Published: Jul, 2018
The global artificial intelligence market is characterized by the cut-throat competition that exists amongst the leading market players. These players include QlikTech International AB, Microsoft Corp., Next IT Corp., Google Inc., Nuance Communications, and IBM, and each of them has resorted to a range of strategies to outdo the efforts of its contemporaries. It is expected that the global market for artificial intelligence would witness significant advancements in the years to come, majorly due to the rigorous efforts of the leading market players to capture a greater market share.
The tremendous amount of investment made by the leading market players towards research and development has created obstacles for the smaller vendors. In order to survive in the global market for artificial intelligence, the regional market players are expected to expand their geographical presence.
The global market for artificial intelligence is expected to grow at an astral CAGR of 36.10% over the period between 2016 and 2024, predicts Transparency Market Research (TMR). Furthermore, the global market was valued at US$126.24 bn in 2015 and is expected to touch a value of US$3,061.35 bn by the end of 2024. Geographically, the market for artificial intelligence in North America is expected to outdo all other regional markets, while deep learning is projected to emerge as the leading segment based on application.
Growth of Automation Bodes Well for Global Market
Artificial intelligence has become an indispensable part of several industries as it has helped them in the correct positioning of various products and offerings. This has been a major driver of demand within the global market for artificial intelligence in the contemporary age. Furthermore, the integration of automation technologies with artificial intelligence has also given rise to several nascent technologies. Hence, it is safe to predict that the demand for artificial intelligence would increase alongside growth of robotics, deep learning, and machine learning.
The design, planning, and execution of several processes within key industries such as constructions, healthcare, banking, and computing also relies on artificial intelligence. This is expected to ensure a regular inflow of demand within the global artificial intelligence market.
Lack of Skilled Professionals Could Hamper Growth
Despite the extensive utility of artificial intelligence (AI) across several industries, the demand within the global market is restrained by the lack of skilled professionals who can operate AI technologies. Furthermore, the high costs associated with the installation of AI-enabled technologies have made it difficult for the emerging economies to resort to these technologies. Nevertheless, the popularity of smart systems across multiple industries is expected to give an impetus to the growth of the global artificial intelligence market. Besides this, digitization of several industries is also projected to play to the advantage of the global market for artificial intelligence.
The review is based on TMR’s report titled “Artificial Intelligence Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”.
The global artificial intelligence market is segmented along the following lines:
- 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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