Artificial Intelligence Market to Reach US$3,061.35 bn With Increasing Demand From End-use Industries - TMR
ALBANY, New York, January 9, 2019 /PRNewswire/ --
Transparency Market Research (TMR) states the global artificial intelligence market to grow at promising rates in the coming years. The competitive landscape of the market is intense and players are having a neck-to-neck battle for attaining the top spot. On the other hand, small players are consolidating business geographically and this may further intensify the competitive tension among all other rivals.
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Important players of the artificial intelligence market are Next IT Corporation, IntelliResponse Systems Inc., Next IT Corporation, IBM Corporation, Brighterion Inc., and Google Inc. All players are adopting the key strategy to gain traction and that is through extensive research and development activities. The rising investment in research and development activities may help players to have a better grip of the market. Implanting advanced technology in product portfolio is prognosticated to be a vital tool for vendors in order to gain substantial market share and stay ahead of the curve.
As per the reports of TMR, the global artificial intelligence market is anticipated to be worth US$3,061.35 bn by the end of 2024. The CAGR is projected to be 36.10% and the forecast period is set from 2016 to 2024.
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As per the segmentation by type, the market is dominated by the digital assistance system, as it is one of the most lucrative artificial intelligence technologies. This is also because of the high uptake of laptops and tablets and other such mobile computing devices.
On the basis of key geographies, the global artificial intelligence market is anticipated to be rising with a notable 38.2% CAGR in the Middle East and African region. This is owing to the abrupt uptake of robotic automation in the respective region.
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End-Use Industries to Demand for Artificial Intelligence Automated Machines, Propelling Market Growth
The global artificial intelligence market is seen to be driven by a couple of factors. One of them being the big adoption of artificial intelligence in data recording. Another important factor boosting the artificial market is the rise in need for progression in question acknowledgement, protest observation, and machine interpretation zones respectively. Rapid adoption and interpretation of artificial intelligence in end-use industries like retail and business analysis is further anticipated to accelerate the overall market for artificial intelligence in the long run.
Another factor propelling the market for artificial intelligence in the global market is the reinforcement policy influenced by extreme learning models in most of the developing ventures all around the world. Besides, the rise in demand for intelligent virtual assistants in major manufacturing companies is further adding fuel to the growth of the artificial intelligence market in the long run.
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Lack of Skilled Professionals to Restrict Growth
The artificial intelligence market may have to further go a long way in order t overcome obstacles in its future market growth. The lack of professionals or so to say the limited number of artificial intelligence experts may act as a hindrance to the overall market growth in the long run.
However, the adoption of artificial intelligence in daily customer service may propel grpwth in th market. Additionally, manufacturing industry having to improve the operational efficiency of artificial intelligence is also anticipated to accelerate the rate of growth of the overall market in the long run.
The information presented above is based on the findings of a research report, titled, "Artificial Intelligence Market (Type - Automated Robotic System, Expert System, Embedded System, Digital Assistance System, and Artificial Neural Network; Application - Cyber Security, Context Aware Processing, Speech Recognition, Video Analysis, Gesture Control, Language Processing, Querying Method, Digital Personal Assistant, Image Recognitio, Smart Robots, and Deep Learning) - Global Industry, Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
The global artificial intelligence market is segmented on the basis of
Global Artificial Intelligence Market by Type
- Artificial Neural Network
- Digital Assistance System
- Embedded System
- Expert System
- Automated Robotic System
Global Artificial Intelligence Market by Application
- Deep Learning
- Smart Robots
- Image Recognition
- Digital Personal Assistant
- Querying Method
- Language Processing
- Gesture Control
- Video Analysis
- Speech Recognition
- Context Aware Processing
- Cyber Security
Global Artificial Intelligence Market by Geography
- North America (NA)
- Europe (EU)
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America (LATAM)
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