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The global artificial intelligence market accounted for $15.7 billion in 2017 and is expected to reach $300.26 billion by 2026 growing at a CAGR of 38.8% during the forecast period.
Rising demand for intelligent virtual assistants, enhance operational efficiency in manufacturing industry and increase in implementation of cloud based applications and services are some factors impacting the market growth. However, irregularity of artificial intelligence algorithms is restricting the market.
By technology, computer vision segment is expected to grow at the highest CAGR due to the increasing implementation of computer vision in autonomous and semi-autonomous applications in different industries such as manufacturing and automotive, is fuelling the growth of this segment in the AI market.
Amongst geography, Asia Pacific dominates the global market during the forecast period. In this region, the growth of the market is influenced due to high computing power, parallel processing and fast improvements in information storage capacity.
