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PORTLAND, Oregon, July 24, 2018 – According to a new report published by Allied Market Research, titled, “Artificial Intelligence Market by Technology and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2018-2025,” the artificial intelligence market accounted for $4,065.0 million in 2016, and is expected to reach $169,411.8 million by 2025, growing at a CAGR of 55.6% from 2018 to 2025. In 2016, North America dominated the global market, in terms of revenue, accounting for about 49.0% share of the global market, followed by Europe.

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AI is associated to human intelligence with similar characteristics such as language understanding, reasoning, learning, problem solving, and other. Manufacturers in the market witness enormous underlying intellectual challenges in the development and revision of such a technology. The market for artificial intelligence is primarily driven by the improved productivity, diversified application areas, increased customer satisfaction, and big data integration. However, lack of skilled workforce and threat to human dignity & other threats are some of the restraints of the market. Nonetheless, the impact of these factors is expected to be minimal due to the introduction of new technologies in the market.

The machine learning segment secured the highest share of about 52.0% in the artificial intelligence market in 2016 and is expected to grow at a CAGR of 56.4% during the forecast period. In terms of industry vertical, IT & telecom sector is expected to contribute the highest market share in the coming years, as various new startups are investing in artificial intelligence solutions. Moreover, the rapid urbanization, technological advancement, and increase in demand for cloud applications has fueled the demand for AI technologies in developing economies.

North America is one of the fastest growing region in the Artificial Intelligence market. It is expected to witness higher growth rate during the forecast period, owing to presence of the key artificial intelligence companies in the region.

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KEY FINDINGS OF THE STUDY

  • In 2016, the IT & Telecom segment dominated the global artificial intelligence market, in terms of revenue, and is projected to grow at a CAGR of 56.7% during the forecast period
  • The machine learning segment is projected to grow at a CAGR of 56.4% during the forecast period
  • North America is projected as one of the fastest growing region in the artificial intelligence market and is expected to witness high growth rate.

The major players, such as Alphabet (Google Inc.), Apple Inc., Baidu, IBM, IPsoft, Microsoft Corporation, MicroStrategy, Inc, NVIDIA, Qlik Technologies Inc., Verint Systems Inc (Next IT Corp), have focused on developing new products as well as these companies expanded their business by acquiring small businesses to deal with competitors.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research