Consumer AI Market is projected to report a CAGR of 36.2% between 2020 and 2030

The Global Consumer AI Market size is estimated to be USD 5.00 billion in 2019 and is predicted to reach USD 149.60 billion by 2030 with a CAGR of 36.2% from 2020-2030. Artificial intelligence is also known as machine intelligence which is a cognitive function in contrast to natural intelligence shown by human beings. These devices are able to perceive the external environment and takes action to achieve certain goal. This has not only reduced the human efforts but also reduced the errors and increased the efficiency of work. This led to the wide integration of AI in various consumables such as devices, automotive, and various others industries on a large scale.

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There has been improvement and modernization in the infrastructure coupled with technological advancement and increased adoption of AI over the forecast period. Furthermore, wide applications in different industries with increased efficiency and productivity of work with reduced errors are also expected to accelerate the growth of consumer AI market over the forecast period.

The other factors include wide adoption of smart devices coupled with increased demand of automation and increase in digitization has driven the consumer AI market. Furthermore, increase in bug data, improved algorithms and fast processing of large amount of data is further expected to augment the market growth. However, lack of technical expertise coupled with high cost of AI technology and smart devices with AI are expected to inhibit the growth of market. Moreover, increasing awareness and increase in further development coupled with increased demand of advanced consumer electronics are expected to create ample opportunities in consumer AI in the near future.

Market Segmentations and Scope of the Study:

The global consumer AI market share is analyzed on the basis of component, technology, end user and geography. On the basis of component, the market is segmented into hardware, software, services. On the basis of technology, the market is divided into Machine Learning, Deep Learning, Natural Language Processing, Computer vision, Machine Reasoning, and Strong AI. On the basis of end user, the market is divided into healthcare, manufacturing, automotive, agriculture, retail, security, human resource, marketing, law and fintech. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to hold the major market share owing to the increased adoption of AI technology coupled with technological advancement and development of infrastructure over the forecast period. Furthermore, increased use of smart devices with increased efficiency and productivity and wide applications across various industries are further expected to fuel the growth of consumer AI market over the forecast period.

Asia Pacific is expected to show tremendous growth with constant increase in market share owing to the increase in big data, improved algorithms with processing of large amount of data are further expected to support the market growth.

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The consumer AI market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include Alphabet, Baidu, Facebook, Amazon, Indico, NVIDIA, Clarifai, Microsoft, Nuance Communications, Tencent, Apple, Uber, Artificial Solutions, IBM, Declara, Sentient Technologies, DigitalGenius, Sensory Inc., Intel, and Tesla among others.

There have been various developments taken place in the past and are expected to further takes place in near future which further contributes the overall market growth. For instance, in October 2019, Microsoft, Novartis today announced an important step in reimagining medicine by founding the Novartis AI innovation lab and by selecting Microsoft Corp. as its strategic AI and data-science partner for this effort. The new lab aims to significantly bolster Novartis AI capabilities from research through commercialization and help accelerate the discovery and development of transformative medicines for patients worldwide.

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