Artificial Intelligence and Advanced Machine Learning Market Size, By Function (Manufacturing, Operations, Sales and Marketing, Customer Support, Research and Development, Others), By Organization Size (Small and Medium Enterprise, Large Enterprise), By Industry Vertical (Consumer Goods and Retail, Healthcare, Automotive, IT and Telecom, Banking, Financial Services and Insurance, Government, Others (Education, Media and Entertainment etc.)), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26

Published:
March 2020
Report Code:
BWC19415
Available Format:
PDF PDF Icon
Pages:
185

artificial intelligence and advanced machine learning market bwc19415

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Global Artificial Intelligence & Advanced Machine Learning Market Forecast and Trends

The global Artificial Intelligence & Advanced Machine Learning market has reached USD 29.8 Billion in 2019 and is estimated to reach USD 281.24 Billion in 2026 and anticipated to grow with CAGR of 37.95% during the forecast period from 2020-2026 due to increasing overall global investment in Artificial Intelligence Technology.

In the current scenario, the global artificial intelligence (AI) and advanced machine learning (ML) market supply natural language learning, automation, and analysis to a vast range of industries. When AI technology matures, it can replace human beings from cumbersome and routine processes completely. The process has already started, which results in more autonomy, cost savings, and more reliability for the companies. For instance, artificial intelligence and advanced machine learning market already cater to banks with fraud detection technology. The global artificial intelligence and advanced machine learning market is estimated to make big leaps in the near future owing to an increasing number of applications such as speech recognition and machine vision.

Global Artificial Intelligence & Advanced Machine Learning Market Overview:

Artificial Intelligence (AI) is a computer science algorithm and analytics-driven approach to replicate human intelligence in a machine. AI technology has enormous potential and is programmed for developing traits like reasoning, speech recognition, problem-solving, learning, planning, and the ability to control objects. Machine learning is an enhanced application of artificial intelligence, which allows software applications to predict the resulted accurately. Also, it can analyze the big data and extract the information from it. In the banking sector, these help in fraud detection by tracking unusual transactions.

Growth drivers

Rising big data analytics and cloud computing

AI technology is driven by big data analytics, and cloud computing is helping to connect companies to follow, track, and interact with the consumers through effortless and cost-effective automated mechanisms. As natural learning evolves, AI technology is paving the way for effective marketing, consumer interactions, and content creation.

The rising trend of AI in machine learning and predictive analysis

Machine learning is estimated to drive the artificial intelligence and advanced machine learning market across the globe. Predictive analysis and machine learning and is rapidly used in retail, finance, and healthcare. Machine learning not only helps the companies to connect with the consumers but also predicts their next move and automates the purchasing on their behalf.

Restraints

Security and Privacy Issues

The security issues are the most significant concern in managing and maintaining business data. Data can be in danger due to loss of data, potential threats and data manipulation. Artificial Intelligence and Machine Learning cause mispredictions or misclassifications due to malicious external influences, then it can cause enormous difficulties in real life.

Global Artificial Intelligence & Advanced Machine Learning Market: Function

Based on Function, Artificial Intelligence & Advanced Machine Learning market segmented into Manufacturing, Operations, Sales and Marketing, Customer Support, Research and Development, Others. Amidst function type segmentation sales and marketing segment expected to dominate global market and expected to increase at the highest CAGR over the forecast period of 2026. These advanced analytics tools portray an important role in sales and marketing. AI and machine learning have already been integrated into some major areas advancing marketing efforts, such as making marketing more personalized, improving user experience using Chabot’s, enhancing the volume of dark social sharing, the capability to provide the correct information at the right time in the right environment, and content creation.


Global Artificial Intelligence & Advanced Machine Learning Market: Organization Size

Based on organization size, the Artificial Intelligence & Advanced Machine Learning market segmented into Small and Medium Enterprise, Large Enterprise. Large Enterprise segment projected to propel the organization size segment in the Artificial Intelligence & Advanced Machine Learning market and Small and Medium Enterprise is estimated to grow at a significant CAGR over the forecast period. With the growing volume of business data being generated by the organizations, AI tools can be used for advanced statistical analysis and machine learning for small businesses with budget constraints.

Global Artificial Intelligence & Advanced Machine Learning Market: Industry Vertical

Based on Industry Vertical, the Artificial Intelligence & Advanced Machine Learning market segmented into Consumer Goods and Retail, Healthcare, Automotive, IT and Telecom, Banking, Financial Services and Insurance, Government, Others (Education, Media, and Entertainment etc.). Banking, Financial Services and Insurance segment is dominating the industry vertical segment in the Artificial Intelligence & Advanced Machine Learning market. The increase in complex data sets such as big data in the banking industry fuels the growth of the Artificial Intelligence & Advanced Machine Learning market. Also, the ability of these technologies to detect payment frauds further propels the market growth.

Global Artificial Intelligence & Advanced Machine Learning Market: Regional insights

Based on the region, the Artificial Intelligence & Advanced Machine Learning market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. The global artificial intelligence (AI) and advanced machine (ML) learning market is estimated to increase at a robust pace in North America. A large number of technology giants in the region, growing need for automation in manufacturing, and growing reliance on automation for cost-savings in the consumer relations industry are anticipated to propel the growth of the artificial intelligence and advanced machine learning market across this region.


Artificial Intelligence & Advanced Machine Learning Market: Competitive Landscape

The major market players in the Artificial Intelligence & Advanced Machine Learning market are ICarbonX, TIBCO Software Inc., SAP SE, Fractal Analytics Inc., Next IT, Iflexion, Icreon, Prisma Labs, AIBrain, Oracle Corporation, Quadratyx, NVIDIA, Inbenta, Numenta, Intel, Domino Data Lab, Inc., Neoteric, UruIT, Waverley Software, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.

Recent Development:

In Feb 2020, Fractal Analytics Inc., a global leader in artificial intelligence and analytics, powering decision-making in Fortune 100 companies, has announced a technology partnership with ideaForge, a global leader in Unmanned Aerial Vehicle (UAV) Technology. Both organizations will join hands to provide Artificial Intelligence-based drone solutions useful for crowd monitoring, people & objects detection, object tracking and triggering alerts for actions.

In April 2018, Fractal Analytics is funding the Qure.ai efforts and plans to invest up to $30 million over the next few years as Qure.ai launches AI system to read head CT scans and find abnormalities.

The objective of the Study:

To analyze and forecast the Global Artificial Intelligence & Advanced Machine Learning market size of the market, in terms of value.

To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Artificial Intelligence & Advanced Machine Learning market into five regions, namely, North America, Europe, Asia Pacific, Latin America and the Middle East & Africa and their leading countries.

To outline, categorized and forecast the Global Artificial Intelligence & Advanced Machine Learning market based on the function, organization size, industry vertical, and region.

To examine competitive developments like technological advancement, services, and regulative framework within the Global Artificial Intelligence & Advanced Machine Learning Market.

To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2016-2019

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered

Revenue in USD Million/Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product/Service Segmentation

By Function, By Organization Size, By Industry Vertical and Region

Key Players

ICarbonX, TIBCO Software Inc., SAP SE, Fractal Analytics Inc., Next IT, Iflexion, Icreon, Prisma Labs, AIBrain, Oracle Corporation, Quadratyx, NVIDIA, Inbenta, Numenta, Intel, Domino Data Lab, Inc., Neoteric, UruIT, Waverley Software, and Other Prominent Players

By Function

·         Manufacturing

·         Operations

·         Sales and Marketing

·         Customer Support

·         Research and Development

·         Others

By Organization Size

·         Small and Medium Enterprise

·         Large Enterprise

By Industry Vertical

·         Consumer Goods and Retail

·         Healthcare

·         Automotive

·         IT and Telecom

·         Banking, Financial Services and Insurance

·         Government

·         Others (Education, Media and Entertainment etc.)

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

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