China Artificial Intelligence (AI) Market

Artificial Intelligence (AI) is a broad variety of computer science, which makes intelligent machines, mainly smart computer programs. It is a technology, which is created to execute tasks with human intelligence. AI works in four ways which include thinking rationally, acting humanly, and acting rationally. Artificial intelligence performs functions such as perception, reasoning, and learning. AI allows machines to learn from functions that are done on the machine and adjust them to new inputs. AI has its application in various sectors and industries, including the agricultural sector. It helps in the production of plants with human supervision and dosing drugs in patients.

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The increasing adoption of advanced technologies by various industries is driving the growth of the China AI market. Artificial intelligence is being increasingly implemented in different sectors to enhance their research & development activities and induce automation in their processes. AI helps in decision-making and problem solving by its reasoning. This is the reason why AI is being installed in every program by several industries. Various government initiatives are focussed on technological advancements in multiple sectors, such as oil & gas, retail, defense, healthcare, manufacturing, among others. In the ‘New Generation Artificial Intelligence Development Plan’, it is stated by the state council of China to expand prevailing businesses and become a prominent player in the technologies like self-driving cars, virtual reality, military applications, and smart robots (that are based on inbuild knowledge to have the capabilities to learn from surroundings) by 2030. These features of implementing AI and several government initiatives are surging the growth of the China AI market.

China is looking forward to implementing artificial intelligence in military operations. There have been several conferences, related to Artificial Intelligence (AI) attended by officials of China’s Ministry of Foreign Affairs, government think tank experts, corporates executives of AI companies of China, and leaders of China’s military AI research organizations. China’s goal is to become the world’s primary AI innovation center by abolishing Xi’s term limits. This will help its leading companies – Baidu, Alibaba, and Tencent, also known as BAT, to become superior and well organized. These factors increase the growth of the China AI market.

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Based on the offering, the market is segmented into software, hardware, and services. The software segment is anticipated to witness a faster CAGR over the forecast period. AI software is highly adopted by several enterprises attributed to the high computing power, enhanced information capacity, and parallel processing capacity to advance their technologies. AI helps to provide a meaning value to the given data. The hardware is mainly a one-time purchase, but software needs to be updated and its license has to be renewed from time to time. AI consists of libraries for the installation and creation of AI applications, which include linear algebra, sparse matrices, and inference. These factors contribute to the growth of the software segment in the China AI market

Based on the technology, the Machine learning is expected to grow at a higher CAGR over the forecast period in China AI market. Machine learning helps in spotting patterns and catching data from provided images. Hence, it is used in various sectors such as automotive, healthcare, education, retail, and BFSI for the research & development activities. Machine learning also has several reasoning applications, including filtering, clustering, navigation, altering, visualization, and hypothesis generation. These factors significantly increase the growth of this segment in the China AI market.

Based on end-user, the healthcare industry is expected to grow at a higher CAGR over the forecast period. During the covid-19 pandemic, many companies have gone into loss, but it has emerged as an opportunity for AI to conquer the market. The research institute of Alibaba, a Chinese tech giant, developed a diagnostic algorithm, which detects the new coronavirus cases with the help of chest Computed Tomography (CT) scan. These innovations in this period have grown the healthcare segment.

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Key Developments: 

• • In 2019, Intel Corporation expanded its collaboration with China’s leading player Baidu, Inc., to boost its Nervana Neural Network Processor on the PaddlePaddle deep learning framework to fasten the training of AI models.
  • In 2018, NVIDIA signed an agreement with Chinese electric XPeng Motors and SF Motors to develop autonomous driving technology. Through this agreement, the start-ups used NVIDIA’s artificial intelligence (AI) driving chip and computing platform to develop hardware for autonomous driving.

The China Artificial Intelligence (AI) market is segmented into technology, offering, and end-user. Based on the offering, the market has been segmented into hardware, software, and services. Based on the technology, the market has been segmented into machine learning, natural language processing (NLP), machine vision, and others. Based on the end-user, the market has been segmented into healthcare, BFSI, retail, manufacturing, automotive, agriculture, media & entertainment, and others.

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Key questions answered in this research report:

• • At what pace is China AI market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in China AI market? What will be the impact of drivers and restraints in the future?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What are the technology areas of China AI market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

China Artificial Intelligence (AI) Market by Offering

• • Hardware
  • Software
  • Services

China Artificial Intelligence (AI) Market by Technology

• • Machine Learning
    • Deep Learning
    • Others
  • Natural Language Processing (NLP)
  • Machine Vision
  • Others

China Artificial Intelligence (AI) Market by End-User

• • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Automotive & Transportation
  • Agriculture
  • Media & Entertainment
  • Others