LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) market is expected to post a CAGR of more than 33% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The adoption of AI has helped many organizations to reduce costs and provide better service to customers. AI can also be used to deploy health-focused strategies to enhance the well-being of employees. Moreover, insights provided by AI help organizations to efficiently monitor various processes in real-time and smoothen the learning and development activities. This improves employee engagement, thereby boosting productivity. Many such benefits offered by AI have increased its adoption across enterprises, which is driving the growth of the market.
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As per Technavio, the increase in cloud-based AI services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence (AI) Market: Increase in Cloud-Based AI Services
Many companies, particularly SMEs are exhibiting strong demand for cloud-based AI-services. This is because they are a much cheaper and viable option for enterprises that have budget constraints. This is encouraging public cloud players to offer a wide range of cloud-based AI products and services. For instance, in February 2019, Microsoft launched the Azure Internet of Things Edge Runtime, which allows developers to edit and customize applications on edge.
“Alternative solutions to GPU for accelerating AI workloads and the increased adoption of AI in the professional services industry will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Artificial Intelligence (AI) Market: Segmentation Analysis
This market report segments the global artificial intelligence (AI) market by end-users (retail, banking, manufacturing, healthcare, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the increasing investments in AI by technology giants in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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