Transparency Market Research

Global Artificial Intelligence Market to Exhibit 36.10% CAGR from 2016 to 2024 Driven by Diversified Application to Enhance Productivity

Artificial intelligence is a fast emerging technology, dealing with development and study of intelligent machines and software.The global artificial intelligence market was valued at US$ 126.24 Bn in 2015 and is forecast to grow at a CAGR of 36.1% from 2016 to 2024 to reach a value of US$ 3,061.35 Bn in 2024.


Albany, NY -- (SBWIRE) -- 07/07/2016 -- A new market research study, titled "Artificial Intelligence Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024," has been recently published by Transparency Market Research and made available on the company's website. The research study talks about the global artificial intelligence market for , focusing on its key drivers, barriers, product segmentation, current trends, major geographical segments, opportunities and challenges, and competitive landscape. According to the research study, in 2015, the global market for artificial intelligence was worth US$126.24 bn and is projected to reach a value of US$3,061.35 bn by the end of 2024. The market is anticipated to exhibit an impressive 36.10% CAGR between 2016 and 2024.

Artificial intelligence is an emerging technology that deals with the study and development of software and intelligent machines. The artificial intelligence technology is widely being used in diverse sectors as it offers in-build machines and software to operate like human beings, thereby allowing the devices to collect, analyze, and take decisions effectively. The increasing demand for artificial intelligence to enhance the productivity and improve customer satisfaction is a major factor estimated to drive the global market in the coming years. In addition, the growing applications of artificial intelligence is projected to propel the global artificial intelligence market.

Avail a Sample Research Study on Artificial Intelligence Market

The global market for artificial intelligence has been categorized on the basis of product type into expert system, artificial neural network, automated robotic system, embedded system, and digital assistance system. In 2015, the expert system segment dominated the scene with a 44% share in the market. The digital assistance system segment is projected to grow rapidly in the coming years, due to the increased usage of portable computing devices such as tablets and smartphones across the globe. In addition, the rising accessibility of these devices with cost-effectiveness and advanced features is anticipated to fuel the growth of the digital assistance systems segment in the forecast period.

Among the major application segments of the artificial intelligence market, in 2015, the deep learning segment led the market with a 21.6% share. This region is expected to remain in the topmost position throughout the forecast period, followed by the smart robots application segment. On the other hand, the image recognition segment is anticipated to grow at a fast pace due to developing technologies.

Browse the full Market Research Report :

By geography, the global market for artificial intelligence has been classified into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. In 2015, North America dominated the market, accounting for a 38% share in the global market for artificial intelligence. This region is projected to remain in the leading position in the next few years owing to increased government funding. In addition, this region is considered to be a strong technological base, which is a key factor fueling the global artificial intelligence market. On the other hand, the Middle East and Africa is anticipated to register a promising 38.20% CAGR between 2016 and 2024. The rapid growth of this region can be attributed to the vast opportunities available in airport developments and several technological innovations such as robotic automation.

The leading players operating in the global market for artificial intelligence include IBM Corporation, IntelliResponse Systems Inc., Nuance Communications, eGain Corporation, MicroStrategy Inc., Brighterion Inc., Google, Inc., Microsoft Corporation, Next IT Corporation, and QlikTech International AB.

The global artificial intelligence market has been segmented as below:

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)

About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.