Artificial intelligence market size to reach $19,478 million by 2022, growing at a CAGR of 45.4% from 2016 to 2022.
The developments of more human-like robots and increase in their deployment rate in the developing regions have had a substantial effect on the overall artificial intelligence (AI) market. Improved productivity, diversified application areas, increased customer satisfaction, and big data integration drive the artificial intelligence market. However, lack of skilled workforce and threat to human dignity & other threats could restrain the market growth. Nevertheless, the impact of these factors is anticipated to be minimal due to the introduction of newer technologies.
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The report comprises the study of artificial intelligence market with a focus on machine learning, natural language processing, image processing, and speech recognition. Fraud screening, oil & gas exploration, sales forecasting, inventory management, and public health are among many applications that have deployed machine learning significantly.
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Some of the key manufacturers profiled in the report include Google Inc., IBM Corp., Microsoft Corporation, IPsoft, Rocket Fuel Inc., Qlik Technologies Inc., MicroStrategy, Inc., Brighterion, Inc., 24/7 Customer, Inc., and Next IT Corp.
The market is segmented by technology, industry verticals, and geography. By technology, it is sub-segmented into machine-learning, natural language processing, image processing, and speech recognition. In the year 2015, machine-learning generated the highest revenue in the global market. However, the speech recognition sub-segment is anticipated to exhibit the highest growth during the forecast period.
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