Global Artificial Intelligence Market Report, published by Variant Market Research, forecast that the global market is expected to reach $43.2 Billion by 2024 from $1 Billionin 2016, growing at a CAGR of 59.8%from 2016 to 2024.
"Artificial Intelligence Market (By Technology: Deep Learning, Machine Learning, Natural Language Processing, and Machine Vision; By End-Use: Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, and Other End-Uses; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Artificial intelligence (AI) is the concept and development of computer-systems able to perform tasks usually requiring human intelligence, for instance speech recognition, visual perception, decision making, and translation among languages. Advent of new technologies, reduced size and increased speed has shown a new era to the computer world. Due to this fact artificial intelligence (AI) has come into existent which can behave more like a human mind.
Rising demand for unmanned aerial vehicles drives the global artificial intelligence market
Rising demand for unmanned aerial vehicles, autonomous cars, civil aviation for vehicle tracking, and monitoring & auto control are the major aspects driving the global artificial intelligence market. Adoption of ITS (intelligent tutoring systems) in the learning process is also one of the factors boosting the global AI market. Besides, lack of low-cost & energy-efficient hardware which shackles its adoption among small & medium businesses may restrict the market growth. Furthermore, ongoing R&D, and implementation of ITS (intelligent tutoring systems) in the learning process is also expected to generate various growth opportunities for the market in the coming years.
Global Artificial Intelligence Market, by End-User
The global artificial intelligence market is mainly classified as technology, end-user, and geography. The technology segment is categorized into deep learning, machine learning, natural language processing, and machine vision. Classification by end user comprises healthcare, BFSI, law, retail, advertising & media, automotive and transportation, agriculture, manufacturing, and other end-users. Furthermore, by geography, the segment covers North America, Europe, Asia-Pacific, and RoW.
Artificial intelligence to witness the maximum market share in natural language processing
GLOBAL ARTIFICIAL INTELLIGENCE MARKET SHARE BY GEOGRAPHY, 2016 (%)
Natural language processing accounted for the major artificial intelligence market share in the technology segment in 2016, due to increasing operation of NLP for the development of consumer services in retail sector. Other factors of NLP such as AI-robots, AI-enabled smartphones, and car-infotainment system is also expected to support in the global artificial intelligence market growth.
Healthcare to grow at the highest growth rate in the end-user segment
Healthcare is likely to achieve the fastest CAGR throughout the forecast period i.e. 2016 – 2024. The growth is attributed due to growing application of AI technologies in disease diagnosis, drug discovery, and patient care. Besides, AI is also broadly used in clinical trials, advisory boards, congress planning, promotional outreach, and for helping untapped sales prospects among others.
North America dominated the market with major share of 48.9%, in 2016
North America accounted for the largest market share and is anticipated to grow at the fastest CAGR during the forecast period 2016 – 2024. The growth is seen due to wide applications of AI in numerous end-use industries such as media and advertising, agriculture, transportation & automotive, BFSI, consumer electronics, and retail among others. Besides, the strong presence of domestic & multinational AI products and software companies in the region has totally influenced the growth of AI market size.
On September 2017, Microsoft launched new healthcare division based on artificial intelligence software that can help patients keep out of hospitals and aware them in a timely method about problems, and large studies into diseases such as diabetes. The prominent players operating in the market are Google Inc., IBM Corporation, Microsoft Corporation, NVIDIA Corporation, Intel Corporation, Qlik Technologies Inc., Brighterion, Inc., MicroStrategy, Inc., IPsoft, and Next IT Corp., among others.