Analytics Insight Predicts Disruptive Technologies Market to Reach US$1.9 Billion by 2023

Analytics Insight has published a new market research report "Reinventing Businesses with Disruptive Technologies – A Comprehensive report covering six disruptive technologies with their Revenue, Forecast, Top Trends and Future (2019-2023)". The report includes a detailed analysis of Artificial Intelligence (AI), Robotics, Big Data, Internet of Things (IoT), Cybersecurity and Augmented, and Virtual Reality (AR/VR) markets. According to the analysis, the market revenues of six disruptive technologies is expected to grow from US$1091.45 million in 2019 to US$1893.62 million in 2023, with a CAGR of 11.6%, in which AI accounts for 3.9%; Robotics 4.4%; Big Data 16.5%; Cybersecurity 14.1%; IoT 59.9%; and AR/VR 1.3%. The major driving force of such progress is widespread application of these technologies across various sectors and regions.

North America is expected to lead the AI, Big Data Analytics, Cybersecurity, AR-VR, and IoT market

The global market for AI is forecast to grow at a CAGR of 29% from US$42.8 billion in 2019 to US$152.9 billion in 2023. North America is expected to lead the market with the largest share followed by the Asia Pacific, European region, and the rest of the world.

The global market of Big Data is forecast to grow at a CAGR of 10.9% from US$179.6 billion in 2019 to US$301.5 billion in 2023. North America with the largest share is the leading region for the Big Data market worldwide, followed by the European region, Asia Pacific, and RoW.

The global market of Robotics is forecast to grow at a CAGR of 10.9% from US$47.8 billion in 2019 to US$80.2 billion in 2023. Unlike, AI and Big Data, the Asia Pacific with the largest share is expected to lead the worldwide market followed by Europe, and North America.

The global market of Cybersecurity is forecast to grow at a CAGR of 8.1% from US$153.9 billion in 2019 to US$227.4 billion in 2023. Where North America is expected to lead with the largest market share, Europe, Asia Pacific, and RoW are more likely to grab the following positions.

The global AR and VR market is projected to increase from US$13.6 billion in 2019 to US$51.2 billion in 2023. Like, Cybersecurity, the AR/-VR market is expected to see the emergence of North America as a leader, further followed by the European and Asia market.

The global market for IoT is forecast to grow at CAGR of 10.6% and is calculated to grow from US$653.6 billion in 2019 to US$1080.4 billion in 2023. North America and Europe are among the top two regions proliferating the market with the largest market shares among others.

BFSI is one of the fastest-growing industries across AI and Big Data Market

Evaluating sector-wise market, Analytics Insight observed that the BFSI sector with the largest market share is expected to lead the AI market, followed by Healthcare, Telecommunications and IT, Transport and Logistics, Retail, Media and Entertainment, and Manufacturing.

Whereas across Big Data market, Telecommunications and IT and BFSI industry stand at the top two places with the largest market shares. The growth of Big Data is further driven by Manufacturing, Healthcare and Lifesciences, Transportation, Government and Defense, Retail, and Media and Entertainment sectors.

Across the Robotics market, while the automotive is the largest sector by the end-user in Industrial Robots, further followed by Electronics, Metals, and Machinery, and Food and Beverage industry, by end-user in Service Robots, Logistics accounts for the largest market share among Healthcare and Military and Defense sectors.

Across the Cybersecurity market, BFSI with the largest market share is leading, followed by IT and Telecom, Government and Defense, Healthcare, Manufacturing, and Retail sectors.

Industry-wise, the Gaming market for AR-VR is forecast to experience massive growth, followed by Entertainment and Media, Aerospace and Defense sector, Healthcare, Manufacturing, and Retail.

The data for industry-wide adoption and share of the IoT market, depicts that the Consumer Electronics industry is expected to lead, followed by Manufacturing and Retail, Transportation, Healthcare, Agriculture, and others.

Industrial Robots showcase a brighter future than Service Robots

By application, the AI market is bifurcated into Machine Learning, Deep Learning, Natural Language Processing (NLP), Computer Vision, and others, where Machine Learning is expected to grow with the largest market share between 2019 to 2023. Sequentially, Deep Learning, Computer Vision, and NLP are also leading the market with significant projected growth.

Across Big Data market, Analytics Applications and Performance applications are more likely to lead, outperforming other contributors including CPM Suites, BI Platforms, and Advanced Analytics applications. Moreover, industrial robots are expected to see considerable growth with the largest market share in comparison to service robots across the Robotics market.

The cybersecurity market is expected to witness the growth of Enterprise Security application with the largest market share, followed by Endpoint Security, Cloud Security, Network Security, and Application Security.

Furthermore, as per component variation, the AR-VR market is more likely to witness an upsurge in software-based adoption as compared to hardware-based adoption. Under applications, PaaS or Platform applications and services are expected to lead the IoT market, followed by Professional services and Connectivity applications.

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