The competitive landscape of the global artificial intelligence market is marked by intense rivalry among the top players, finds Transparency Market Research. Top players consider it worthwhile to adopt a combination of strategies to stay ahead of others in the market. In particular, several of these players are making sizeable investments in research and development activities, with an aim on developing innovative products. This is also a potentially significant factor that has lowered the entry of small vendors. Nonetheless, relatively small players are making geographic expansions to put a stiff competition to large ones.
TMR notes that in the years to come, technological advancements in the market from across all quarters are expected to raise the ante higher for incumbent players. Prominent players operating in the global artificial intelligence market include Nuance Communications, International Business Machines Corporation, Google Inc., Microsoft Corp., and QlikTech International AB.
The global artificial intelligence market stood at US$126.24 billion in 2015 and is projected to proliferate at a stellar CAGR of 36.10% during the forecast period of 2016-2024. With substantial growth rate year-over-year, the opportunities in the global market will touch a valuation of US$3,061.35 billion by 2024 end.
The broad types of AI systems are expert system embedded system, artificial neural network, automated robotic system, and digital assistance system. Of these, the expert system dominated the pack in 2015, vis-à-vis revenue, and is expected to retain its lead over the assessment timeline.
In geographical front, North America emerged as the leading region in 2015 as it contributed the dominant share in the global revenues. The presence of globally prominent technology companies in the region and massive government funding to develop AI use cases are factors fueling the regional market and will keep the prospects lucrative.
Demand for New Paradigms in Product Positioning by Companies reflect well on Growth
The rapid inroads made by automation in a range of industries including healthcare, retail, and manufacturing for dramatically improving their products and services is a key factor underpinning the evolution of artificial intelligence technologies. The demand is driven by the vast benefits of integrating automation products with artificial intelligence for players in these industries looking for innovative ways to position their products. The role played by processes powered by artificial intelligence in helping the end users to explore new consumer paradigms is a key aspect catalyzing the market growth.
The giant strides taken by the realms of robotics, deep learning, and machine learning technologies in recent years, especially in various developing and developed regions, is a prominent trend aiding in the swift expansion of the market. Efforts to discover new use cases of artificial intelligence in various market verticals are expected to increasingly fuel the market growth over the assessment period. The market is also witnessing new, lucrative avenues in AI applications in the banking, financial services, and insurance sector, automotive, and consumer electronics. Moreover, the growing efforts by players to leverage the potential of various artificial intelligence technologies to develop several nascent technologies are promising trends in the overall market.
High Cost a Deterrent, Demand for Smart Automation Systems opens New Frontiers
The vast prospects of AI notwithstanding, the growth of the market is increasingly hampered by the lack of technical expertise who can operate AI-powered systems. The high cost of integrating AI-enabled technologies especially in emerging economies is also hindering the growth of the market.
Nevertheless, these concerns are expected to put to rest by the rising demand for smart automation systems in various processes in end-use industries. Furthermore, the wave of rapid digital transformation of various industries is also expected to present promising and exciting prospects for market players. Moreover, rising initiatives by governments in several countries to promote smart city infrastructures are expected to pave way for new opportunities for market players.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Artificial Intelligence Market (Type - Artificial Neural Network, Digital Assistance System, Embedded System, Expert System, and Automated Robotic System; Application - Deep Learning, Smart Robots, Image Recognition, Digital Personal Assistant, Querying Method, Language Processing, Gesture Control, Video Analysis, Speech Recognition, Context Aware Processing, and Cyber Security) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024".
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