AI Solutions Market Estimated to grow at a CAGR 17.26% to reach US$150.204 billion by 2025

Knowledge Sourcing Intelligence announces the publication of a new report on “AI Solutions Market – Forecasts from 2020 to 2025" to their offering.

Artificial intelligence (commonly referred to as AI), is a branch of computer science computer science which deals with making of machines or making machines capable of carrying out tasks which, typically, require the intelligence of humans in order to be accomplished successfully. While different people might have their own definition of AI, one of the focal points is that AI gives a system the ability to learn, and adapt to a wide array of environments and scenarios. Artificial Intelligence, which envelopes popular concepts like Machine Learning (ML) and Deep Learning (DL), can be seen as an interdisciplinary computer science which involves multiple approaches to solving a problem, and continuous flow of huge investments into research and development are giving momentum to a paradigm shift in almost all sectors of technology as an industry.

According to the report, the AI Solutions Market is projected to increase at a CAGR of 17.26% over the forecast period 2018-2024.

The AI Solutions Market growth is majorly attributed to increasing focus of players across industries on automation. Jobs and business functions, no matter how small or big, which, for long had remained confined to being carried out by humans, are now witnessing an increasing penetration of automation technologies. Automation technologies tend to increase the overall efficiency of processes by reducing the time and cost required for their completion. While other concepts like Internet of Things (IoT) have been in trend for a fairly long time and have already penetrated deep into almost every industry vertical, there are limitations to those technologies. While sensors can sense inputs from external environment and send them over to processors for processing and deciding the required action, these do not have the ability to learn to adapt and sense variations in parameters. Artificial Intelligence goes a step further and gives machines the ability to learn over the course of their operation and become smart enough to think like humans when it comes to sensing or processing information. Low reliance on human workforce for many business functions, while achieving higher efficiency, significantly improve users’ profit margins, which is why the adoption of AI solutions is increasing. From healthcare, aerospace, and manufacturing to education, BFSI and agriculture, all sectors are witnessing an increase in penetration of AI solutions, which is propelling the market growth. According to a report, titled Healthcare Artificial Intelligence Market, from Knowledge Sourcing Intelligence, the global market for AI solutions in healthcare industry was valued at US$3,227.202 million in 2019, and is expected to grow at an impressive CAGR of 35.75% over the forecast period 2020-2025 to reach a total market size of 20,196.085 million in the final year of the study. Presence of a good number of market players across all key regions is increasing the number of solutions available to customers, thus improving the affordability of AI solutions among them. This is contributing to the market growth.

North America and Europe together hold a significant share in the global AI solutions market

Geographically, the AI solutions market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. To give a clearer view of the overall market, these regional markets have been further segmented into countries which account for a considerable market share. North America and Europe together account for a significant market share and the market growth in these regions is being contributed to the presence of state-of-the-art infrastructure across them.

The major players covered as part of the report are Amazon, Apple Inc., and Alphabet Inc. among others.

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This report has segmented the AI solutions marketon the basis of following terms:

By Deployment Model

  • On-premise
  • Cloud

By Technology

  • Machine Learning
  • Deep Learning
  • Machine Vision
  • Natural Process Learning

By Enterprise Size

  • Small
  • Medium
  • Large

By End-User Industry

  • Healthcare
  • Manufacturing
  • BFSI
  • Communication and Technology
  • Education
  • Others

By Geography

  • North America

    • USA
    • Canada
    • Mexico
  • South America

    • Brazil
    • Argentina
    • Others
  • Europe

    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa

    • UAE
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific

    • China
    • Japan
    • South Korea
    • India
    • Others