Artificial Intelligence Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 02/08/2017 -- Artificial intelligence is a fast emerging technology, dealing with development and study of intelligent machines and software. This software is being used across various applications such as manufacturing (assembly line robots), medical research, and speech recognition systems.
It also enables in-build software or machines to operate like human beings, thereby allowing devices to collect, analyze data, reason, talk, make decisions and act 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.
The global artificial intelligence market is currently witnessing healthy growth as companies have started leveraging the benefits of such disruptive technologies for effective customer reach and positioning of their services/solutions.
Market growth is also supported by an expanding application base of artificial intelligence solutions across various industries. However, factors such as low funding access or high upfront investment, and demand for skilled resources (workforce) are presently acting as major deterrents to market growth.
On the basis of types of artificial intelligence systems, the market is segmented into artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system. Expert system was the most adopted or revenue generating segment in 2015. This was mainly due to the extensive use of artificial intelligence across various sectors including diagnosis, process control, design, monitoring, scheduling and planning.
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Based on various applications of artificial intelligence systems, the market has been classified into deep learning, smart robots, image recognition, digital personal assistant, querying method, language processing, gesture control, video analysis, speech recognition, context aware processing, and cyber security.
Image recognition is projected to be the fastest growing segment by application in the global artificial intelligence market. This is due to the growing demand for affective computing technology across various end-use sectors for better study of systems that can recognize, analyze, process, and simulate human effects.
North America was the leader in the global artificial intelligence market in 2015, holding approximately 38% of the global market revenue share, and is expected to remain dominant throughout the forecast period from 2016 to 2024. High government funding and a strong technological base have been some of the major factors responsible for the top position of the North America region in the artificial intelligence market over the past few years.
Middle East and Africa is expected to grow at the highest CAGR of 38.2% throughout the forecast period. This is mainly attributed to enormous opportunities for artificial intelligence in the MEA region in terms of new airport developments and various technological innovations including robotic automation.