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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.
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