Increasing Applications of Artificial Intelligence are Behind Exponential Growth of Artificial Intel
The market for artificial intelligence is growing due to the increasing focus of companies dominant in the market on a number of cutting-edge technologies and the expanding application base of artificial intelligence in numerous sectors. These sectors include BFSI, retail, health informatics, and E-commerce, among others.
global artificial intelligence market was valued at US$126.24 bn in 2015 and is predicted to reach US$3,061.35 bn by 2024. The market will expand at an extraordinary 36.10% CAGR from 2016 to 2024.
As per the report, the market for artificial intelligence is experiencing an exponential growth owing to companies utilizing cutting-edge technologies for effective positioning of their solutions or services. In addition, the increasing applications of artificial intelligence are also boosting the growth of the market. On the other hand, as per the report, the high initial investment, low access to funding, and the absence of skilled workers are amongst the chief factors that may inhibit the growth of the market in forthcoming years.
Moving further, in terms of product type, the report segments the market for artificial intelligence into digital assistance systems, artificial neural networks, expert systems, automated robotic systems, and embedded systems. Amongst these, in 2015, the segment of expert systems emerged as the top revenue-generating segment. This is owing to the rising usage of artificial intelligence in numerous sectors such as process control, diagnosis, design, scheduling, planning, and monitoring.
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In the next section, on the basis of application, the market is segmented into smart robots, deep learning, digital personal assistants, image recognition, language processing, querying methods, speech recognition, video analysis, gesture control, cyber security, and context aware processing. Amongst these, the segment of image recognition is poised to be the most rapidly developing segment of the market in the forecast horizon.
On the basis of geography, the report segments the market into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Amongst these, in 2015, the North America artificial intelligence market dominated the market and held a share of about 38% in the market on the basis of revenue. This region is predicted to maintain its superiority all through the forecast horizon. This is owing to the robust technological base and the increasing funding by governments in this region. On the other hand, the MEA region is also predicted to rise at a remarkable 38.2% CAGR from 2016 to 2024.
As per the report, the prime players dominant in the market are QlikTech International AB, IBM Corporation, Google, Inc., Microsoft Corporation, Next IT Corporation, eGain Corporation, and Nuance Communications, among others.
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