According to the research study, in 2015, the global artificial intelligence market was worth US$126.24 bn and is estimated to reach a value of US$3,061.35 bn by the end of 2024. The market is likely to register a remarkable 36.10% CAGR between 2016 and 2024.
Asia Pacific to Offer Promising Opportunities for Market Players
From the geographic viewpoint, North America is expected to lead the global artificial intelligence market and reach a value of US$1,013.92 bn by the end of 2024. The high growth of this region can be attributed to the technological advancements and expansion of application base. On the other hand, Asia Pacific is projected to witness remarkable growth in the global market. “The rising demand for automation in different process and manufacturing industries is boosting the demand for deployment for a large number of smart robots,” says a TMR analyst. This is estimated to augment the growth of the artificial intelligence market in Asia Pacific throughout the forecast period.
On the basis of product type, the expert system segment is projected to witness significant growth in the next few years and reach a value of US$1,092.59 bn by the end of 2024. The high growth of this segment is due to the increasing use of artificial intelligence across diverse sectors, such as process control, monitoring, planning, diagnosis, scheduling, and design. On the flip side, the automated neural network segment is expected to witness growth at a fast pace throughout the forecast period.
Expansion of Application Base to Augment Market Growth
Key players in the global artificial intelligence market are focusing on different disruptive technologies in order to reach a large number of consumers. These players are making use of marketing activities spanning mobile, analytics, social, and cloud technologies that are expected to help in transforming an enterprise into a digital business. Furthermore, the expansion of the application base is anticipated to boost the demand for artificial intelligence in the next few years.
The increasing IT spending by key players across the globe for technologically advanced services and products is also projected to augment the growth of the global artificial intelligence market in the next few years. In addition, the introduction of Internet of Things (IoT) is expected to generate potential opportunities for the key players in the near future.
Absence of Technological Experts to Curtail Growth of Artificial Intelligence Market
The global market for artificial intelligence is currently facing headwinds in the form of difficult-to-obtain upfront investments. Gathering the initial stage funds for research and development activities is thus expected to remain a challenge in the short term but will only have a mild impact on the market in the long run. Moreover, the absence of skilled professionals required to carry out functions is projected to restrict the growth of the market over the next few years.
Affective computing helps in developing devices and systems that can simulate, recognize, process, and interpret human affects. The use of affective computing in artificial intelligence for adding emotions in machines is expected to encourage the growth of the overall market.
At the global level, the artificial intelligence market is moderately fragmented in nature with only a few players offering artificial intelligence products and services, states a new research study by Transparency Market Research (TMR). MicroStrategy Inc., IntelliResponse Systems Inc., Google, Inc., Microsoft Corporation, and IBM Corporation are some of the players accounting for a dominating share in the global artificial intelligence market. The leading players are focusing on research and development activities to introduce innovative products in order to retain their position in the market. In addition, the rising number of mergers and acquisitions is projected to contribute extensively towards the swift growth of the market.
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