Artificial Intelligence Global Market to Reach USD $26.1 Billion by 2023

Artificial Intelligence Global Market to Reach $26.1 Billion by 2023 at a compound annual growth rate (CAGR) of 49.1%, finds the new report on Artificial Intelligence, Applications and Global Markets from BCC Research.

Growth Factors

The expansion is Attributed to Demand from Manufacturing and Agriculture Industries. The global market for artificial intelligence growth driving factors include,

1. The substantial increase in computing power, 
2. Growth in the availability of big data for learning and 
3. Major growth in the development of smarter and better algorithms

Segmentation

The report further classifies global artificial intelligence market based on different segments such as,

1. The technological segment which further segmented into machine learning, natural language processing, computer vision, and expert systems
2. Deployments which further divided into on-premise deployment and cloud deployment 
3. Organization size based on employee numbers which further classified into small and medium-sized enterprises (SMEs) with 10 to 500 employees, and large enterprises with more than 500 employees
4. The end-user industry includes manufacturing; banking, financial services and insurance (BFSI); healthcare and life sciences; retail; IT and telecom; government and defense; manufacturing; energy and utilities; and others. 
5. Geographical segmentation includes North America, Europe, Asia-Pacific and RoW (Rest of World)

The Global artificial intelligence report further states that “A majority of the currently used AI applications are built around so-called ‘weak’ AI agents, which exhibit cognitive abilities in some areas. Artificial intelligence applications ranging from chat-bots to autonomous cars are transforming many industries and societies by bringing benefits such as increased efficiency, new products and a reduction in repetitive tasks.”

Key Findings

Global artificial intelligence research report highlights the key findings as listed below,

• The cloud deployment segment is expected to grow at a CAGR of 53.9% and is forecast to reach nearly $18.2 billion by 2022.
• The BFSI segment is estimated to grow at a CAGR of 50.5% and is forecast to reach over $5.0 billion by 2023.
• The market for artificial intelligence is being restrained by factors such as a lack of skilled labor and data privacy issues among consumers.

Led by Research Head Karthik Arun at the BCC Research, the report details the major players in the market along with major drivers, competitive landscape and current trends in the artificial intelligence market.

The full report is available at BCC Research website.