The Global Intelligent Apps market to reach a revenue of $123.89 billion by 2023
The rapid growth rate of technological and digital advancements is the biggest driver for global business as the world is experiencing a massive surge in terms of digitally generated data from Smart Things and connected devices, coupled with increasing number of smartphones and applications-enabled devices
Bangalore, India, May 14, 2018: Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Intelligent Apps Market: Global Drivers, Restraints, Trends, and Forecasts up to 2023” (March 2018).
According to Infoholic Research, the Americas will witness a high growth rate in the global intelligent apps market during the forecast period, 2017–2023. The Americas region is considered to be the global technology hub and has a huge opportunity for the applications of the Internet of Things, AI, and, Machine Vision. This would further create a market for the intelligent applications across the region. In addition, U.S. and Canada are among the most technically advanced countries, which are much ahead in adopting new technologies, and with the increase in the sales of smartphones in this region, it is creating huge opportunities for the intelligent application market in this region. The global Intelligent Application market is expected to grow at a CAGR of 69.28% during the forecast period 2017–2023.
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The intelligent application is in the nascent stages of development and has started capturing the market with the addition of AI, and machine learning into a varied set of industry participants in the recent years. Currently, the market is gaining momentum across several key application areas. Intelligent apps utilize the functionalities of artificial intelligence, big data & analytics, cognitive computing, and others to deliver advanced analytical output that can be used for different applications, such as virtual personal assistants, prioritizing emails, virtual customer assistants, security tooling, enterprise applications, and others.
The key factors that are fostering the growth of the market includes the increasing need for advanced analytical tools, technological advancements regarding new product development, and the growing market for big data & analytics.
“During the next few years, virtually every app, application and service will incorporate AI. Some of these apps are intelligent apps that could not even exist without AI and machine learning, but others will be active users of AI that provide intelligence. Intelligent apps create a new intelligent intermediate layer between people and systems and have the potential to transform the nature of work and the structure of the workplace.
In addition, AI has become the next major battleground in a wide range of software and service markets, including aspects of enterprise resource planning (ERP). Packaged software and service providers should outline the process in which AI will be used to add business value in new versions in the form of advanced analytics, intelligent processes and advanced user experiences,” states Priyanka Yadav, Research Analyst at Infoholic Research
The Americas is the leading region in the Intelligent Applications market, followed by APAC and EMEA. The market in APAC is expected to witness growth due to increase in the advancement in technology, increasing penetration rate of connected devices, and increasing smart devices. Among the countries covered in the report, Japan, the US, and China are expected to grow at a high rate during the forecast period due to the increase in the penetration of internet-based devices and adoption of cloud-based applications.
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The report aims to highlight key insights from service providers, verticals, and stakeholders. The report covers the current scenario and the development prospects of the Intellegent application market during the forecast period 2017–2023. It also provides an in-depth analysis and forecasts of the industry covering the following key features:
- End-user perspective on the global Intellegent application market.
- Analysis based on store types, deployments, applications, and
- Evolution of its features, advantages, and importance of the technology in terms of future perspective.
- Drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023).
- Anslysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape, which includes vendor assessment.
- The major types of Intelligent Apps viz. hardware and software.
- Analysis of countries such as the UK, China, India, Japan, Germany, the US, France, Russia, Australia, and Canada.
Ms. Sunanda Ganguli
Infoholic Research LLP