According to the latest report by IMARC Group, titled "Asia Pacific Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Asia Pacific artificial intelligence market size reached US$ 22.1 Billion in 2022. Artificial intelligence (AI) focuses on the simulation of human intelligence in machines designed to think and act like humans. It comprises several chipsets with high computing capabilities and core technologies, including natural language processing (NLP), machine learning (ML), deep learning, and augmented and virtual reality (AR/VR). It performs several tasks, such as visual perception, speech recognition, decision making, and language translation. At present, the growing utilization of online banking services is increasing the adoption of AI in the banking, financial services and insurance (BFSI) industry across the Asia Pacific region.
Asia Pacific Artificial Intelligence Market Trends:
Rapid digitization and the increasing need for greater efficiency, productivity, and competitiveness in different industry verticals represent one of the major factors driving the demand for AI in the Asia Pacific region. Moreover, AI is employed in the media and entertainment industry to distribute personalized content and enhance the capabilities of streaming services. This, coupled with the emerging trend of streaming content on over-the-top (OTT) platforms, is strengthening the growth of the market. Furthermore, AI finds application in the automotive industry to analyze road conditions, predict malfunctions, control smart devices, and provide driver assistance functions. This, along with the increasing sales of autonomous vehicles (AVs), is bolstering the growth of the market in the region. In addition, the rising need for remote patient monitoring (RPM) on account of the surging prevalence of medical ailments is contributing to the market growth. Apart from this, the emerging trend of automation, the rising deployment of fifth generation (5G) technology, and the growing traction of Industry 4.0 are some of the other factors creating a positive outlook for the market in the region. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 87.6 Billion by 2028, exhibiting a CAGR of 24.2% during 2023-2028.
- On the basis of the type, the market has been bifurcated into narrow/weak artificial intelligence and general/strong artificial intelligence. Presently, narrow/weak artificial intelligence holds the largest market share.
- Based on the offering, the market has been classified into hardware, software, and services. Software currently accounts for the biggest market share.
- On the basis of the technology, the market has been segmented into machine learning, natural language processing, context-aware computing, computer vision, and others. At present, machine learning dominates the market.
- Based on the system, the market has been segregated into intelligence system, decision support processing, hybrid systems, and fuzzy systems. Intelligence system exhibits a clear dominance in the market.
- On the basis of the end-use industry, the market has been classified into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others. Manufacturing currently represents the biggest market segment.
- Based on the country, the market has been divided into China, Japan, India, South Korea, Australia, Indonesia, and others. Amongst these, China enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
| Historical Period
||Type, Offering, Technology, System, End-Use Industry, Country
||China, Japan, India, South Korea, Australia, Indonesia, Others
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