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The Europe artificial intelligence market is estimated to grow at a CAGR of 43.2% from 2016 to 2022. The Europe artificial intelligence market is currently witnessing healthy growth as companies have started leveraging the benefits of such disruptive technologies for effective customer reach and positioning of their service solutions.
Market growth is also supported by an expanding application base of artificial intelligence solutions across various industries. However, factors such as low funding access or high upfront investment, and demand for skilled resources (workforce) are presently acting as major deterrents to market growth.
The major factors driving the growth of this market include diversified application areas of AI, improved productivity, and increased level of customer satisfaction. In addition, the rising demand for intelligent systems is expected to propel the growth of the market in the next five years. The report highlights the adoption of Artificial Intelligence market in Europe.
Based on the Technology, the Artificial Intelligence Market is segmented into Machine learning, Natural language processing, Image processing and Speech recognition market. On the basis of Application, the market is bifurcated into Government & Defense, BFSI, Consumer Goods & Retail, IT & Telecom, Healthcare, Energy & Utilities, Manufacturing, Education, Transportation and Others segment.
The market is further geographically segmented into Germany, UK, France, Russia, Spain, Italy and Rest of Europe. Key Players profiled in the report include IPSoft, Rocket Fuel Inc., Qlik Technologies Inc., Microstrategy Inc., Brighterion Inc., Microsoft Corporation, Google Inc., IBM Corporation, 247 Customer Inc., Next IT Corporation.