Artificial Intelligence Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025
Global Artificial Intelligence Market: Snapshot
In spite of the fact that AI is a branch of software engineering, today there's no field which is left unaffected by this innovation. The point is to train the machines to think insightfully simply the way people do. Till now, the machines have been doing what they were advised to do yet with AI they will have the capacity to think and act like a human.
Today tech mammoths like Google, Microsoft, and IBM are very associated with concentrate building up the innovation which has just begun bringing a progressive change. In spite of the fact that it will shape our future, yet we have to know how it's influencing our present life. AI has right now changed business administration through joining of different instruments, for example, work process administration devices, and others.
These factors expected to weigh in heavily in the coming years, since machine-learning calculations would soon be utilized for counteracting installment fakes and cyber terrorism. Besides, AI is evaluated to strongly affect innovations in health care and prompt more exact medications and aversion of therapeutic conditions. Artificial Intelligence has seen gigantic development in the ongoing past because of the need for headway in the arena of machine learning, protest perception and recognition. The fast take-up of artificial intelligence in end-use ventures, for example, retail and business analytics is predicted to heavily impact the growth of the global artificial intelligence market in the coming years.
Global Artificial Intelligence Market: Overview
Globally, the trend of using artificial intelligence across various industries, particularly healthcare and consumer electronics is increasing because of the numerous benefits AI offer. This trend is likely to continue to grow in the upcoming years. The global market for artificial intelligence is predicted to see a tremendous growth in the years to come as the organizations are now leveraging on the advantages of phenomenal technologies like these for the efficient positioning of their services and to expand their consumer reach. Additionally, the increasing investments by enterprises to improve the quality of the services and products will push the demand for AI.
As per TMR Research, the global market for artificial intelligence to register a tremendous 36.1% CAGR between 2016 and 2024, that comes up to US$3061.35 bn by the end of 2024 from US$126.14 bn in 2015.
Global Artificial Intelligence Market: Drivers and Restraints
A large number of companies today are concentrating on many different groundbreaking technologies so as to be able to reach out to the customers easily. This happens to be one of the main reasons boosting the global market for artificial intelligence. Such technologies consist of effective marketing practices like social, mobile, analytics and cloud technologies (SMAC) that help the companies to have strong control in the digital business. The need for this market is also arising due to the extended usage of artificial intelligence in various sectors such as E-Commerce, BFSI, retail, health informatics, to name a few. The rise in IT expenditure by companies throughout the globe in the hope of developing enhanced and efficient products will also drive the global artificial intelligence market.
The global market for artificial intelligence is currently facing challenges due to lack of investments. Many of the companies that offer artificial intelligence services have issues in accumulating funds in the initial levels for development and research. This dearth of investment is adversely impacting the task of creating new prototypes along with other technologies. Also, there is a lack of trained professionals in the market to solve advanced technical problems. This lack of professionals also happens to be an important reason in the growth of the global market for artificial intelligence as a whole.
Global Artificial Intelligence Market: Regional Outlook
In the year 2015, North America contributed the most in terms of revenues and it accounted for around 38% of the entire market. The presence of a large number of technology companies is behind the growth of the market for artificial intelligence in North America. Plus, the large investments by the government have proven to be of great help in the technological growth of artificial intelligence in the region. The increased scope of usage of this technology in so many sectors, including retail, BFSI, consumer electronics, media and advertising, and automotive, equally help this market in the North America. Because of these reasons, this region is slated to keep its leadership with it throughout 2024. The Middle East and Africa is expected to register a noticeable CAGR of 38.2% throughout the assessment period, that is the highest in any area. Technological advancements, like the robotic automation, and the rise in the adoption of smart cities, gives impetus to the acceptance of artificial intelligence in the region. The current infrastructure plans like the creation of new airports is making the market in the Middle East and Africa to be full of opportunities.
Global Artificial Intelligence Market: Competitive Landscape
Many of the players are finding it difficult to gather funds for their research which is in early stage. Market players need funds for developing prototypes of their underlying technology and the lack of it is restricting their research. Some of the prominent players within the market include: Nuance Communications, Next IT Corporation, MicroStrategy Inc., eGain Corporation, QlikTech International AB, Microsoft Corporation, Google Inc., Brighterion Inc., IBM Corporation, and IntelliResponse Systems Inc.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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