Artificial Intelligence Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025

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Artificial Intelligence Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025

Status : September, 2021 | Technology & Media

Report Digest


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.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?