According to Goldstein Research, artificial intelligence (AI) technology is ready to disrupt various industries in upcoming years with the pace of technological advancements.
Artificial Intelligence provides the ability to strengthen and excel the current capacity of labor and capital to impel economic growth. Artificial intelligence has vast applications in various sectors such as manufacturing, BSFI, healthcare and others. Artificial intelligence has enormous potential to boost up the various industries by increasing productivity and reducing dependency on humans.
Global artificial intelligence market is segmented into technology types such as Deep Learning, Robotics, Digital Personal Assistant, Querying Method, Natural Language Processing and Context-Aware Processing. Among these technologies natural language processing and deep learning technologies are expected to dominate the market owing to rise of virtual assistance by making dialogues more sensitive, increase use of robotics in industry automation and better consumer services.
The global artificial intelligence market is anticipated to expand at a CAGR of 17.2% over the forecast period i.e. 2016-2024. Global artificial intelligence market accounted for USD 525 million in 2015 and it is expected to reach USD 14.2 billion by 2024. Acquisitions and strategic investments (venture and M&A) in IT sector will further boost the growth of artificial intelligence market. Geographically, North-America dominates the global artificial intelligence market owing to wide-scale adoption of AI technology in E-commerce, manufacturing and healthcare sector. Furthermore, Europe and Asia-Pacific are expected to be the most opportunistic sector over the forecast period i.e. 2016-2024.
Huge investments and involvement of tech giants: Major Breakthrough
Artificial intelligence technology facilitates the organizations by increasing their efficiency and productivity on the back of systematic inputs in the system. Vast applications of artificial intelligence in robotics and self-driving vehicles showcase the future growth of global artificial intelligence market. Growing number of connected devices and emerging technologies results in huge data generation, artificial intelligence implementation in big data management can further soar the growth of AI market. Moreover, immense researches on big data services and machine learning are some of the factors propelling the growth of global artificial intelligence market. However, high initial investments and concerns towards safety and security are some of the factors restricting the growth of global artificial intelligence market. Although, complexities related to artificial intelligence technology is a major challenge for the tech giants to introduce their solution and products in developing nations.
“Global Artificial Intelligence Market Outlook 2024” contains detailed overview of the global artificial intelligence market in terms of market segmentation by technology, by vehicle types. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global artificial intelligence market which includes profiling of companies of IBM Corporation, Microsoft, Google, Apple, Intel, Amazon, Anki, AI Brain, Iris AI etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global artificial intelligence market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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