Artificial Intelligence Market to Reach US$3,061.35 Bn by 2024

Increasing adoption rate of big data and AI advanced has largely benefited the global artificial intelligence market. Various end-use industries have also employed artificial intelligence such as retail and business analysis that has also boosted the demand in this market. Moreover, growing progression need in the zones of machine interpretation, question acknowledgment, and protest observation has further augmented the demand for artificial intelligence.

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However, slow adoption rate and lack of technical expertise might hamper the growth of this market. High expenditure cost while installing artificial intelligence systems and high development cost can also restrain market performance. Nevertheless, with advanced parallel handling capacities and increasing data stockpiling limit might aid in minimizing these restraints and fuel the market growth

Transparency Market Research provides complete insight in its recent report on the global artificial intelligence market. According to the report, the market is projected to rise at a staggering growth rate of 36.10% from 2016 to 2024. Growing at this rate can help the market to attain a valuation of US$3, 061.3 bn by the end of 2024 progressing from US126.24 bn earned in 2015.

Demand for Digital Assistance System to Grow Due To Rising Use of Mobile Computing Devices

The global artificial intelligence market is categorized on the basis of type and application. Based on type, the market is segmented into digital assistance system, artificial neural network, expert system, embedded systems, and automated robotic system. Of these, the expert system has a maximum share in the market. However, the digital assistance system segment is expected to rise significantly over the forecast tenure. This growth is attributed to the increasing demand for laptops, tablets, smartphones, and other mobile computing devices.

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Artificial intelligence is employed in numerous areas including smart robots, deep learning, image recognition, querying method, digital personal assistant, language processing, video analysis, gesture control, cyber-security, speech recognition, and context-aware processing. Out of these, artificial intelligence is widely applied in deep learning. The deep learning segment is expected to hold maximum share in this market in the coming years. The digital personal assistance and image recognition segments are also expected to implement artificial intelligence largely in near future.

Growing Popularity of Robotic Automation to Boost Demand for Artificial Intelligence in Middle East

On geographical point of view, the global artificial intelligence market covers Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these regions, North America dominates the market by holding 38.0% share. In the near future, the Middle East and Africa are projected to rise at an excellent growth rate of 38.2%. The growing popularity of robotic automation and aggressive use of advanced technologies will further drive the demand in this market. Moreover, this region will create lucrative growth opportunities for the artificial intelligence market and help in building advanced airport building and other construction projects.

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This release was published on openPR.