USD 266.92 Bn by 2027; Increasing Demand for Smart Manufacturing Technologies to Brighten Market Prospects: Fortune Business Insights™

Pune, July 28, 2020 (GLOBE NEWSWIRE) — The world artificial intelligence market measurement is projected to achieve USD 266.92 billion by 2027, exhibiting a CAGR of 33.2% through the forecast interval. Emergence of the COVID-19 pandemic is producing a number of development alternatives for the market, observes Fortune Business Insights™ in its report, titled “Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2020-2027”.

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Smart applied sciences are being also used across the globe to battle the unprecedented well being disaster created by the coronavirus pandemic. In France, the start-up has launched a chatbot to make it straightforward for individuals to find official French authorities and World Health Organization (WHO) communications about COVID. In the UK, an agri-tech start-up referred to as Mantle Labs is providing its AI-powered crop monitoring answer to retailers without cost to make sure secure provide chains throughout the UK. Another instance is the Canadian start-up BlueDot which has deployed its AI capabilities to detect illness outbreaks and was one of many first to lift the alarm when the virus broke out in Wuhan. Thus, the COVID-19 pandemic is widening and deepening the functions of AI-based applied sciences around the globe.

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The report states that the worth of the worldwide market stood at USD 27.23 billion in 2019 and gives the next:

  • Exhaustive evaluation of the elements driving and restraining the market;
  • Microscopic examination of the completely different market segments;
  • Detailed analysis of the important thing market gamers, their efficiency, and primary methods; and
  • Projections concerning the upcoming regional alternatives and funding pockets for the market.

Market Driver

Proliferation of Artificial Intelligence Start-Ups to Augment Market Potential

Promising enterprise alternatives spawned by the appearance of AI on the earth of know-how has led to a proliferation of start-ups worldwide specializing in AI instruments and options for various utility areas. For instance, the US-based firm LivePerson has turn into a pioneer in understanding buyer wants via AI-powered messaging, making certain a healthful expertise to customers. Wint, to take one other instance, is an organization that gives synthetic intelligence-based options for water remedy functions. In India, AI-based start-ups are speedily gaining traction. For occasion, Niramai Health Analytix is a novel start-up primarily based in Bangalore, which has developed modern software program to detect breast most cancers. Broadening horizons of those and plenty of extra upcoming corporations is feeding the bogus intelligence market development.

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Regional Insights

Growing Adoption of Smart Technologies to Expand Market Size in Asia Pacific

Economies in Asia Pacific are displaying regular development on account of appreciable rise within the adoption of good applied sciences equivalent to AI and Internet of Things (IoT), particularly within the industrial sector. China and India have been making huge investments in superior applied sciences in a bid to digitize their economies, thus aiding the AI market development within the area.

North America, with a market measurement of USD 11.40 billion in 2019, is anticipated to dominate the bogus intelligence market share through the forecast interval. Companies the United States and Canada have been creating AI-powered options and gadgets to optimize enterprise processes and enhance productiveness. In Europe, governments are steadily deploying 5G infrastructure throughout the continent, which is ready to lift the worldwide market worth.

Competitive Landscape

Top Players to Focus on Expanding AI to Deliver Enhanced Services          

The subject of synthetic intelligence is a extremely specialised one and technological behemoths equivalent to Google and IBM are investing closely in R&D to provide you with novel options to enhance worldwide connectivity. These corporations are continuously initiating tasks to ship enhanced providers to backward areas, thus enabling freer entry to data globally.

Industry Developments:

  • July 2020: Google’s Project Loon introduced that will probably be offering secure web connectivity to subscribers on Telkom Kenya’s community via 35 tennis court-sized balloons. Using its Machine Learning capabilities, Loon will function and ship web providers to over 35,000 Kenyans via this mission.
  • June 2020: Microsoft’s AI for Health Program sanctioned a grant to the Mount Sinai Health System to develop AI-powered digital instruments to reinforce look after COVID-19 sufferers. The system includes main researchers throughout Mount Sinai and the grant will enable them to assist knowledge science facilities working in COVID-19 analysis.

List of Key Players Covered within the Artificial Intelligence Market Report:

  • SAP SE (Walldorf, Germany)
  • Qlik Technologies Inc. (Pennsylvania, USA)
  • MicroTechnique, Inc. (Virginia, USA)
  • IPsoft Inc. (New York, USA)
  • Baidu Inc. (Beijing, China)
  • Alphabet (Google Inc.) (California, USA)
  • Verint Systems Inc. (Next IT Corp) (New York, USA)
  • NVIDIA Corporation (California, USA)
  • Microsoft Corporation (Washington, USA)
  • IBM Corporation (New York, USA)
  • Apple Inc. (California, USA)

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Artificial Intelligence Market Research Report:

Detailed Table of Content

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Global Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Component (Value)
    • By Technology (Value)
      • Computer Vision
      • Machine Learning
      • Natural Language Processing
      • Others
    • By Deployment (Value)
    • By Industry (Value)
      • Healthcare
      • Retail
      • IT & Telecom
      • BFSI
      • Automotive
      • Advertising & Media
      • Manufacturing
      • Others (Education, Government, and many others.)
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America

TOC Continued…!!!

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