Global Artificial Intelligence Services Market 2020 COVID-19 Impact, Share, Trend, Segmentation and Forecast to 2026
WiseGuyReports.com adds “Global Artificial Intelligence Services Market Research Report 2020 Analysis and Forecast 2030” reports to its database.
Pune, India – June 30, 2020 /MarketersMedia/ —
Artificial Intelligence Services Market:
Executive Summary
The global artificial intelligence services market is expected to decline from $0.85 billion in 2019 to $0.77 billion in 2020 at a compound annual growth rate (CAGR) of -9.46%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $1.97 billion in 2023 at a CAGR of 36.65%.
The artificial intelligence (AI) services market consists of sales of AI and related services that are used in telecommunications, government, retail, defense and healthcare. Companies in the artificial intelligence market provide outsourced services to cater to business requirements. AI as a service enables individuals and businesses to use AI for different purposes, without significant initial investment and with lower risk.
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North America was the largest region in the artificial intelligence services market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
The use of artificial intelligence as a service for human interaction with machines using natural language processing (NLP) is a key trend shaping the artificial intelligence services market. Natural language processing (NLP) is a type of artificial intelligence that explains how human language and computers interact. Machine translation is an enormous technology for NLP that enables us to overcome challenges to contact with people from all over the world and to understand software manuals and catalogs written in a foreign language. For instance, the Livox app, a customizable application in 25 languages helps the disabled to communicate.
The artificial intelligence services market covered in this report is segmented by technology into machine learning; computer vision; natural language processing (NLP); others and by end-user into banking, financial, and insurance (BFSI); it & telecom; retail; manufacturing; public sector; energy & utility; healthcare; others.
The risks associated with data breaches and hacks is hampering the growth of the artificial intelligence services market. The World Economic Forum (WEF) has cautioned that new technologies such as the Internet of Things, artificial intelligence and quantum computing can turn around human lives, but may also make the society more vulnerable to cyber-attacks. It was expected that attacks occur on average once every 39 seconds and a single breach could cost as much as $150 million by 2020. Although companies and organizations are aware of these risks, breach activity still takes around six months to detect, and the long delays between original network breach and security responses allow hackers to take advantage of significant quantities of data. Between the years 2017 and 2018, there was a 126% increase in the overall number of documents stolen. Therefore, the risks associated with data breaches and hacking hampers the growth of the artificial intelligence services market.
In March 2019, McDonald’s, a USA based foodservice retailer acquired Dynamic Yield for $300 million. Through this acquisition, McDonald’s plans to integrate the technology into other digital products, like self-serve kiosks and the McDonald’s mobile app. Dynamic Yield is an artificial intelligence company based in New York.
The rise in the adoption of cloud-based solutions is a key factor driving the growth of the artificial intelligence services market. Artificial intelligence (AI) as a service lets businesses experiment with AI for different activities without a high initial investment. Experimentation enables many cloud computing platforms to check different machine learning algorithms and helps streamline how data is analyzed and managed. Businesses are deeply interested in cloud-based machine learning, which lets them experiment through their services and help their clients make informed decisions based on the data. For instance, in March 2020, Google announced the beta launch of Cloud AI Platform Pipelines, which provides its customers with repeatable machine learning pipelines that can be installed easily and used for machine learning workflows securely. The integration of AI applications into its cloud draws more customers, thus enhancing market growth over the forecast period. Therefore, the rise in the adoption of cloud-based solutions is expected to drive the growth of the artificial intelligence services market.
Major players in the artificial intelligence (AI) services market are Intel Corp., International Business Machines Corp., Microsoft Corp., SAP SE, SAS Institute Inc., Amazon.com Inc., Salesforce, Google LLC, Oracle Corporation, and Fair Isaac Corporation.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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