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Global Artificial Intelligence Market to Exhibit 36.10% CAGR from 2016 to 2024
May 31, 2016 | Transparency Market ResearchEstimated reading time: 2 minutes
A new market research study, titled “Artificial Intelligence Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,” has been recently published by Transparency Market Research and made available on the company’s website. The research study talks about the global artificial intelligence market for , focusing on its key drivers, barriers, product segmentation, current trends, major geographical segments, opportunities and challenges, and competitive landscape. According to the research study, in 2015, the global market for artificial intelligence was worth US$126.24 bn and is projected to reach a value of US$3,061.35 bn by the end of 2024. The market is anticipated to exhibit an impressive 36.10% CAGR between 2016 and 2024.
Artificial intelligence is an emerging technology that deals with the study and development of software and intelligent machines. The artificial intelligence technology is widely being used in diverse sectors as it offers in-build machines and software to operate like human beings, thereby allowing the devices to collect, analyze, and take decisions effectively. The increasing demand for artificial intelligence to enhance the productivity and improve customer satisfaction is a major factor estimated to drive the global market in the coming years. In addition, the growing applications of artificial intelligence is projected to propel the global artificial intelligence market.
The global market for artificial intelligence has been categorized on the basis of product type into expert system, artificial neural network, automated robotic system, embedded system, and digital assistance system. In 2015, the expert system segment dominated the scene with a 44% share in the market. The digital assistance system segment is projected to grow rapidly in the coming years, due to the increased usage of portable computing devices such as tablets and smartphones across the globe. In addition, the rising accessibility of these devices with cost-effectiveness and advanced features is anticipated to fuel the growth of the digital assistance systems segment in the forecast period.
Among the major application segments of the artificial intelligence market, in 2015, the deep learning segment led the market with a 21.6% share. This region is expected to remain in the topmost position throughout the forecast period, followed by the smart robots application segment. On the other hand, the image recognition segment is anticipated to grow at a fast pace due to developing technologies.
By geography, the global market for artificial intelligence has been classified into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. In 2015, North America dominated the market, accounting for a 38% share in the global market for artificial intelligence. This region is projected to remain in the leading position in the next few years owing to increased government funding. In addition, this region is considered to be a strong technological base, which is a key factor fueling the global artificial intelligence market. On the other hand, the Middle East and Africa is anticipated to register a promising 38.20% CAGR between 2016 and 2024. The rapid growth of this region can be attributed to the vast opportunities available in airport developments and several technological innovations such as robotic automation.
The leading players operating in the global market for artificial intelligence include IBM Corporation, IntelliResponse Systems Inc., Nuance Communications, eGain Corporation, MicroStrategy Inc., Brighterion Inc., Google, Inc., Microsoft Corporation, Next IT Corporation, and QlikTech International AB.
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