Published: Sep, 2018
The global artificial intelligence (AI) market features a fairly competitive landscape, with a high degree of competition, prevailing especially between several top players, notes Transparency Market Research (TMR). The intensity of competition is expected to rise further over the years as relatively small players opt for geographic consolidation strategies to gain a better foothold over the global market. Prominent players focus on multi-pronged strategy to retain their stronghold in the artificial intelligence market. One of the prime areas they are increasingly engaging is research and development activities, with an aim to develop innovative offering. To this end, they are devoting substantial funding to these activities, which has also made the entry of small players increasingly difficult in the market.
The global artificial intelligence market was valued at US$126.24 billion in 2015 and is expected to reach a US$3,061.35 billion by 2024 end. During the forecast period of 2016–2024, the market is anticipated to expand at a phenomenal CAGR of 36.10%.
TMR observes that focusing on technology improvements in the artificial intelligence may be become vital for discerning players to stay ahead of others. Some of the top players with sizeable shares in the global artificial intelligence market are Google Inc., IBM Corporation, Brighterion Inc., Next IT Corporation, and IntelliResponse Systems Inc.
Among the key types of artificial intelligence technologies, digital assistance is expected to contribute the major share in the global market, vis-à-vis, throughout the assessment period. The staggering rise in uptake of portable computing devices is underpinning the massive prospects of the growth of the segment.
Regionally, the Middle East and Africa (MEA) market for artificial intelligence is expected to rise at the most rapid CAGR amounting to 38.2% over 2016–2024. Rapid uptake of robotic automation and growing spending on smart city technologies are expected to boost the spectacular growth of the regional market.
Leveraging Potential of Machine and Deep Learning Technologies in Digital Transformation to bolster Uptake
The massive potential that artificial intelligence holds as a key enabler of digital transformation in diverse industry verticals is a key factor bolstering its applications in various industries, notably in the consumer electronics and healthcare sectors. The artificial intelligence market is increasingly boosted by the growing incorporation of machine learning in a range of automation-powered products and services that businesses are offering world over. The significant role that embedded artificial intelligence has come to occupy in marketing campaigns of vendors is a notable factor driving the market.
The artificial intelligence market is also potentially bolstered by the rising use cases of deep learning models in a growing number of industries across almost all verticals. The adoption of artificial intelligence in product positioning strategies of enterprises in various parts of the world is a key factor fueling the expansion of the global market.
The large strides being made by robotics process automation is a pivotal point underpinning the rapid expansion of the artificial intelligence market. The rising deployment of related technologies in business process management has helped end users garner large benefits of operational cost reduction as well as minimize human errors. Initiatives by digital platform providers to develop new use cases of machine and deep learning are expected to offer rapid impetus to the uptake of artificial intelligence among end-use industries. In this regard, developments in natural language processing (NLP) will be focal in AI-based technologies.
Paucity of Technical Expertise may Hamper Adoption, Embedded AI to unlock Exciting Prospects for Vendors
As witnessed in the adoption cycle all disruptive technologies, the deployment of artificial intelligence is also expected to be constrained by the paucity of technical expertise among users. In cost-sensitive markets, especially in developing countries, another factor compounding this delay in adoption is the high cost of deployment.
Nevertheless, the worldwide artificial intelligence is expected to witness new, exciting avenues in the growing efforts to leverage the potential by industries such as financial services, and insurance sector, automotive, consumer electronics, and banking. In the coming years, there will be growing focus on embedded artificial intelligence for reinforcing the march of enterprises toward exploring new paradigms in digital transformation. This trend is expected to create several new revenues streams for vendors and developers of artificial intelligence technologies.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Artificial Intelligence Market (Type - Artificial Neural Network, Digital Assistance System, Embedded System, Expert System, and Automated Robotic System; Application - Deep Learning, Smart Robots, Image Recognition, Digital Personal Assistant, Querying Method, Language Processing, Gesture Control, Video Analysis, Speech Recognition, Context Aware Processing, and Cyber Security) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024”
The global artificial intelligence market is segmented based on:
- Artificial Neural Network
- Digital Assistance System
- Embedded System
- Expert System
- Automated Robotic System
- Deep Learning
- Smart Robots
- Image Recognition
- Digital Personal Assistant
- Querying Method
- Language Processing
- Gesture Control
- Video Analysis
- Speech Recognition
- Context Aware Processing
- Cyber Security
- North America (NA)
- Europe (EU)
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America (LATAM)
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