Artificial Intelligence Market is segmented by technology into robotics, digital personal assistance, querying method, deep learning context aware processing, and natural language processing. Robotics and natural language processing are the major contributing segments in the artificial intelligence market. The increasing implementation of natural language processing in the retail sector for the enhancement of customer services is a major factor that improves the segment growth.
Additionally, the natural language processing implementation in different AI applications, such as smartphones, robots, and car infotainment, will further drive the industry growth. Moreover, robotic applications for the industrial automation and several government initiatives for smart manufacturing will further fuel the market growth.
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On the basis of application, the artificial intelligence market is segmented into retail, transportation & automotive, oil & gas, media & advertising, manufacturing, healthcare, BFSI, and agriculture. Transportation & automotive is projected to hold the largest market share in the application segment followed by healthcare and media & advertising services. Rising adoption of AI in car infotainment and atomization will drive the segment growth over the forecast timeline.
Artificial Intelligence Market is expected to a have significant growth over the forecast timeline. Increasing complex IT databases and rising AI applications in numerous applications will drive the artificial intelligence market growth.
Increasing R&D in human-like robots and the rising deployment rate in the various regions are likely to fuel the artificial intelligence market growth. The growing adoption of artificial intelligence-enabled software and products to improve customer services is further augmenting the demand. The requirement for such technologies in various sectors, such as healthcare, transportation, retail, and manufacturing, is extensively contributing to the industry growth.
North America held the highest market share in 2016 and is expected to grow at the highest CAGR from 2017 to 2024. Applications of AI in various sectors, such as agriculture, BFSI, media and advertising, consumer electronics, transportation, and automotive, majorly drive the industry growth. Moreover, the presence of various software development companies and domestic & multinational AI products in this region will further boost the artificial intelligence market growth in this region.
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