Global Artificial Intelligence Market Expected to See CAGR of 62% during 2017-2023
December 28, 2017 | PRNewswireEstimated reading time: 1 minute
Artificial Intelligence is the theory and development of computer systems able to perform tasks that require human intelligence such as visual perception, speech recognition, decision making and translation of languages. The global artificial intelligence market is anticipated to expand at a CAGR of 62% during the forecast period 2016-2023. and is projected to hit $36 billion by 2025. Due to hardware advantages, superior processing power, superior serial and parallel power and excellent memory power due to recent advancements in the computer power and several other benefits.
North America has the largest market for artificial intelligence and occupied 38% of total market share in 2015 as all the elite market players are in U.S. Factors that attribute to the growth of North America include high-tech developments of artificial intelligence in various fields. Demand in Europe is mainly due to scalability of developed advanced solutions. Asia Pacific is expected to exhibit a promising growth due to increasing demand for artificial intelligence in the automation for various manufacturing and processing industries which is encouraging the deployment of smart robots to increase work rate. Market growth in MEA is primarily driven by the growth of aviation programs and technological advancements in the field across the region which in turn is encouraging companies to invest in artificial intelligence technologies.
Global artificial intelligence market report covers segmentation analysis of technology, system type and end users. Report further covers segments of technology type which includes machine learning, image processing, speech recognition etc. By system type, it is further divided into fuzzy, hybrid, intelligent systems etc. The speech recognition is projected to exhibit the highest growth in the forecast period and reach revenue worth $11.96 billion by 2023. The end-users of artificial intelligence include BFSI, healthcare, education, media etc. Among these, BFSI segment dominated the market in terms of revenue in 2015 and is expected to continue its dominance during forecasted period.
Suggested Items
SPEA Expands in Southeast Asia with New Subsidiary in Thailand
05/17/2024 | SPEASPEA, a global leader in automatic test equipment for the manufacturing of semiconductor, microelectronic and electronic devices, today announced the opening of its new subsidiary in Thailand. This expansion marks a significant step forward in SPEA's commitment to serving the growing Southeast Asian microchip and electronics market with leading-edge manufacturing machinery and equipment.
PCB Market Size to Grow by $29.06B from 2024-2028
05/17/2024 | PRNewswireThe global printed circuit board (PCB) market size is estimated to grow by USD 29.06 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.6% during the forecast period.
AT&S 2024/25 on Growth Course Again
05/17/2024 | AT&SAT&S operated in a challenging market environment in the financial year 2023/24. After a strong second quarter, demand was relatively weak again in some market segments in the second half of the financial year.
Shipments of OLED Monitors Hit 200,000 Units in 1Q24, Annual Forecast to Reach 1.34 Million
05/17/2024 | TrendForceTrendForce’s latest report reveals a robust start to 2024 for OLED monitors, with shipments reaching approximately 200,000 units in the first quarter—marking a YoY growth of 121%.
Magnachip Celebrates the Grand Opening of Magnachip Technology Company in China
05/16/2024 | MagnachipMagnachip Semiconductor Corporation celebrated the opening ceremony of Magnachip Technology Company, Ltd. (MTC) yesterday at its headquarters located in Hefei, China. MTC is a subsidiary of Magnachip, established on December 20, 2023, to expand the Company’s display driver IC and power IC businesses in China.