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North American Artificial Intelligence Market growing significantly at a CAGR of 35.5% and Forecast 2019-2025

Jan 14, 2020 (Heraldkeepers) --
The North American Artificial Intelligence market is estimated to grow significantly at a CAGR of 35.5% during the forecast period. The North American market for AI is analyzed based on countries such as the US and Canada. The factors that are contributing significantly to the market growth include R&D, and high expenditure by the government as well as a private organization in AI technology. The US and Canada are the major economies of North America. The region has well-developed information communication technology (ICT) and employs the adoption of a large number of connected devices. Presence of major AI manufacturers in North America in terms of revenue, which include Microsoft, IBM, and Google.

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The companies which are contributing to the growth of the North American AI market include, Inc., Google LLC, IBM Corporation, Microsoft Corporation, and others.

The growth in the North American region is further attributed to the higher sale of AI-enabled home appliances. The market is segmented on the basis of offering and end-user industry. Based on offering, the market is divided into software & services and hardware. The market for software and services was the highest market during the forecast period. Based on the end-user industry, the market is segmented into manufacturing, automotive, IT and BFSI, healthcare, e-commerce & logistics, home appliances, and others.

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The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in May 2019, Google LLC has announced the launching of the AI platform, an end to end platform for the data scientist and the developers to deploy test and build machine learning models in the Google cloud next 2019 platform.

North American Artificial Intelligence Market Segmentation

North American Artificial Intelligence Market by Offering

-- Hardware

-- Software & Services

North American Artificial Intelligence Market by End-User Industry

-- Manufacturing

-- Automotive

-- IT and BFSI

-- Healthcare

-- E-Commerce & Logistics

-- Home Appliances

-- Other (Agriculture, Energy & Utilities, Media & Entertainment, Education)

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