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
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.
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).