Global artificial intelligence market was valued at US$126.24 bn in 2015 and is expected to expand at a CAGR of 36.1% from 2016 to 2024, reaching US$3,061.35 Bn by 2024
The global artificial intelligence market is anticipated to demonstrate a positive trajectory of growth in the forthcoming years, according to a recent study by Transparency Market Research (TMR). Currently, the worldwide artificial intelligence market is steered by industry giants such as Microsoft Corporation, Next IT Corporation, IBM, Google Inc., QlikTech International AB and Nuance Communications. These enterprises are investing in developing business strategies along with mergers and acquisition pursuits with other established market vendors.
According to TMR, the global artificial intelligence market, with a high CAGR of 36.1%, is expected to reach a valuation of US$3,061.35 bn from US$126.24 bn in 2015 over the forecast duration, i.e. between 2016 and 2024. The deep learning segment is expected to be a leading segment, holding over 21.6% of the total market share.
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North America Emerges Leading Market due to Presence of Global Players
The report classifies the report based on type such as embedded systems, expert systems, automated robotic systems, artificial neural networks, and digital assistance systems. Among these, the segment for expert systems is anticipated to emerge for as the dominant one over the forecast duration due to the surge in implementation of AI in various applications such as process control, its monitoring, design, diagnosis and management.
Geographically, North America is expected to be a significant market revenue holder, while currently responsible for 38.0% of the aggregate share. This is due to the vicinity of leading players being concentrated in the region, along with support from governments in the form of funding and acceptance of AI. The technology is being implemented in a number of applications such as consumer electronics, BFSI, advertising and media and retail, further contributing to the growth of this region.
Demand from Automotive Sector to Offer Lucrative Market Opportunity
Artificial Intelligence is gaining popularity because of its perplexing, information driven applications, for instance, voice and picture acknowledgment. Artificial intelligence offers advantages of high information volumes, high figuring force, and change in information storage. Increasing self-driving vehicle market and developing venture into inquire about and improvement will bring about solid demand for artificial intelligence in the automotive industry. Swift growth in information storage capacity, parallelization high computing powers of the PCs have contributed to the fast track of artificial intelligence along with the technology of robotics in end-use industries like healthcare and automotive. Further, the need for understanding and analyzing visual contents, for gaining meaningful insights, is expected to provide traction to the industry over the coming years.
Surge in interest for driverless cars, unmanned aerial vehicles, common avionics for vehicle tracking and auto control are anticipated to fuel development in artificial intelligence market over the globe. Many organizations, for instance, Tesla Motors, Google, Apple etc., are predicted to dispatch their driverless autos by 2018. Besides, AI is evaluated to strongly affect human services progressions and prompt more precise medicines and counteractive action of therapeutic conditions.