Global Artificial Intelligence (AI) Verticals Industry
Artificial Intelligence is a major technological development which is considered level with past developments like the industrial revolution, computer era, and introduction of smartphone technology. The global artificial intelligence verticals market is expected to gain a revenue of $35,870 million, and grow at a CAGR of 57.2% till 2025.
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This report provides an in-depth analysis of the rise in demand for artificial intelligence (AI) verticals. The rise in the use of virtual assistants, improvement in the connected device market, 5G technology, and cloud-based services are the driving factors in the global market growth.
Artificial Intelligence helps improve productivity and efficiency. The developments in image and voice recognition are the main contributors to the hike in artificial intelligence (AI) verticals market. Such technology is essential for developing self-driving cars, creating better drones, and in robotics. The hike in the use of the technology stems from the increased volume of data that is generated from various end-users and development in data mining and analytics. The limited availability of skilled AI professionals can hinder the growth of the AI Market.
Industry News
The use of machine-learning for artificial intelligence (AI) verticals has led to an increase in productivity. Market leaders like Google and Baidu are focusing on investment opportunities to get a better foothold in the AI market. Further, self-driving cars, accuracy in weather predictions, drone developments contribute to the growing demand for artificial intelligence technologies.
In 2017, Google introduced Cloud AutoML, a cloud technology that uses Google’s Cloud Vision programming interface and Cloud Machine Learning Engine service to facilitate search more effective among e-commerce sites. Prominent sites like Disney has since adopted this technology, thus improving Google’s market share in the artificial intelligence (AI) vertical.
Segmentation
Technology and industry factors are the two major segmentation in artificial intelligence (AI) verticals.
The various AI technologies include machine learning, image processing, natural language processing, and speech recognition. Of these, machine learning had the most demand in 2018 and this upward trend is expected to continue. This growth comes from an increase in the demand for artificial intelligence for industry solutions.
The industries where the demand for artificial intelligence (AI) verticals is the most are telecommunication, IT, media & advertising, transportation, retail, healthcare, and educational institutions. The most demand is predicted to come from the telecommunication and IT sector in the coming years.
Regional Analysis
The global artificial intelligence (AI) verticals market has the most demand in North America, Europe, Asia-Pacific, and Middle East & Africa. North America is the most dominant sector in 2018 followed by Europe, and these two regions are expected to continue this upward trend. This is due to the presence of large technology companies and investment opportunities in the AI market.
In the Asia Pacific, Japan, India, and China are emerging markets where the use of AI technology is being increasingly adopted. This growth comes from better investment opportunities in the technology sector and regulations being implemented by the government for the use of better technology.
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