Global Artificial Intelligence Market is projected to be valued $61 Billion by 2024; with a CAGR of 61% from 2017 to 2025. Artificial intelligence (AI) is a branch of computer sciences that emphasizes the creation of intelligent machines that work and reacts like human beings. With the development of new technologies, reduced size and increased speed ‘Artificial intelligence’ has become one of the fastest-growing technologies in recent years. AI is associated to human intelligence with similar characteristics such as speech recognition, learning, planning, problem solving, perception, ability to manipulate & move objects and others. AI is located at the core of the next gen computer software technologies in the global market.
Some of the major factors driving the artificial intelligence market are raising demand for unmanned aerial vehicles, autonomous cars, civil aviation for vehicle tracking, and monitoring and auto control. However, lack of low-cost & energy-efficient hardware which limits the adoption among small and medium businesses acts as the major hindrance for the market growth. Ongoing research and development, and adoption of ITS (Intelligent tutoring systems) in the learning process are highly expected to open up new growth opportunities for the market in the coming future years.
Artificial Intelligence market is segmented into technology, end-user, and geography. By technology, the classification comprises deep learning, machine learning, natural language processing, and machine vision. The end-use segment covers healthcare, BFSI, law, retail, advertising & media, automotive and transportation, agriculture, manufacturing, and other end users.
Based on geography, the global artificial intelligence market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia- Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
Some of the major players in the artificial intelligence market are Google Inc., Brighterion, Inc., Microsoft Corporation, IPsoft, Rocket Fuel Inc.,IBM Corporation, Qlik Technologies Inc., MicroStrategy, Inc.,Next IT Corp., and 24/7 Customer, Inc., among others.
The key takeaways from the report
Scope of the Global Artificial Intelligence Market
Rest of the World