Global Commercial Artificial Intelligence Market size is expected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of XX% during the forecast period.
Global Commercial Artificial Intelligence Market Dynamics
The increasing demand for machine learning in various industries and manufacturing units is expected to drive the market during the forecast period. In today’s time, many manufacturing units have been adopting advanced technologies such as IoT, AI, ML for the M2M communication and collect a big amount of data and increase productivity. Machine learning collects data such as cost of machinery, production time, maintenance schedule, etc., which helps manufacturers to reduce downtime and failures of machinery and increase ROI on assets.
However, the retail sector is using AI for the optimization of customer experiences, inventory volume, and fixed prices of the products based on customer behavior and market competition. Machine learning enables organizations to compare past data related to customers behavior and preferences with present data, analyze it, and provides relevant information and helps to build a marketing strategy to remain competitive in the market, which is expected to increase the demand for AI and ML in the various verticals such as eCommerce, healthcare, retail, etc.
High installation cost to restrain the market growth
The adoption of commercial AI by many SMEs is very low as the installation cost of AI is very high and the SMEs operate with low budget and their main focus is to reduce cost as much as possible, which is expected to restrain the market growth during the forecast period.
Global Commercial Artificial Intelligence Market Segment Analysis
Global Commercial Artificial Intelligence Market
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The cloud-hosting AI is expected to witness the highest growth at a CAGR of XX% during the forecast period. Cloud-based AI is widely adopted by most industries due to its flexibility and high scalability. Large enterprises hold enormous data of their customers and clients, AI enables organizations not only to just store these data but also provides effective analysis of the big amount of data, which helps to extract valuable information and build a business strategy.
However, cloud-AI is cost-effective compared to on-premises as it doesn’t require IT staff and systems to operate. Other factors like 24×7 support and maintenance by the vendors, regular data backup, updates are expected to boost the cloud- hosting for the commercial AI market.
Retail & eCommerce is expected to hold the largest market share of XX% by 2026. The AI collects various data of customers and analyses the customers’ preferences and behavior towards their products. AI provides real-time data of the products and customers via RFID and NFC technology, for instance, beer suppliers can get information like where is the beer bottle and who is using it, etc.
However, many eCommerce service providers are moving towards the implementation of chatbots to provide customer assistant and enhance their shopping experience. AI enables organizations to optimize inventory volume, forecasting, and customize prices according to customers’ preferences and market competition, which is expected to boost commercial AI in the retail and eCommerce sector.
Global Commercial Artificial Intelligence Regional Insights
North America is expected to witness the highest growth during the forecast period
North America is expected to witness the highest growth of XX% during the forecast period. The region has developed countries like the US and Canada, which are known as prompt adopters of advanced technologies and connected devices in various industries and businesses. The increasing demand for advanced technologies such as ML, IoT. AI, etc. is attributed to the presence of enormous AI software companies in the US. However, the increasing expansion of large enterprises and demand for industrial automation in the region is expected to boost the commercial AI market in North America.
The Asia Pacific is expected to witness rapid growth during the forecast period due to the increasing demand for automation in manufacturing units. Countries like China and Japan are the home of the manufacturing industries across the globe. The advanced technologies are widely adopted by the manufacturers for process automation, increase productivity, quality of product and reduce the waste and downtime of the heavy machinery, which is expected to create many lucrative opportunities for the market in the Asia Pacific.
The objective of the report is to present a comprehensive analysis of the global commercial artificial intelligence market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global commercial artificial intelligence market dynamic, structure by analyzing the market segments and project global commercial artificial intelligence market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global commercial artificial intelligence market make the report investor’s guide.
Global Commercial Artificial Intelligence Market Scope: Inquire before buying
Global Commercial Artificial Intelligence Market, by Region
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
Global Commercial Artificial Intelligence Market Key Players
• IBM
• Google
• Microsoft
• AWS
• General Vision
• GE
• Siemens
• Accenture
• Agralogics
• Agrible
• Agrilyst
• AIBrain
• Alphabet Inc.
• NEC Corporation
• Next IT Corporation
• Qualcomm Incorporated
• Lurkin
• Apple
• Granular
• ADAPTik
• Adapt-N
• Artificial Solutions
• Interactions
• Inbenta
• Kore.ai
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