Artificial intelligence (AI) software impersonate the learning patterns and behaviour of humans. This has enabled AI software gaining a special place in a variety of business areas ranging from forecasting to sales, data analysis, task automation, and customer service. This blog post offers detailed information about the market growth market overview and market factor analysis. With the increasing demand of intelligent behaviour within the business processes, that stimulates various opportunities to include rational reasoning, problem-solving, learning, knowledge presentation, and perception; the business organizations are progressively embracing the AI software within their operations. This has given an amazing boost to the growth of AI software industry within the past few years.
According to the new research reports, the AI software market is standing taller as one of the most provocative economic pillars. AI software industry appears to acquire substantial proceeds by the end of 2019, assisted by a surfeit of the driving forces that are fueling up the industry trends over the forecast duration. The market size of AI software industry was the US $xx million, and it is projected to reach the US $ xx million between 2019-2025. The global AI software market is anticipated to grow around 154% of the 2018 levels and with the CAGR of 20%.
Major drivers for the AI market include the increasing demand for a virtual assistance for easy service access and growing adoption of the cloud-based technology. AI industry is directly impacted by several emerging trends such as the growing acceptance and implementation of AI in IoT application, and the increase in AI-enabled processors’ demand. The primary artificial intelligence companies that are maintaining high profiles within the industry include Intel, Amazon, IBM, Apple, Facebook, Microsoft, NVIDIA, General Electric (GE), NEC Corporation and many more.
According to the technology market analysts, the machine learning technology also tends to remain the most significant industry segment that will be witnessing the highest rate of growth over the period of projection i.e., 2019 and beyond, due to increased technology adoption within growing consumer preferences and autonomous application for IoT powered devices.
With the past few years, and so in 2019, advertising and media remain the largest application segment within the AI software market, due to the increased use of social media platforms and customer-centric marketing strategies. In 2019, the industry that witnessed the higher growth over the period is healthcare industry, due to rapid advancements in the clinical and medicinal research and increased demand for electronics-based medical sensors and equipment within the healthcare applications.
The AI software market is predominantly flourishing in the regions of South America, North America, Middle East, Europe, and Asia. North America is by far considered to be the largest contributor and the holder of the biggest share in the AI market. It is because the North American region has the most significant players of the technology that serves to the rapid growth of the AI software market. However, Asia Pacific remained the largest region that witnessed the highest growth in AI adoption in 2019 due to the progressive trends of IoT acceptance there, along with the increased rate of installation of smart devices in homes and growing industrial and corporate automation in countries like India, China, and Taiwan, etc. Europe and Middle Eastern countries are also anticipated to contribute towards the AI market growth with lucrative prospects in the long run.
The present and future of AI software market look attractive with bundles of opportunities in healthcare, automotive, security, fin-tech (financial technology), retail and manufacturing sectors. The AI software market seems to expand at a faster pace between 2019-2024, as the winds of technology adoption trends and consumer preferences are blowing in its favourable direction.