Dan's Biz Bookshelf: 'Getting Naked: A Business Fable'
The Chemical Connection: Common Misconceptions in Wet Processing
It’s Only Common Sense: Selling to Engineers
Artificial Intelligence Market to Reach $3,061.35B by 2024
March 3, 2016 | Transparency Market ResearchEstimated reading time: 2 minutes
Growing companies focusing on various disruptive technologies for effective customer reach is one of the major factors accelerating the demand for artificial intelligence worldwide. These include marketing activities such as social, mobile, analytics, and cloud (SMAC) technologies which help in transforming the enterprise into a global digital business. Market demand is also increasing with the expanding application base of artificial intelligence across various sectors such as health informatics, BFSI, E-commerce, and retail, among others. This is leading to rising IT spending by enterprises across the world for better advancement in their products and services. The global artificial intelligence market is currently challenged by the low upfront investment across the world. Most artificial intelligence companies are facing difficulties in accumulating the early stage funds for research and development of prototypes and supporting technologies. Market growth is also inhibited by high demand for skilled resources to carry out highly technical tasks involved in artificial intelligence.
The global artificial intelligence market has been segmented on the basis of artificial intelligence system types as artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system, with expert system accounting for approximately 44% market revenue share in 2015. The segment is anticipated to maintain its supremacy throughout the forecast period from 2016 to 2024. Digital assistance is expected to be the fastest growing segment in the global artificial intelligence market. This is majorly supported by growing usage of portable computing devices including smartphones and tablets across the world. Growing accessibility of these devices with more advanced features and cost-effectiveness is expected to drive the demand for digital assistance systems throughout the forecast period from 2016 to 2024.
In terms of application, deep learning accounted for the highest market share in 2015 (21.6% of global revenue), followed by smart robots. Image recognition is expected to be the high-in demand application for the artificial intelligence market over the forecast period. This is mainly driven by one of the emerging technologies, namely, affective computing which is considered to hold promising growth for the artificial intelligence market in the coming years.
About Us
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Share on:
Suggested Items
DuPont Reports First Quarter 2025 Results
05/02/2025 | PRNewswireDuPont announced its financial results for the first quarter ended March 31, 2025.
KLA Reports Fiscal 2025 Q3 Results
05/02/2025 | PRNewswireKLA Corporation announced financial and operating results for its third quarter of fiscal year 2025, which ended on March 31, 2025, and reported GAAP net income of $1.09 billion and GAAP net income per diluted share of $8.16 on revenues of $3.06 billion.
Alternative Manufacturing Inc. (AMI) Appoints Gregory Picard New Business Development Manager
05/01/2025 | Alternative Manufacturing, Inc.Alternative Manufacturing Inc. (AMI) is pleased to announce the appointment of Mr. Gregory Picard as our new Business Development Manager. Picard brings a wealth of experience in Sales and Business Development, having worked with some of the most prominent names in the industry.
Ensuring a Strong and Reliable Supply Chain
04/30/2025 | Marcy LaRont, PCB007 MagazineKelly Davidson, vice president of NCAB Group USA, discusses the company's stable performance in 2024 and positive outlook for 2025. She highlights NCAB's strategy of organic growth and strategic acquisitions amidst tariff concerns and global political uncertainty. Kelly emphasizes the importance of supply chain diversification, strong supplier relationships, and customer education, and notes NCAB's focus on defense production and maintaining a reliable supply chain.
2024 Global Semiconductor Materials Market Posts $67.5 Billion in Revenue
04/29/2025 | SEMIGlobal semiconductor materials market revenue increased 3.8% to $67.5 billion in 2024, SEMI, the global industry association representing the electronics design and manufacturing supply chain, reported in its Materials Market Data Subscription (MMDS).