ID: MRFR/ICT/5841-HCR | February 2021 | Region: Global | 100 pages
The Global AI in Workspace market is expected to grow at a CAGR of 41% during the forecast period
Artificial Intelligence technology is advancing by leaps and bounds in the current industry. It has been one of the most rapidly-growing technologies. With the help of AI, huge amounts of data are combined with fast, iterative processing. Along with the AI algorithms, the software can learn patterns and characteristics from the data. The machine can also learn from its previous mistakes and improvise. The complex raw data is thus analyzed for business insights by just being connected to smart devices every day. Thus, the workspace gets more productive and efficient by application of analytics and AI. Manufacturers of AI face huge underlying intellectual challenges in the development of the technology as it is evolving every day. With AI, the situations and possibilities which were science fiction, have now become a real and integral part of the workspace. AI is considered as one of the most basic technologies of the next gen software technologies in the market. Market leaders like Cisco, Siemens, Google, Microsoft, IBM, and others have implemented AI as an imperative part of their technologies and are also investing in research and development in AI.
The North American market has the largest market share in the current market scenario. Various industries such as telecommunication and IT, automotive, retail, healthcare and pharmaceuticals, BFSI are making use of this technology in US, Canada and Mexico. Strong presence of top companies offering as well as utilizing the AI technology is seen in the North American region. AI in Workspace market is expected to grow with a high CAGR in Europe, followed by APAC region.
The Telecommunication and IT vertical has the highest market share among the other verticals in this market. This is followed by BFSI, Retail and Manufacturing. The need for digital transformation of businesses and generation of large amount of Big Data are major factors which are influencing the market.
The Global AI in Workspace market is segmented into components, technology, vertical and region.
By components, the Global AI in Workspace is segmented into Hardware, Software and Services. The Software is further segmented as AI Platforms and AI Solutions. The AI Solutions market is segmented as On Premise and On Cloud.
By technology, the Global AI in Workspace is segmented into Machine Learning, Natural Language Processing (NLP), Image Recognition, Speech Recognition, and Context Aware Computing.
By vertical, the Global AI in Workspace is segmented into Automotive and Transportation, Manufacturing, Healthcare and Pharmaceutical, IT & Telecommunication, BFSI, Retail and Others.
By region, the AI in Workspace market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
The Global market for AI in Workspace is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of AI in Workspace market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
Among the regions mentioned, North America is estimated to have the largest market share during the forecast period. The major factor contributing towards the growth of AI in Workspace market is owing to the increasing investment in research and development of AI technologies, digital transformation of business as well as increase in demand for Intelligent Virtual Assistants.
The key players in the AI in Workspace market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are—Intel (US), Nvidia (US), Samsung Electronics (South Korea), SAS (US), Microsoft (US), IBM (US), General Electric (US), Cisco (US), Siemens (US), Rockwell Automation (US), Google (US), Oracle (US), Micron Technology (US), Verint Systems Inc. (US), Baidu Inc. (China). Majority of the global leaders in the AI technology are headquartered in United States.
Apart from these, the other companies in this market are Wave Computing (US), Atomwise (US), Aibrain (US), Didi Chuxing (China), Face++ (China), Mythic (US), Pilot AI Labs (US), Applied Brain Research (Canada), Ec2ce (Spain), Gamaya (Switzerland), Precision Hawk (US), Gumgum (US) and Appier (China). Many of these companies are established in the last one decade.
Frequently Asked Questions (FAQ) :
The market is estimated to achieve a growth rate of 41% in the coming years.
Gamaya (Switzerland), Precision Hawk (US), Nvidia (US), Samsung Electronics (South Korea), SAS (US), Wave Computing (US), General Electric (US), Intel (US), Siemens (US), Rockwell Automation (US), Google (US), Oracle (US), IBM (US), Cisco (US), Face++ (China), Ec2ce (Spain), Micron Technology (US), Aibrain (US), Appier (China), Verint Systems Inc. (US), Mythic (US), Pilot AI Labs (US), Applied Brain Research (Canada), Atomwise (US), Didi Chuxing (China), Gumgum (US), Microsoft (US), Baidu Inc. (China), are the top companies investing significantly in the market.
The market size during the review timeframe is most likely to be lucrative, given the rising adoption of AI in every aspect of an organization.
North America is believed to be the largest market for AI in workspace.
The significant verticals covered in the report are Manufacturing, Automotive and Transportation, IT & Telecommunication, Healthcare and Pharmaceutical, Retail, BFSI, and others.