China Artificial Intelligence market is estimated to grow significantly at a CAGR of 37.0% during the forecast period. There are a lot of opportunities available in AI technology in China with the increasing adoption of technologies. According to Asia Business Council, in 2017, China’s State Council announced that over next decade, China would expand its prevailing business and focus to become a prominent player by 2030 in the domains such as virtual reality, self-driving cars, smart robots (that can learn from their surroundings and build on their capabilities based on inbuild knowledge) and military applications.
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The boom in AI technology has given rise to smaller AI-focused companies in China such as iFlytech (voice), Cambricon (AI chips), SenseTime and MegeView (computer vision), UBTECH (robotics) and others.
The market is segmented on the basis of offering and end-user industry. Based on offering, the market is divided into software & services and hardware. The market for software and services was the highest market during the forecast period. Based on the end-user industry, the market is segmented into manufacturing, automotive, IT and BFSI, healthcare, e-commerce & logistics, home appliances, and others.
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China is broadening its AI leadership by applying AI in almost every industry. Start-ups and major technology companies such as Baidu, Tencent, and Didi Chuxing are providing solutions and services that are AI-based. Chinese firm Alibaba has the first-mover advantage in the AI cloud. Its AI cloud named ’Apsara‘is named as the largest cloud provider across the globe as it controls nearly 40% of the Chinese market. The company is utilizing AI applications in commercial use as well, such as “personalized search” and “intelligent customer service”. Its chatbot named Ali Xiaomi utilizes neural networking and AI voice recognition to solve customer problems.
China Artificial Intelligence Market Segmentation
China Artificial Intelligence Market by Offering
· Software & Services
China Artificial Intelligence Market by End-User Industry
· IT and BFSI
· E-Commerce & Logistics
· Home Appliances
· Other (Agriculture, Energy & Utilities, Media & Entertainment, Education)
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