Opportunities for the global artificial intelligence market to reach $71 billion by 2024

According to a new market report published by Lucintel, the future of the global artificial intelligence market looks attractive with opportunities in the healthcare, security, retail, automotive, manufacturing, and financial technology (fintech) sectors. The global artificial intelligence market is expected to reach $71 billion by 2024 with a CAGR of 26% from 2019 to 2024. The major drivers for this market are increasing demand for virtual assistance for easy accessibility of services and growing adoption of cloud-based technology.

In this market, different artificial intelligence technologies, such as machine learning and natural language processing are used in various end use industries. Lucintel forecasts that the machine learning technology will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing adoption of this technology in the autonomous applications and growing consumer preference for IoT-enabled devices.

Within the artificial intelligence market, media and advertising will remain the largest application due to an increasing adoption of customer-centric marketing strategies and increasing use of social platform for advertisements. The healthcare segment is expected to witness the highest growth over forecast period due to advancements in clinical research and growing demand for electronics-based medical equipment and sensors in the healthcare applications.

APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to the growing adoption of IoT (internet of things), increasing installation of smart home devices, and growing industrial automation in countries, such as China, India, and Taiwan.

Emerging trends, which have a direct impact on the dynamics of the industry, include growing adoption of artificial intelligence in IoT applications and increasing demand for AI-enabled processors. Intel, IBM, Amazon, Facebook, NVIDIA, Apple, Microsoft, General Electric, and NEC Corporation are some of the major artificial intelligence providers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed the global artificial intelligence market by end use industry, technology, product and service, and region and has come up with a comprehensive research report entitled  “Growth Opportunities in the Global Artificial Intelligence Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global artificial intelligence market by end use industry, technology, product and service, and region as follows:

By End Use Industry [ $B shipment analysis from 2013 to 2024]:

·         Media and Advertising

·         Security

·         Automotive

·         Healthcare

·         Retail

·         Fintech (Financial Technology)

·         Manufacturing

·         Others

By Technology [$B shipment analysis from 2013 to 2024]:

·         Machine Learning

·         Natural Language Processing (NLP)

·         Others

 By Product and Service [$B shipment analysis from 2013 to 2024]:

·         Hardware

o   Processor

o   Memory

o   Network

·         Software

·         Service

By Region [$B shipment analysis for 2013 to 2024]:

·         North America

                          United States

                          Canada

                          Mexico

·         Europe

                          United Kingdom

                France

               Germany

·         Asia Pacific

                         China

                        Japan

                        India

·         The Rest of the World

This 206-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Telecommunication Report, Telecommunication Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Matrix.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:

Q.1 What are some of the most promising, high-growth opportunities for the global artificial intelligence market by end use industry (media and advertising, security, automotive, healthcare, retail, fintech, manufacturing and others), by technology (machine learning, natural learning processing, and others), by product and service (hardware, software, and service) and by region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q. 2 Which segments will grow at a faster pace and why?

Q.3 Which regions will grow at a faster pace and why?

Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?

Q.5 What are the business risks and threats to the market?

Q.6 What are the emerging trends in this market and reasons behind them?

Q.7 What are some changing demands of customers in the market?

Q.8 What are the new developments in the market? Which companies are leading these developments?

Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?

Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?

Q.11 What M&A activity has occurred in the last 5 years?