Impact Analysis of COVID-19 on Global Artificial Intelligence Market :

Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Artificial Intelligence Market.

Market Synopsis

As per the analysis by Market Research Future Reports (MRFR), the global artificial intelligence market 2020 is augmenting at a swift pace. The adoption of A.I. allows the company to maintain its position in the market since the A.I. market is ferociously competitive. The presence of established companies makes the market more competitive. The A.I. technologies can manage voluminous customer data and several other tasks in lesser time with accuracy. The growing demand to provide personalized insurance service and the need to mechanize the daily functional process are the key factors driving the expansion of market. The increasing adoption of IoT technology is likely to further augment the growth of market. Rising speed of data generation is estimated factor to propel the market. The A.I. is a practiced technology, and it has become a standard tool to recognize faces, spoken language, or images. A.I. is used by established vital players, which allows them to sustain the hard competition prevailing in the market. Insurance analytics, chatbots, customized claims settlements, risk, and fraud management, are some of the various usages of A.I. in the insurance market. However, lack of technical expertise, risks associated with the leakage of data, and cybersecurity breaches are some of the major factors impeding the market growth.

The sudden outbreak of COVID-19 has brought a significant impact on the market dynamic. We will provide COVID-19 impact analysis with report.

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Market Segmentation

The global A.I. market can be segregated on the basis of technology, application, component, sector, deployment, and region.

On the basis of technology, the global A.I. market can be segregated into robotic automation, natural language processing (NLP), machine learning and deep learning, and machine vision.

On the basis of application, the global A.I. market can be segregated into chatbots, risk management and compliance claims processing, personalized recommendation, and others.

On the basis of components, the global A.I. market can be segregated into software, hardware, and services.

On the basis of sector, the global A.I. market can be segregated into auto insurance, health insurance, insurance, title insurance, and others.

On the basis of deployment, the global A.I. market can be segregated into on-premise and on-cloud.

On the basis of region, the global A.I. market can be segregated into Europe, North America, Middle East, and Africa, Asia-Pacific, and South America.

Regional Analysis

The regional analysis of Europe, North America, the Middle East, and Africa, Asia-Pacific, and South America has been conducted. As per the analysis by MRFR, North America leads the global A.I. in the insurance market. The U.S plays a significant role and acquires the maximum market share. The region excels due to the presence of established key players and proficient workforce. Besides, North America is an early adopter of innovative technologies. On the other hands, the APAC region is estimated to be the fastest-growing region during the assessment period. The growing initiatives taken by the government to increase the digitalization is a key factor which increases the demand of A.I. in the region. MEA and South America are also likely to expand at a significant pace during the review period. The growing need to mechanize the insurance process and provide accuracy is a necessity of every existing company.

Key Players

The forefront players in the global A.I. market are Amazon Web Services Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Cape Analytics LLC (U.S.), Avaamo Inc (U.S.), Wipro Limited (India), Acko General Insurance (India), ZhongAn (China),  Shift Technology (France), Quantemplate (U.S.), BIMA (U.K.), Zurich Insurance Group (Switzerland), Trov (Japan),  Lemonade (U.S.), and Slice (U.S.).