Artificial Intelligence (AI) Market to Reach USD 202.57 Billion by 2026; Rising Demand for Cloud-based Applications to Aid Growth: Fortune Business…

Pune, May 25, 2020 (GLOBE NEWSWIRE) -- The global AI market is set to gain momentum from the rising utilization of cloud-based services and applications worldwide. Also, the increasing adoption of connected devices would impact the market positively in the coming years. This information is published by Fortune Business Insights in a recent report, titled, Artificial Intelligence (AI) Market Size, Share and Industry Analysis By Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Regional Forecast, 2019-2026. The report further states that the global AI market size stood at USD 20.67 billion in 2018 and is projected to reach USD 202.57 billion by 2026, thereby exhibiting a CAGR of 33.1% during the forecast period.

Highlights of This Report:

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Drivers & Restraints-

Rising Demand for Industrial Robots to Propel Growth

The rising demand for customized robots is a vital driver of the AI market growth. Numerous reputed organizations in the developed nations are presently engaging in the development and supply of industrial robots equipped with the AI technology. Japan and South Korea, for instance, supplied approximately 38,600 and 41,400 units of industrial robots in 2016, respectively. Also, in the same year, China provided almost 87,000 units across the globe. Apart from that, AI technology is mainly required in the retail sector for enhancing customer service. Coupled with this, the increasing usage of machine learning (M2P and M2M) would contribute to the market growth. However, the rising concerns regarding the unreliability of AI algorithms and data privacy may hamper the market growth.

Segment-

Natural Language Processing Segment to Dominate Owing to Its Usage in Various Applications

In terms of technology, the market is segregated into natural language processing, machine learning, computer vision, and others. Amongst these, the computer vision segment held 22.5% AI market share in 2018. This system helps in identifying and detecting patterns. It also synthesizes, analyses, and acquires realistic interactive interfaces. Then, it utilizes the ID tags to showcase pictures of associated items. The natural language processing segment currently accounts of the maximum share as it is adopted for a wide range of applications, such as Informational Retrieval (IR), speech processing, semantic disambiguation, text parsing, and machine translation.

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Regional Analysis-

Rising Adoption of AI by Biopharma Companies to Favor Growth in Asia Pacific

In 2018, North America procured USD 9.72 billion revenue and is set to remain in the leading position throughout the forecast period. This growth is attributable to the ongoing technological advancements in the fields of natural language processing, machine learning, and analytical tools. Besides, the rising awareness programs regarding the benefits of AI tools and systems would propel growth in this region. Asia Pacific, on the other hand, is expected to grow considerably backed by the major contribution of China. The government of this country is planning to merge with Baidu to support the implementation of AI and develop a deep learning laboratory consisting of military, manufacturing, smart agriculture, and intelligent logistics. Apart from that, AI is being extensively adopted by a large number of biopharma companies in this region. Developed nations, such as Japan are investing hefty amounts of money in creating AI algorithms to analyze large volumes of data.

Competitive Landscape-

Key Players Focus on Launching New Products to Strengthen Position

The market is fragmented with various companies operating across the world. They are mainly focusing on investing huge sums to develop new products. Numerous start-ups are adopting the strategy of mergers and acquisitions. Some of the others are considering the impact of the outbreak of Covid-19 pandemic and are making novel solutions to help people in performing various tasks. Below are a couple of the recent industry developments:

Fortune Business Insights lists out the names of all the AI service providers present in the global market. They are as follows:

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Detailed Table of Content

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Artificial Intelligence (AI) Market to Reach USD 202.57 Billion by 2026; Rising Demand for Cloud-based Applications to Aid Growth: Fortune Business...