Albany, NY -- (SBWIRE) -- 07/06/2018 -- The intense rivalry between Microsoft Corp., QlikTech International AB, Next IT Corp., IBM, Google Inc., and Nuance Communications characterizes the competitive landscape of the global market for artificial intelligence, states a new report by Transparency Market Research (TMR). These players are expected to invest heavily in research and development over the next few years in order to gain an edge over their competitors, reports the market study.

According to the research report, the global artificial intelligence market was worth US$126.24 bn in 2015. With a significantly high CAGR of 36.10% between 2016 and 2024, the market is expected to reach US$3,061.35 bn over the period of the forecast. Artificial intelligence is anticipated to find the most significant application in deep learning over the next few years, states the research report.

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"The global market for artificial intelligence is witnessing a phenomenal growth as organizations across the world have started capitalizing on the benefits of such disruptive technologies for efficient positioning of their offerings and their customer-reach," says a TMR analyst. In addition to this, the rise in the IT spending by enterprises, globally, for advancements in their products and services, is also boosting the growth of this market substantially. However, the upward growth of this market may be hampered by the low upfront investments in the near future. A number of companies operating in this market are facing difficulties in generating funds for early stage R&D of prototypes and their underlying technologies. The lack of personnel with sufficient technical skills is also
expected to restrict this market from realizing its full potential over the next few years, notes the research study.

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In 2015, North America led the global artificial intelligence market, holding a share of 38%. The presence of a large pool of technology companies has resulted in a higher pace of uptake of artificial intelligence in this region. Apart from this, the increase in the government funding is also supporting the growth of the market for artificial intelligence in the region. Over the coming years, the North America market for artificial intelligence is anticipated to remain dominant, thanks to the increasing application of technology in a number of verticals, such as the media and advertising, BFSI, retail, consumer electronics, and the automotive industries, reports the market study.