Global artificial intelligence software market size is estimated to be valued at US$ 12.7 billion in 2019 primarily driven by increasing number of use cases across verticals. In addition, increasing adoption of cloud-based solutions and solutions to enhance productivity and efficiency especially in activities such as marketing, sales, supply-chain management, and manufacturing, etc. are some of the prominent drivers expected to boost growth of the AI software market in the near future. In addition, artificial intelligence solutions are used to optimize industrial facilities for applications such as energy distribution, electric motors, and rail technology.
Global AI Software Market, by Deployment:
Although, the on-premise segment currently dominated the worldwide AI software market, cloud-based solutions are gaining traction among the small and mid-sized companies across the globe. Various AI-based start-ups are focusing on introducing new solutions to cater to the growing demand in emerging countries such as India, and Brazil. Cloud-based segment is expected to register significant CAGR during the forecast period, 2019-2029
Global AI Software Market, by verticals:
Over the next few years, certain verticals such as healthcare and security segments will witness significant adoption of AI-based solutions. Some of the recent developments are listed below;
- In August 2019, Montefiore Nyack Hospital, which is a US-based hospital, announced the adoption of artificial intelligence (AI) software in order to assist in identifying urgent life-threatening conditions on patient computed tomography (CT) scans
- In August 2019, Volpara Solutions partnered with ScreenPoint Medical BV in order to sell ScreenPoint’s Transpara AI-based breast cancer detection solution in the US, Australia, New Zealand and parts of Asia
- In March 2019, Comcast acquired BluVector, a US-based AI-powered cybersecurity solution provider, in order to develop new solutions and enhance its business across US
Global AI Software Market Size, by Region:
In 2019, North America AI software market currently dominates the global AI market with above 40% revenue share. This is primarily due to the robust number of connected devices and increasing adoption of AI across various end-use verticals such as healthcare, retail, etc. Over the next five years, the market in Europe is expected to gain significant market share, due to increasing adoption in manufacturing and service industries. In addition, Europe has over 25% AI start-ups globally. Various activities such as mergers, acquisition, investment, etc. are currently been witnessed across prominent countries such as UK, France, Germany, etc.
Global AI Software Market Size and Forecast: Competition Landscape
Various key players such as IBM Corporation, Siemens, Amazon Web Services, etc. are focusing on acquiring and funding small-scaled AI-based solution providers, in order to primarily broaden their solution portfolio. In addition, some of the mid-size companies are focusing on enhancing their presence into new and niche verticals.
Some key AI solution market players are:
- Amazon Web Services
- IBM Corporation
- Omron Adept Technologies
- Palantir Technologies
- Digital Reasoning
- Wipro Limited
- IPsoft Inc.
By Algorithm Type:
- Machine Learning
- Deep Learning
- Natural Language Processing
By Deployment Type:
- Utilities & Energy
- Smart Cities
- Industrial and Manufacturing
- Media and entertainment
What Will You Discover in the Report?
- An in-depth analysis of the AI software market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the AI software market revenue is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the AI software market in near future
- Which current and upcoming technologies will shape up the AI software market?
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the AI software industry during the forecast period
- Who are the AI software industry leaders and what are the key initiatives taken by them for long term growth?
- Industry exclusive use cases
Who will benefit from the Report?
- AI software Industry Solution Provider
- AI software Industry Service Provider
- Consultants and Analysts
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