AI Technology market is estimated to impact ~$13 trillion worth of economic activities by the end of 2030 with top players like IBM Corporation, Google Inc, Amazon.com Inc, Intel Corporation and Facebook.
Fremont, United States - January 7, 2020 /MarketersMedia/ —
According to the AlltheResearch analysis, the key players in the AI Technology industry are IBM Corporation, Google Inc, Amazon.com Inc, Intel Corporation and Facebook. From a business perspective, key AI technologies like Machine Learning, Deep Learning, NLP, Computer Vision, Robotic Process Automation, Predictive Analytics, and Context Awareness have had a major impact on the competitive landscape since 2018. Top tier-1 companies like Amazon or Google, or newly formed ventures like Crowdstrike, Zymergen, UiPath, DataRobot, etc., AI technology implementation is becoming imminent all around the world.
AI Technology Market: Segmentation
By Components: Processor, Memory, Storage, FPGA, ASIC, Modules
By Service & Solutions: Smartphones & Tablets, Wearables, Workstation System, Medical Devices, Pharma/Biopharma, Smart Modules, Imaging Systems, Smart Trackers, Smart Meters, Others.
By Technology: Machine Learning, Deep Learning, NLP, Context Awareness, Computer Vision, Others
By Applications: Predictive Maintenance/Self Diagnostics, Fraud Detection, Cyber Security, Network Security, Network Optimization, Customer Analytics, Virtual Assistance, Network Operation & Monitoring Management, Security & Surveillance, Recommendation Engine, Predictive Merchandising.
By End User: Logistics, Healthcare, Transportation, Automotive, Retail, BFSI, Telecom & Consumer Electronics, Oil & Gas, Others
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IBM Corporation is considered to be one of the leading player in the Artificial Intelligence market. They provide wide range of solutions for various industries through their Watson platform. IBM leads the AI software platform as of 2018. Machine Learning and Natural Language Processing (NLP) are most widely used AI technology and it is expected to drive the penetration of AI in applications like Virtual Assistance, Predictive Maintenance, Fraud Reduction, Cybersecurity, and many others.
AI Technology Market is estimated to impact ~$13 trillion worth of economic activities by the end of 2030.Artificial Intelligence is a branch of computer science in which computers are programmed to process and learn from the data and identify patterns etc. AI is revolutionizing various industries such as Retail, Logistics, Automotive, Healthcare, BFSI, Aerospace & Defense, Energy, Government and many others.
In Public sector, Public record maintenance, Traffic management, Immigration management, Waste Management etc. are few of the notable AI application. Most of the developed and developing economies have partially adopted or started to adopt AI. In US, around 1 Bn is allocated for non-defense purposes for 2020. The Chinese government is expected to spend approx. $70 Bn in 2020.
According to our analysis, by the end of 2023, the AI Technology market is expected to witness a 25% CAGR, while investments related to AI Technology is expected to witness 12X growth rate as compared to 2018. At present, Artificial Intelligence is one of the most popular technologies in the category of “Must to have” technologies. By Q1 -2019, around 2000 AI-focused emerging players have cumulatively raised around $50 billion of funding for growth and expansion funding between 2011 and Q1-2019. Heavy machinery sectors like Oil & Gas, Energy & Power, and Mining have realized the potential of intelligent technological assistance in their operations and tasks, and hence, the growth prospect for Artificial Intelligence (AI) technology ecosystem in nearly all business sectors looks extremely promising for the next 5 years.
In terms of growth, the automotive industry is driving the market with a CAGR of 23.5%, while Telecom & Consumer Electronics is well placed in terms of value. Key countries like China and the US are expected to reap maximum benefits from AI technology ecosystem by the end of 2026. 18% of the GDP of these two counties is expected to shape up owing to the integration of AI technology market.
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