Artificial Intelligence Market Leads to Innovation and Transformation

The global artificial intelligence market is prognosticated to increase its growth with high adoption in prime end-use industries such as healthcare and consumer electronics. Vendors may focus on research and development to launch novel products and services in the global artificial intelligence market. Enterprises are spending massive amounts of funds on artificial intelligence to improve the quality of products and services. Besides healthcare and consumer electronics, artificial intelligence is gaining demand in other businesses as well.

However, lack of technical expertise could hamper the demand in the global artificial intelligence market. The slow growth in demand could also reflect on the adoption of artificial intelligence. Moreover, the installation of artificial intelligence systems require high expenditure. Additionally, the development cost of artificial intelligence is extortionate. Nevertheless, there could be rewarding prospects taking birth in the global artificial intelligence market with the advancement of parallel handling capacities and increase in data stockpiling limit. Increasing application in the automotive industry could be another factor augmenting the demand in the global artificial intelligence market.

The global artificial intelligence market is foreseen to expand at a 36.10% CAGR between 2016 and 2024 to obtain a valuation of US$3,061.35 bn by the final forecast year. In 2015, the global artificial intelligence market was valued at a US$126.24 bn.

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On the basis of type, the global artificial intelligence market is classified into automated robotic system, expert system, embedded system, digital assistance system, and artificial neural system. Among these types, expert system is foreseen to take hold of a larger share of the global artificial intelligence market. On the other hand, digital assistance could be one of the most lucrative segments of the global artificial intelligence market. This is expected to take shape because of the growing consumption of tablets, laptops, and other mobile computing devices.

By application, the global artificial intelligence market is divided into cybersecurity, context aware processing, speech recognition, deep learning, video analysis, smart robot, gesture control, image recognition, language processing, digital personal assistant, and querying method. Among these, deep learning is predicted to secure a leading share of the global artificial intelligence market. Apart from deep learning, image recognition and digital personal assistance could show remarkable progress in the global artificial intelligence market.

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Pragati Pathrotkar

Pragati’s longstanding experience in the field of market research is reflected in her insightful news articles on business, science, and technology as presented on Edition Truth. Her interest lies in understanding the ramifications of cultural diversity, green behavior, ecommerce, economic progress, and technical consciousness on these increasingly consumer-oriented industries. Her understanding of digital marketing techniques gives her news stories an engaging twist.

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