Market Revenue to Grow at a CAGR of 41.6% Between 2019 and 2025
Artificial intelligence (AI) can be defined as machines running cognitive processes that are designed based on human intelligence. AI is one of the foundations for the growing digitization of industries or Industry 4.0 around the world. The application of AI leads to productivity and economic growth, as these technologies are capable of analyzing large datasets. AI can also help in the designing of new products to meet the new demands raised by consumers. AI has many contributions across industries; the chemical industry, automotive industry, and healthcare industry have provided better opportunities and a larger market for the application of AI.
The global AI software market revenue will grow at a CAGR of 41.6% between 2019 and 2025, with IBM representing the highest revenue among all competitors during 2016-2018. The forecast share of Asia-Pacific (including China) in the total market revenue of the chemical industry in 2020 is about 60%, representing more digitization opportunities in the region. This trend has been led by raising the importance of safer operations in chemical production processes, which is one of the main benefits of AI application in this industry, along with the need for smart and green manufacturing.
In the automotive industry, the global AI market revenue will grow at a CAGR of 51.3% between 2019 and 2025, with the Asia-Pacific region expected to represent the fastest growth. The global AI market revenue in the healthcare industry will grow at a CAGR of 25.4% between 2019 and 2025, with North America contributing the highest share. Interest in the potential of AI in applications such as drug discovery, medical imaging and diagnostics, predictive analytics, clinical decision support, and lifestyle and chronic condition management has been growing, as shown by the high rate of new companies entering the market every year.
Key Issues Addressed
- What are the main applications of AI in the chemicals industry? How is the AI market in this industry and what are the main drivers and barriers?
- What are the main applications of AI in the automotive industry? How is the AI market in this industry and what are the main drivers and barriers?
- What are the main applications of AI in the healthcare industry? How is the AI market in this industry and what are the main drivers and barriers?
- How is the application of AI leading to more efficient manufacturing in the chemicals industry?
- How much revenue will AI generate for each of these industries?
Table of Contents
- Key Findings
- CEO’s Perspective
- Market Scope
- Defining Artificial Intelligence
- AI Applications
- AI Application in Manufacturing
- Global AI Software Market - Revenue Forecast
- APAC AI Software Market - Revenue Forecast
- Role of AI in Industry
- Industrial AI Requirements
- Areas of AI Application
- Production Disturbance
- Global Chemicals Industry - Revenue Forecast by Region
- Why is Digitalization Important in the Chemicals Industry?
- Chemical Companies - Employee Expectations
- Chemical Companies Moving Toward Digitalization - BASF
- Chemical Companies Moving Toward Digitalization - Dow DuPont
- Chemical Companies Moving Toward Digitalization - Sumitomo Chemicals
- AI in Chemicals Industry - Key Enablers and Barriers
- AI in the Automotive Industry
- Major Automotive AI Market Participants
- Main Applications of AI in the Automotive Industry
- Global AI Market in the Automotive Industry
- APAC AI Market in the Automotive Industry
- Automotive AI Market - Key Enablers and Barriers
- Application Areas
- Global AI Market in the Healthcare Industry
- AI Application in Healthcare
- AI Application in Healthcare - Potential Benefits by 2026
- APAC AI Market in Healthcare Industry
- Healthcare AI Market - Key Enablers and Barriers
- Growth Opportunity 1
- Growth Opportunity 2
- Strategic Imperatives for Success and Growth
- Legal Disclaimer
- List of Exhibits
A selection of companies mentioned in this report includes:
- Dow DuPont
- Sumitomo Chemicals