Press release
Artificial Intelligence Market to Reach US$3,061.35 bn by 2024, Deployment in Disruptive Technologies Drives Growth
Growing companies focusing on various disruptive technologies for effective customer reach is one of the major factors accelerating the demand for artificial intelligence worldwide. These include marketing activities such as social, mobile, analytics, and cloud (SMAC) technologies which help in transforming the enterprise into a global digital business. Market demand is also increasing with the expanding application base of artificial intelligence across various sectors such as health informatics, BFSI, E-commerce, and retail, among others. This is leading to rising IT spending by enterprises across the world for better advancement in their products and services. The global artificial intelligence market is currently challenged by the low upfront investment across the world. Most artificial intelligence companies are facing difficulties in accumulating the early stage funds for research and development of prototypes and supporting technologies. Market growth is also inhibited by high demand for skilled resources to carry out highly technical tasks involved in artificial intelligence.
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The global artificial intelligence market has been segmented on the basis of artificial intelligence system types as artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system, with expert system accounting for approximately 44% market revenue share in 2015. The segment is anticipated to maintain its supremacy throughout the forecast period from 2016 to 2024. Digital assistance is expected to be the fastest growing segment in the global artificial intelligence market. This is majorly supported by growing usage of portable computing devices including smartphones and tablets across the world. Growing accessibility of these devices with more advanced features and cost-effectiveness is expected to drive the demand for digital assistance systems throughout the forecast period from 2016 to 2024.
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In terms of application, deep learning accounted for the highest market share in 2015 (21.6% of global revenue), followed by smart robots. Image recognition is expected to be the high-in demand application for the artificial intelligence market over the forecast period. This is mainly driven by one of the emerging technologies, namely, affective computing which is considered to hold promising growth for the artificial intelligence market in the coming years.
The global artificial intelligence market has been segmented as below:
Global Artificial Intelligence Market, Types
Artificial Neural Network
Digital Assistance System
Embedded System
Expert System
Automated Robotic System
Global Artificial Intelligence Market, By Applications
Deep Learning
Smart Robots
Image Recognition
Digital Personal Assistant
Querying Method
Language Processing
Gesture Control
Video Analysis
Speech Recognition
Context Aware Processing
Cyber Security
Global Artificial Intelligence Market, By Geography
North America (NA)
Europe (EU)
Asia Pacific (APAC)
Middle East & Africa (MEA)
Latin America (LATAM)
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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