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US Artificial Intelligence Market Growth Analysis, Business Opportunities and Future Scope Till 2025

Jan 14, 2020 (Heraldkeepers) --
The US Artificial Intelligence market is estimated to grow significantly at a CAGR of 35.9% during the forecast period. The factors that are contributing significantly to the market growth include investments in R&D, high information and technology expenditure, and the presence of key players. The favorable government initiatives in product development and innovation along with the collaboration between the private and government sector to develop AI technology in the country. The country has well-developed information communication technology (ICT) and employs the adoption of a large number of connected devices.

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

Moreover, the presence of major AI manufacturers in the country such as Microsoft, IBM, and Google further give a boost to the growth of the market. In addition, the growth in the US market 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 June 2019, Inc. launched the StyleSnap, an AI-powered shopping feature that will aid the buyers to provide fashion recommendations. The shoppers can upload a photo, that they wish to buy and present on the Amazon app and the StyleSnap will provide suggestions of similar items. Thus, this activity has aided in enhancing the revenue generation of the company.

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US Artificial Intelligence Market Segmentation

US Artificial Intelligence Market by Offering

-- Hardware

-- Software & Services

US 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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