Artificial Intelligence Apps Market: Enabling Businesses To Work Faster And Smarter

Artificial Intelligence Apps Market: Overview

Artificial Intelligence (AI) is intelligence delivered by machines. Mobile applications are continually improving with artificial intelligence (AI). AI has changed the business landscape as it is enabling businesses to work faster and smarter. Some businesses use AI to automate business intelligence and analytics processes while others use it to detect fraudulent activities. AI apps are also used as clinical decision support in healthcare, and for advertising and customer support in retail. AI apps adoption is happening across industries for simplifying one or more business processes.

With rapidly evolving AI apps, it has become necessary for businesses to have the technical infrastructure, strategies, and plans to support AI capabilities and implementation. The Artificial Intelligence (AI) Apps market is segmented on the basis of technology into machine learning, speech recognition, deep neural networks, text analytics, and Natural Language Processing (NLP), image recognition and virtual agents. Machine learning is the largest technology segment which has been adopted across all industries and applications.

Shortage of high quality AI-talent and skills is one of the challenges in the adoption of AI in enterprises. While it is observed that there are gaps between AI adoption in different industries, telecom and financial services sectors are the leading adopters of AI, creating competitive advantage using AI apps. In the finance sector, AI Apps are used as applications to detect fraud transactions, for automated report generation, automated credit sourcing, and as a personal financial advisor. At the enterprise level, Artificial Intelligence (AI) Apps are expected to influence organization structure, decisions, technology standards, and internal and external systems.

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The global Artificial Intelligence (AI) Apps market is segmented on the basis of application, end-user industry, and region. In terms of application, the market is segmented into sales & marketing, service operations, HR, supply chain management and manufacturing, finance and IT, risk, and strategy. The market is driven mainly by marketing & sales and supply chain management application segments. Customer relationship management and promotions are the sales and marketing functions that drive the growth of the AI Apps market in the application segment.

Based on end-use industry, the market is segmented into retail, healthcare, transportation and logistics, travel, banking, media and entertainment, manufacturing and others (education, oil and gas, chemicals, etc.) Retail is the key segment driving the Artificial Intelligence Apps market with the highest adoption. Concerns about AI’s impact on the workplace is restraining the Artificial Intelligence (AI) Apps market adoption. However, the market will flourish over the coming years due to increasing applications for business problem solving. For instance, AI apps help sales departments to increase CRM adoption, and improve sales performance using prescriptive analytics. Artificial Intelligence is expected to influence not just business functions but organization strategy as well.

On the basis of geography, the Artificial Intelligence Apps market is segmented into North America, Asia Pacific, Middle East & Africa (MEA), South America, and Europe. Geographically, Asia Pacific is expected to be the fasted growing region in the Artificial Intelligence (AI) Apps market. North America dominates the market with early adoption of Artificial Intelligence (AI) Apps and because of a number of AI App vendors.

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Key players in the Artificial Intelligence Apps market include AES Corporation, Cobalt Speech, IPSoft Inc., IBM Corporation, Microsoft Corporation, Google LLC, Appier Inc., Baidu, Inc., NVIDIA Corporation, Humley Limited, Onfido, Amazon Web Services, Inc., Hewlett Packard Enterprise, Sentient Technologies, Intel Corporation, and Wipro Limited. These companies aim to pioneer the Artificial Intelligence (AI) Apps market, gaining an early stronghold on the market.