Press release
Artificial Intelligence Market : Demand for New Paradigms in Product Positioning by Companies reflect well on Growth
Browse The Report: https://www.transparencymarketresearch.com/artificial-intelligence-market.html
TMR notes that in the years to come, technological advancements in the market from across all quarters are expected to raise the ante higher for incumbent players. Prominent players operating in the global artificial intelligence market include Nuance Communications, International Business Machines Corporation, Google Inc., Microsoft Corp., and QlikTech International AB.
The global artificial intelligence market stood at US$126.24 billion in 2015 and is projected to proliferate at a stellar CAGR of 36.10% during the forecast period of 2016–2024. With substantial growth rate year-over-year, the opportunities in the global market will touch a valuation of US$3,061.35 billion by 2024 end.
The broad types of AI systems are expert system embedded system, artificial neural network, automated robotic system, and digital assistance system. Of these, the expert system dominated the pack in 2015, vis-à-vis revenue, and is expected to retain its lead over the assessment timeline.
In geographical front, North America emerged as the leading region in 2015 as it contributed the dominant share in the global revenues. The presence of globally prominent technology companies in the region and massive government funding to develop AI use cases are factors fueling the regional market and will keep the prospects lucrative.
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The rapid inroads made by automation in a range of industries including healthcare, retail, and manufacturing for dramatically improving their products and services is a key factor underpinning the evolution of artificial intelligence technologies. The demand is driven by the vast benefits of integrating automation products with artificial intelligence for players in these industries looking for innovative ways to position their products. The role played by processes powered by artificial intelligence in helping the end users to explore new consumer paradigms is a key aspect catalyzing the market growth.
The giant strides taken by the realms of robotics, deep learning, and machine learning technologies in recent years, especially in various developing and developed regions, is a prominent trend aiding in the swift expansion of the market. Efforts to discover new use cases of artificial intelligence in various market verticals are expected to increasingly fuel the market growth over the assessment period. The market is also witnessing new, lucrative avenues in AI applications in the banking, financial services, and insurance sector, automotive, and consumer electronics. Moreover, the growing efforts by players to leverage the potential of various artificial intelligence technologies to develop several nascent technologies are promising trends in the overall market.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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