Artificial Intelligence Market to Reach US$3,061.35 bn by 2024 due to Increasing Application in Diverse Industries

Artificial intelligence is a rapidly developing technology that deals with the study and enhancement of intelligent machines and software. This software is used in diverse applications including medical research, manufacturing, and speech recognition systems. In 2015, the global artificial intelligence market was worth US$126.2 bn and is projected to reach a value of US$3,061.35 bn by the end of 2024. The market is estimated to exhibit an exponential 36.10% CAGR between 2016 and 2024.

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Several companies emphasizing on different disruptive technologies so as to reach the target customer group effectively is the primary factor boosting the demand for artificial intelligence across the globe. In addition, the rising applications of artificial intelligence in sectors such as BFSI, health informatics, retail, and E-commerce are also boosting the artificial intelligence market. However, the lack of skilled labor to carry out the technical tasks is one of the major factors hampering the growth of the market.

Digital Assistance System Segment to Witness Rapid Growth due to Rising Use of Smartphones

The global artificial intelligence market can be classified on the basis of type into digital assistance systems, automated robotic systems, expert systems, embedded systems, and artificial neural networks. In 2015, the expert systems segment led the overall market, accounting for a 44% share in the global artificial intelligence market. On the other hand, the digital assistance system segment is anticipated to grow at a fast pace in the global artificial intelligence market. The rapid growth of this segment is due to the increased use of portable computing devices such as tablets and smartphones across the globe. In addition, the increasing accessibility of devices, coupled with cost-effectiveness and advanced features, is the major factor projected to boost the demand for digital assistance systems in the near future.

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The global artificial intelligence market can be further segmented on the basis of application into querying method, speech recognition, image recognition, video analysis, context aware processing, cyber security, deep learning, language processing, smart robots, gesture control, and digital personal assistant. In 2015, the deep learning segment led the overall market, accounting for a 21.6% share in the global artificial intelligence market in terms of revenue. The deep learning segment is followed by the smart robots segment. Furthermore, the image recognition segment is anticipated to witness high demand in the next few years in the global market. The rapid growth of the image recognition segment can be attributed to developing technology such as affective computing.

Middle East and Africa Artificial Intelligence Market to Register 38.20% CAGR from 2016 to 2024

The global artificial intelligence market can be divided on the basis of geography into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. In 2015, the North America market for artificial intelligence dominated the market, holding a 38% share in the overall market. This region is estimated to remain in the leading position in the next few years. The rapid growth of the North America artificial intelligence market can be attributed to the robust technological base and high government funding in the last few years. On the other hand, the Middle East and Africa market for artificial intelligence is estimated to register a whopping 38.20% CAGR between 2016 and 2024. Several technological advancements, including robotic automation and new airport developments, are some of the major factors that are estimated to fuel the growth of the Middle East and Africa market in the near future.

The prominent players operating in the global artificial intelligence market include Nuance Communications, MicroStrategy, Inc., Brighterion, Inc., IBM Corporation, QlikTech International AB, Next IT Corporation, Google, Inc., eGain Corporation, Microsoft Corporation, and IntelliResponse Systems Inc.

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