Press release
Artificial Intelligence Market: Emerging Industry Trends & Global Future Forecasts
However, lack of technical expertise could hamper the demand in the global artificial intelligence market. The slow growth in demand could also reflect on the adoption of artificial intelligence. Moreover, the installation of artificial intelligence systems require high expenditure. Additionally, the development cost of artificial intelligence is extortionate. Nevertheless, there could be rewarding prospects taking birth in the global artificial intelligence market with the advancement of parallel handling capacities and increase in data stockpiling limit. Increasing application in the automotive industry could be another factor augmenting the demand in the global artificial intelligence market.
The global artificial intelligence market is foreseen to expand at a 36.10% CAGR between 2016 and 2024 to obtain a valuation of US$3,061.35 bn by the final forecast year. In 2015, the global artificial intelligence market was valued at a US$126.24 bn.
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Digital Assistance Shows Lucrative Market Growth with High Adoption of Mobile Computing Devices
On the basis of type, the global artificial intelligence market is classified into automated robotic system, expert system, embedded system, digital assistance system, and artificial neural system. Among these types, expert system is foreseen to take hold of a larger share of the global artificial intelligence market. On the other hand, digital assistance could be one of the most lucrative segments of the global artificial intelligence market. This is expected to take shape because of the growing consumption of tablets, laptops, and other mobile computing devices.
By application, the global artificial intelligence market is divided into cybersecurity, context aware processing, speech recognition, deep learning, video analysis, smart robot, gesture control, image recognition, language processing, digital personal assistant, and querying method. Among these, deep learning is predicted to secure a leading share of the global artificial intelligence market. Apart from deep learning, image recognition and digital personal assistance could show remarkable progress in the global artificial intelligence market.
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Increasing Popularity of Smart Cities Helps MEA to Exhibit Faster Growth in Market
From a geographical point of view, the global artificial intelligence market is foretold to find North America taking a leading position in terms of share. The region secures a 38.0% share of the global artificial intelligence market. However, the MEA is projected to post a whopping CAGR of 38.2% during the forecast period 2016-2024. The region could create strong growth opportunities in the artificial intelligence market as new initiatives including constructing airport buildings and other infrastructure projects continue to be adopted in the next few years. Furthermore, rising popularity of smart cities, robotic automation, and aggressive technological innovations.
The global artificial intelligence market includes prominent players such as IBM Corporation, Nuance Communications, and QlikTech International AB.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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. TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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