Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography - Global Forecast to 2025

[222 Pages Report] The artificial intelligence market was valued at USD 16.06 billion in 2017 and is expected to reach USD 190.61 billion by 2025, at a CAGR of 36.62% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2025.

Artificial Intelligence Market Study Objectives

• To define, describe, and forecast the overall market segmented on the basis of offerings, technologies, end-user industries, and regions
• To forecast the market size, in terms of value, for segments with respect to 4 major regions North America, Europe, APAC, and RoW
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the artificial intelligence market
• To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
• To analyze various strategic developments, such as joint ventures, mergers and acquisitions, product launches, and research and development (R&D), in the market

Research Methodology

This research study involves the use of secondary sources, directories, and databases (such as D&B Hoovers, Bloomberg Businessweek, Factiva, and OneSource) to identify and collect information useful for the extensive technical, market-oriented, and commercial study of the artificial intelligence market. Primary sources mainly comprise several experts from core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, and standards and certification organizations related to the various parts of this industry’s value chain. In-depth interviews with various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key companies, and consultants, have been conducted to obtain and verify critical qualitative and quantitative information, as well as assess prospects. The breakdown of the profiles of primaries has been depicted in the below figure.

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This report provides valuable insights into the ecosystem of the artificial intelligence market. The major players in this market include Intel (US), NVIDIA (US), Xilinx (US), Samsung (South Korea), Facebook (US), Micron Technology (US), IBM (US), Google (US), Microsoft (US), and AWS (US).

Key Target Audience

• Semiconductor companies
• Technology providers
• Universities and research organizations
• System integrators
• AI solution providers
• AI platform providers
• Cloud service providers
• AI system providers
• Investors and venture capitalists

Scope of Artificial Intelligence Market Report:

The report segments the market into the following segments:

Artificial Intelligence Market, by Offering

• Hardware
• Software
• Services

Artificial Intelligence Market, by Technology

• Machine Learning
• Natural Language Processing
• Context-Aware Computing
• Computer Vision

Artificial Intelligence Market, by End-User Industry

• Healthcare
• Manufacturing
• Automotive
• Agriculture
• Retail
• Security
• Human Resources
• Marketing
• Law
• Fintech

Artificial Intelligence Market, by Region

• North America
• Europe
• APAC
• RoW

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

• Company Information
  • Detailed analysis and profiling of additional market players (up to 10) 

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Table of Contents

1 Introduction (Page No. - 19)
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for This Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 22)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 36)
    4.1 Attractive Opportunities in Artificial Intelligence Market
    4.2 Market, By Processor
    4.3 Market for Manufacturing End-User Industry, By Technology
    4.4 Market in APAC, By End-User Industry
    4.5 Market, By Country

5 Market Overview (Page No. - 40)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growth in Big Data
                    5.2.1.2 Growth in Adoption of Cloud-Based Applications and Services
                    5.2.1.3 Increase in Demand for Intelligent Virtual Assistants
           5.2.2 Restraints
                    5.2.2.1 Limited Number of AI Experts
           5.2.3 Opportunities
                    5.2.3.1 Improving Operational Efficiency in Manufacturing Industry
                    5.2.3.2 Adoption of AI to Improve Customer Service
           5.2.4 Challenges
                    5.2.4.1 Concerns Regarding Data Privacy
                    5.2.4.2 Unreliability of AI Algorithms
    5.3 Investments in AI
    5.4 Acquisitions in AI Market
    5.5 Case Studies
           5.5.1 Retail
                    5.5.1.1 Staples Inc. Used IBM Watson to Develop Intelligent Ordering System
                    5.5.1.2 Icebreaker Uses Salesforce Commerce Cloud Einstein for Product Recommendation
           5.5.2 Marketing & Sales
                    5.5.2.1 Max Kelsen Used IBM Watson Discovery Services to Build Insight Engine
                    5.5.2.2 Carrefour Used Appier AI to Grow Online Store Purchases
           5.5.3 Healthcare
                    5.5.3.1 Pfizer Inc. Utilizing IBM Watson for Drug Discovery
                    5.5.3.2 Royal Philips and Nuance Communications to Bring AI in Radiology Reporting
           5.5.4 Fintech
                    5.5.4.1 Assure Funding Implemented Conversica’s AI Sales Assistant
                    5.5.4.2 Mastercard Introduced Decision Intelligence, an AI Based Comprehensive Decision and Fraud Detection Service
           5.5.5 Security
                    5.5.5.1 AI Based Cylanceprotect Security Solution for Critical Infrastructure
                    5.5.5.2 Government Adopted Darktrace AI Solution to Detect Anomalies
           5.5.6 Agriculture
                    5.5.6.1 Plant Count Using Artificial Intelligence
                    5.5.6.2 Farmers Using AI-Based Sowing App Developed By Microsoft in Collaboration With Icrisat
           5.5.7 Manufacturing
                    5.5.7.1 Rolls Royce Using Microsoft Cortana Intelligence for Predictive Maintenance
                    5.5.7.2 Paper Packaging Firm Used Sight Machine’s Enterprise Manufacturing Analytics to Improve Production
           5.5.8 Law
                    5.5.8.1 Stek Advocaten Uses Zylab One Ediscovery for Data-Intensive Projects
                    5.5.8.2 Asm International Using AI for Legal Hold Notification and Workflow Management System

6 Artificial Intelligence Market, By Offering (Page No. - 53)
    6.1 Introduction
    6.2 Hardware
           6.2.1 Processors
                    6.2.1.1 MPU
                    6.2.1.2 GPU
                    6.2.1.3 FPGA
                    6.2.1.4 Others
           6.2.2 Memory
           6.2.3 Network
    6.3 Software
           6.3.1 AI Platforms
                    6.3.1.1 Application Program Interface (API)
                    6.3.1.2 Machine Learning Framework
           6.3.2 AI Solutions
                    6.3.2.1 on Premises
                    6.3.2.2 Cloud
    6.4 Services
           6.4.1 Deployment & Integration
           6.4.2 Support & Maintenance

7 Artificial Intelligence Market, By Technology (Page No. - 65)
    7.1 Introduction
    7.2 Machine Learning
           7.2.1 Deep Learning
           7.2.2 Supervised Learning
           7.2.3 Unsupervised Learning
           7.2.4 Reinforcement Learning
           7.2.5 Others
    7.3 Natural Language Processing (NLP)
    7.4 Context-Aware Computing
    7.5 Computer Vision

8 Artificial Intelligence Market, By End-User Industry (Page No. - 74)
    8.1 Introduction
    8.2 Healthcare
           8.2.1 Patient Data & Risk Analysis
           8.2.2 Lifestyle Management & Monitoring
           8.2.3 Precision Medicine
           8.2.4 Inpatient Care & Hospital Management
           8.2.5 Medical Imaging & Diagnostics
           8.2.6 Drug Discovery
           8.2.7 Virtual Assistant
           8.2.8 Wearables
           8.2.9 Research
    8.3 Manufacturing
           8.3.1 Material Movement
           8.3.2 Predictive Maintenance and Machinery Inspection
           8.3.3 Production Planning
           8.3.4 Field Services
           8.3.5 Reclamation
           8.3.6 Quality Control
    8.4 Automotive
           8.4.1 Autonomous Driving
           8.4.2 HMI
           8.4.3 Semiautonomous Driving
    8.5 Agriculture
           8.5.1 Precision Farming
           8.5.2 Livestock Monitoring
           8.5.3 Drone Analytics
           8.5.4 Agricultural Robots
           8.5.5 Others
    8.6 Retail
           8.6.1 Product Recommendation and Planning
           8.6.2 Customer Relationship Management
           8.6.3 Visual Search
           8.6.4 Virtual Assistant
           8.6.5 Price Optimization
           8.6.6 Payment Services Management
           8.6.7 Supply Chain Management and Demand Planning
           8.6.8 Others
    8.7 Security
           8.7.1 Identity and Access Management
           8.7.2 Risk and Compliance Management
           8.7.3 Encryption
           8.7.4 Data Loss Prevention
           8.7.5 Unified Threat Management
           8.7.6 Antivirus/Antimalware
           8.7.7 Intrusion Detection/Prevention Systems
           8.7.8 Others
    8.8 Human Resources
           8.8.1 Virtual Assistant
           8.8.2 Applicant Tracking & Assessment
           8.8.3 Personalized Learning and Development
           8.8.4 HR Analytics
           8.8.5 Job Recommendation
           8.8.6 Sentiment Analysis
    8.9 Marketing
           8.9.1 Social Media Advertising
           8.9.2 Search Advertising
           8.9.3 Dynamic Pricing
           8.9.4 Virtual Assistant
           8.9.5 Content Curation
           8.9.6 Sales & Marketing Automation
           8.9.7 Analytics Platform
           8.9.8 Others
    8.10 Law
           8.10.1 Ediscovery
           8.10.2 Legal Research
           8.10.3 Contract Analysis
           8.10.4 Case Prediction
           8.10.5 Compliance
           8.10.6 Others
    8.11 Fintech
           8.11.1 Virtual Assistant
           8.11.2 Business Analytics & Reporting
           8.11.3 Customer Behavior Analytics
           8.11.4 Others

9 Geographic Analysis (Page No. - 114)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 Europe
           9.3.1 UK
           9.3.2 Germany
           9.3.3 France
           9.3.4 Italy
           9.3.5 Spain
           9.3.6 Rest of Europe
    9.4 APAC
           9.4.1 China
           9.4.2 Japan
           9.4.3 South Korea
           9.4.4 India
           9.4.5 Rest of APAC
    9.5 Rest of the World
           9.5.1 South America
           9.5.2 Middle East and Africa

10 Competitive Landscape (Page No. - 133)
     10.1 Introduction
     10.2 Ranking Analysis: Artificial Intelligence Market
     10.3 Competitive Situations and Trends
             10.3.1 Product Launches
             10.3.2 Agreements, Partnerships, Collaborations, and Contracts
             10.3.3 Mergers & Acquisitions
             10.3.4 Expansions

11 Company Profiles (Page No. - 139)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
     11.1 Key Players
             11.1.1 Intel
             11.1.2 Nvidia
             11.1.3 Samsung Electronics
             11.1.4 Xilinx
             11.1.5 Micron Technology
             11.1.6 IBM
             11.1.7 Microsoft
             11.1.8 Google
             11.1.9 Amazon Web Services (AWS)
             11.1.10 Facebook
             11.1.11 Baidu
             11.1.12 Oracle
             11.1.13 Salesforce
             11.1.14 SAS
             11.1.15 SAP
             11.1.16 General Electric
             11.1.17 Cisco
             11.1.18 Rockwell
             11.1.19 Siemens
     11.2 Other Companies
             11.2.1 General Vision
             11.2.2 Graphcore
             11.2.3 Mellanox Technologies
             11.2.4 Darktrace
             11.2.5 Cylance
             11.2.6 Didi Chuxing
             11.2.7 Zoox Inc.
             11.2.8 Face++
             11.2.9 Inbenta
             11.2.10 Zephyr Health
             11.2.11 Butterfly Network
             11.2.12 Atomwise
             11.2.13 Vicarious
             11.2.14 Preferred Network
             11.2.15 Aibrain
             11.2.16 Wave Computing
             11.2.17 Mythic
             11.2.18 Adapteva, Inc.
             11.2.19 Koniku
             11.2.20 Tenstorrent
             11.2.21 Knuedge
             11.2.22 SK Hynix Inc.
             11.2.23 Preogress Datarmp
             11.2.24 Descartes Labs
             11.2.25 Gamaya
             11.2.26 Ec2ce
             11.2.27 Precision Hawk
             11.2.28 Agribotix
             11.2.29 Neurala
             11.2.30 IRIS Automation
             11.2.31 Pilot AI Labs
             11.2.32 Sentient Technologies
             11.2.33 Applied Brain Research
             11.2.34 Twitter
             11.2.35 Insidesales
             11.2.36 Persado
             11.2.37 Mariana
             11.2.38 Drawbridge
             11.2.39 Narrative Science
             11.2.40 Appier
             11.2.41 Gumgum
             11.2.42 Zensed
             11.2.43 Zylab

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 215)
     12.1 Insights From Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details

List of Tables (68 Tables)

Table 1 Major Investments in AI, 2014–2018
Table 2 Major Acquisitions in Artificial Intelligence Market Between 2012 and 2017
Table 3 Market, By Offering, 2015–2025 (USD Billion)
Table 4 Market for Hardware, By End-User Industry, 2015–2025 (USD Billion)
Table 5 Market, By Hardware, 2015–2025 (USD Billion)
Table 6 Market, By Processor, 2015–2025 (USD Billion)
Table 7 Market, By Processor, 2015–2025 (Thousand Units)
Table 8 Artificial Intelligence Market for Software, By End-User Industry, 2015–2025 (USD Billion)
Table 9 Market, By Software, 2015–2025 (USD Billion)
Table 10 Market for AI Platforms, By Software, 2015–2025 (USD Billion)
Table 11 Market for AI Solutions, By Deployment Type, 2015–2025 (USD Billion)
Table 12 Market for Services, By End-User Industry, 2015–2025 (USD Million)
Table 13 Market, By Service, 2015–2025 (USD Billion)
Table 14 Artificial Intelligence Market, By Technology, 2015–2025 (USD Billion)
Table 15 Market for Machine Learning, By End-User Industry, 2015–2025 (USD Billion)
Table 16 Market for Machine Learning, By Type, 2015–2025 (USD Billion)
Table 17 Market for Natural Language Processing, By End-User Industry, 2015–2025 (USD Billion)
Table 18 Market for Natural Language Processing, By Process, 2015–2025 (USD Billion)
Table 19 Market for Context-Aware Computing, By End-User Industry, 2015–2025 (USD Billion)
Table 20 Artificial Intelligence Market for Context-Aware Computing in Healthcare, By Process, 2015–2025 (USD Billion)
Table 21 Market for Computer Vision, By End-User Industry, 2015–2025 (USD Million)
Table 22 Market, By End-User Industry, 2015–2025 (USD Billion)
Table 23 Market for Healthcare, By Technology, 2015–2025 (USD Billion)
Table 24 Market for Healthcare, By Region, 2015–2025 (USD Billion)
Table 25 Market for Healthcare, By Application, 2015–2025 (USD Billion)
Table 26 Artificial Intelligence Market for Manufacturing, By Technology, 2015–2025 (USD Billion)
Table 27 Market for Manufacturing, By Region, 2015–2025 (USD Billion)
Table 28 Market for Manufacturing, By Application, 2015–2025 (USD Billion)
Table 29 Market for Automotive, By Technology, 2015–2025 (USD Billion)
Table 30 Market for Automotive, By Region, 2015–2025 (USD Billion)
Table 31 Market for Automotive, By Application, 2015–2025 (USD Million)
Table 32 Artificial Intelligence Market for Agriculture, By Technology, 2015–2025 (USD Billion)
Table 33 Market for Agriculture, By Region, 2015–2025 (USD Billion)
Table 34 Market for Agriculture, By Application, 2015–2025 (USD Million)
Table 35 Market for Retail, By Technology, 2015–2025 (USD Million)
Table 36 Market for Retail, By Region, 2015–2025 (USD Billion)
Table 37 Artificial Intelligence Market for Retail, By Application, 2015–2025 (USD Billion)
Table 38 Market for Security, By Technology, 2015–2025 (USD Billion)
Table 39 Market for Security, By Region, 2015–2025 (USD Billion)
Table 40 Market for Security, By Application, 2015–2025 (USD Billion)
Table 41 Market for Human Resources, By Technology, 2015–2025 (USD Million)
Table 42 Artificial Intelligence Market for Human Resources, By Region, 2015–2025 (USD Million)
Table 43 Market for Human Resources, By Application, 2015–2025 (USD Million)
Table 44 Market for Marketing, By Technology, 2015–2025 (USD Billion)
Table 45 Market for Marketing, By Region, 2015–2025 (USD Billion)
Table 46 Market for Marketing, By Application, 2015–2025 (USD Billion)
Table 47 Market for Law, By Technology, 2015–2025 (USD Billion)
Table 48 Market for Law, By Region, 2015–2025 (USD Billion)
Table 49 Artificial Intelligence Market for Law, By Application, 2015–2025 (USD Million)
Table 50 Market for Fintech, By Technology, 2015–2025 (USD Billion)
Table 51 Market for Fintech, By Region, 2015–2025 (USD Billion)
Table 52 Market for Fintech, By Application, 2015–2025 (USD Billion)
Table 53 Market for Business Analytics & Reporting, By Application Type, 2015–2025 (USD Billion)
Table 54 Market for Customer Behavior Analytics, By Application Type, 2015–2025 (USD Billion)
Table 55 Artificial Intelligence Market, By Region, 2015–2025 (USD Billion)
Table 56 Market in North America, By End-User Industry, 2015–2025 (USD Billion)
Table 57 Market in North America, By Country, 2015–2025 (USD Billion)
Table 58 Market in Europe, By End-User Industry, 2015–2025 (USD Billion)
Table 59 Market in Europe, By Country, 2015–2025 (USD Billion)
Table 60 Artificial Intelligence Market in APAC, By End-User Industry, 2015–2025 (USD Billion)
Table 61 Market in APAC, By Country, 2015–2025 (USD Billion)
Table 62 Market in RoW, By End-User Industry, 2015–2025 (USD Million)
Table 63 Market in RoW, By Region, 2015–2025(USD Billion)
Table 64 Ranking of Key Companies in Artificial Intelligence Market (2017)
Table 65 Product Launches (2015–2018)
Table 66 Agreements, Partnerships, Collaborations, and Contracts (2015–2018)
Table 67 Mergers & Acquisitions (2016-2017)
Table 68 Expansions (2015-2017)

List of Figures (52 Figures)

Figure 1 AI Market: Research Design
Figure 2 Market Size Estimation Process Flow
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Market Breakdown & Data Triangulation
Figure 6 Artificial Intelligence Market for Services to Grow at Highest CAGR Between 2018 and 2025
Figure 7 Market for Memory in Hardware to Grow at Highest CAGR Between 2018 and 2025
Figure 8 Market for Computer Vision to Grow at Highest CAGR Between 2018 and 2025
Figure 9 Market for Manufacturing to Grow at Highest CAGR During Forecast Period
Figure 10 Market in North America to Hold the Largest Share in 2018
Figure 11 Market in APAC to Grow at Highest CAGR Between 2018 and 2025
Figure 12 Market for GPU to Grow at Highest CAGR During Forecast Period
Figure 13 Artificial Intelligence in Manufacturing Market for Machine Learning to Grow at Highest CAGR During Forecast Period
Figure 14 Marketing to Hold Largest Share of Artificial Intelligence Market in APAC in 2018
Figure 15 Market in China to Grow at Highest CAGR During Forecast Period
Figure 16 AI Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Market for Services to Grow at Highest CAGR During Forecast Period
Figure 18 Market for GPU to Grow at Highest CAGR During Forecast Period
Figure 19 Market for Cloud-Based Deployment to Grow at Higher CAGR Between 2018 and 2025
Figure 20 Market for Computer Vision to Grow at Highest CAGR During Forecast Period
Figure 21 Market for IVR to Grow at Highest CAGR During Forecast Period
Figure 22 Artificial Intelligence Market for Manufacturing to Grow at Highest CAGR During Forecast Period
Figure 23 Artificial Intelligence in Manufacturing Market for Machine Learning to Grow at Highest CAGR During Forecast Period
Figure 24 Artificial Intelligence in Automotive Market for Autonomous Driving to Grow at Highest CAGR During Forecast Period
Figure 25 Market for Retail in APAC to Grow at Highest CAGR During Forecast Period
Figure 26 Artificial Intelligence in HR Market for Machine Learning to Grow at Highest CAGR During Forecast Period
Figure 27 Artificial Intelligence in Law Market for Contract Analysis to Grow at Highest CAGR During Forecast Period
Figure 28 Market in APAC to Grow at Highest CAGR From 2018 to 2025
Figure 29 Market in China to Grow at Highest CAGR Between 2018 and 2025
Figure 30 AI Market Snapshot: North America
Figure 31 AI Market Snapshot: Europe
Figure 32 AI Market Snapshot: APAC
Figure 33 Companies Adopted Product Launches as Key Growth Strategy Between 2015 and 2018
Figure 34 Intel: Company Snapshot
Figure 35 Nvidia: Company Snapshot
Figure 36 Samsung Electronics: Company Snapshot
Figure 37 Xilinx: Company Snapshot
Figure 38 Micron Technology: Company Snapshot
Figure 39 IBM: Company Snapshot
Figure 40 Microsoft: Company Snapshot
Figure 41 Google: Company Snapshot
Figure 42 AWS: Company Snapshot
Figure 43 Facebook: Company Snapshot
Figure 44 Baidu: Company Snapshot
Figure 45 Oracle: Company Snapshot
Figure 46 Salesforce: Company Snapshot
Figure 47 SAS: Company Snapshot
Figure 48 SAP: Company Snapshot
Figure 49 General Electric: Company Snapshot
Figure 50 Cisco: Company Snapshot
Figure 51 Rockwell: Company Snapshot
Figure 52 Siemens: Company Snapshot

The artificial intelligence market is expected to reach USD 190.61 Billion by 2025 from USD 21.46 Billion in 2018, at a CAGR of 36.62% during the forecast period. The market growth is mainly driven by factors such as the increasing adoption of cloud-based applications and services, growing big data, and increasing demand for intelligent virtual assistants. The major restraint for the market is the limited number of AI technology experts.

In this report, the size of the market has been arrived at based on segments such as offering, technology, end-user industry, and geography. On the basis of offerings, the artificial intelligence market has been segmented into hardware, software, and services. The adoption of AI is rapidly increasing in various applications. As AI is a complex technology requiring the implementation of sophisticated algorithms, AI-based systems require deployment and integration, and support and maintenance services. Also, most companies that manufacture and develop AI-based systems and related software provide both online and offline support, depending on the application.

On the basis of technologies, the artificial intelligence market has been segmented into machine learning (ML), natural language processing (NLP), context-aware computing, and computer vision. The market for computer vision is expected to grow at the highest CAGR. The growing adoption of computer vision in autonomous and semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI market.

The market has been segmented on the basis of end-user industries into healthcare, manufacturing, automotive, agriculture, retail, security, marketing, human resources, law, and fintech. Of all the end-user industries, the market for manufacturing is expected to grow at the highest CAGR during the forecast period. Increasing data volume derived from the manufacturing value chain has led to the involvement of AI-enabled data analytics in the manufacturing sector. In addition, several industry initiatives, such as Industry 4.0, a connected manufacturing initiative by the Government of Germany, have proliferated the growth of AI-enabled devices in manufacturing.

On the basis of geography, the artificial intelligence market has been segmented into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications in APAC. Moreover, the presence of major players in the artificial intelligence ecosystem results in the increasing adoption of these systems in APAC.

However, the limited number of industry experts for artificial intelligence is a major restraint for the market. The key players in this market focus on organic growth strategies, such as product launches, to expand their business and related offerings. Some of the players in this market are Intel (US), NVIDIA (US), Xilinx (US), Samsung (South Korea), Facebook (US), Micron Technology (US), IBM (US), Google (US), Microsoft (US), and AWS (US).

To speak to our analyst for a discussion on the above findings, click Speak to Analyst