Albany, NY -- (SBWIRE) -- 08/12/2016 -- According to a new market report published by Transparency Market Research entitled "Artificial Intelligence Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2024," the global artificial intelligence market was valued at US$126.24 bn in 2015 and is expected to expand at a CAGR of 36.1% from 2016 to 2024, reaching US$3,061.35 bn by the end of the forecast period.

Growing companies focusing on various disruptive technologies for effective customer reach is one of the major factors accelerating the demand for artificial intelligence worldwide. These include marketing activities such as social, mobile, analytics, and cloud (SMAC) technologies which help in transforming the enterprise into a global digital business. Market demand is also increasing with the expanding application base of artificial intelligence across various sectors such as health informatics, BFSI, E-commerce, and retail, among others. This is leading to rising IT spending by enterprises across the world for better advancement in their products and services. The global artificial intelligence market is currently challenged by the low upfront investment across the world. Most artificial intelligence companies are facing difficulties in accumulating the early stage funds for research and development of prototypes and supporting technologies. Market growth is also inhibited by high demand for skilled resources to carry out highly technical tasks involved in artificial intelligence.

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Geographically, North America led the Artificial Intelligence (AI) market in 2015, holding almost 38% of the global market revenue. The region is expected to dominate the global AI market throughout the forecast period from 2016 to 2024. This is majorly supported by high-end technological advancements in the region due to the presence of a large number of companies operating in the artificial intelligence market. Demand in Europe is mainly due to scalability of developed solutions, highly educated workforce, and various public transport programs driving innovation. Asia Pacific region is expected to hold promising growth in the global artificial intelligence market during the forecast period. This growth in Asia Pacific is mainly driven by growing demand for automation in various manufacturing and process industries which is encouraging the deployment of more smart robots. Market growth in MEA is mainly driven by the growth of aviation programs across the region which in turn is encouraging companies to invest in AI technologies. In Latin America, market demand is riding on the back of growing spend in digital advertising with increasing mobile usage. Brazil is currently the top player across the Latin America region in the artificial intelligence market.

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The global artificial intelligence market has been segmented as below:

Global Artificial Intelligence Market, Types

Artificial Neural Network
Digital Assistance System
Embedded System
Expert System
Automated Robotic System

Global Artificial Intelligence Market, By Applications

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)