Press release
Artificial Intelligence Market to Reach US$3,061.35 bn by 2024, Deployment in Disruptive Technologies Drives Growth
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The global artificial intelligence market is currently witnessing healthy growth as companies have started leveraging the benefits of such disruptive technologies for effective customer reach and positioning of their services/solutions. Market growth is also supported by an expanding application base of artificial intelligence solutions across various industries. However, factors such as low funding access or high upfront investment, and demand for skilled resources (workforce) are presently acting as major deterrents to market growth.
On the basis of types of artificial intelligence systems, the market is segmented into artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system. Expert system was the most adopted or revenue generating segment in 2015. This was mainly due to the extensive use of artificial intelligence across various sectors including diagnosis, process control, design, monitoring, scheduling and planning.
Based on various applications of artificial intelligence systems, the market has been classified into deep learning, smart robots, image recognition, digital personal assistant, querying method, language processing, gesture control, video analysis, speech recognition, context aware processing, and cyber security. Image recognition is projected to be the fastest growing segment by application in the global artificial intelligence market. This is due to the growing demand for affective computing technology across various end-use sectors for better study of systems that can recognize, analyze, process, and simulate human effects.
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North America was the leader in the global artificial intelligence market in 2015, holding approximately 38% of the global market revenue share, and is expected to remain dominant throughout the forecast period from 2016 to 2024. High government funding and a strong technological base have been some of the major factors responsible for the top position of the North America region in the artificial intelligence market over the past few years. Middle East and Africa is expected to grow at the highest CAGR of 38.2% throughout the forecast period. This is mainly attributed to enormous opportunities for artificial intelligence in the MEA region in terms of new airport developments and various technological innovations including robotic automation.
The key market players profiled in this report include QlikTech International AB, MicroStrategy Inc., IBM Corporation, Google, Inc., Brighterion Inc., Microsoft Corporation, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications, and eGain Corporation.
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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