Albany, NY -- (SBWIRE) -- 09/24/2018 -- Globally, there is a wave of artificial intelligence across various industries, especially consumer electronics and healthcare. The wave is likely to continue in the years to come with the expanding base of applications of the technology.

The global market for artificial intelligence is expected to witness phenomenal growth over the coming years as organizations worldwide have started capitalizing on the benefits of such disruptive technologies for effective positioning of their offerings and customer reach. In addition, the increasing It spending by enterprises across the globe for better advancements in their services and products.

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According to a study by Transparency Market Research (TMR), the global market for artificial intelligence is estimated to post an impressive 36.1% CAGR between 2016 and 2024, rising to a valuation of US$3,061.35 bn by the end of 2024 from US$126.14 bn in 2015. The upward growth of the market is, however, hampered by the low upfront investments.

The majority of companies operating in the market are facing difficulties in accumulating funds for early stage research and development of prototypes and their underlying technologies. The dearth of personnel with adequate technical knowledge is also restricting the market from realizing its full potential.

North America was the major revenue contributor in 2015, accounting for approximately 38.0% of the overall market. The domicile of a large number of the leading technology firms enables early introduction and high acceptance of artificial intelligence in the region. Moreover, high government funding is playing a pivotal role in the technological development of artificial intelligence in the region.

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The widening scope of applications the technology in various verticals, including media and advertising, retail, BFSI, consumer electronics, and automotive are also contributing the market in North America. Owing to these factors, the region is expected to retain its leadership through 2024.