Artificial Intelligence Market to Reach US$3,061.35 bn by 2024, Deployment in Disruptive Technologies Drives Growth : Transparency Market Research

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The global artificial intelligence market is currently witnessing healthy growth as companies have started leveraging the benefits of such disruptive technologies for effective customer reach and positioning of their services/solutions. Market growth is also supported by an expanding application base of artificial intelligence solutions across various industries.

According to a new market report published by Transparency Market Research entitled “Artificial Intelligence Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” the global artificial intelligence market was valued at US$126.24 bn in 2015 and is expected to expand at a CAGR of 36.1% from 2016 to 2024, reaching US$3,061.35 Bn by the end of the forecast period. 

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Growing companies focusing on various disruptive technologies for effective customer reach is one of the major factors accelerating the demand for artificial intelligence worldwide. These include marketing activities such as social, mobile, analytics, and cloud (SMAC) technologies which help in transforming the enterprise into a global digital business. Market demand is also increasing with the expanding application base of artificial intelligence across various sectors such as health informatics, BFSI, E-commerce, and retail, among others. This is leading to rising IT spending by enterprises across the world for better advancement in their products and services. The global artificial intelligence market is currently challenged by the low upfront investment across the world. Most artificial intelligence companies are facing difficulties in accumulating the early stage funds for research and development of prototypes and supporting technologies. Market growth is also inhibited by high demand for skilled resources to carry out highly technical tasks involved in artificial intelligence. 

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The global artificial intelligence market has been segmented on the basis of artificial intelligence system types as artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system, with expert system accounting for approximately 44% market revenue share in 2015. The segment is anticipated to maintain its supremacy throughout the forecast period from 2016 to 2024. Digital assistance is expected to be the fastest growing segment in the global artificial intelligence market. This is majorly supported by growing usage of portable computing devices including smartphones and tablets across the world. Growing accessibility of these devices with more advanced features and cost-effectiveness is expected to drive the demand for digital assistance systems throughout the forecast period from 2016 to 2024. 

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In terms of application, deep learning accounted for the highest market share in 2015 (21.6% of global revenue), followed by smart robots. Image recognition is expected to be the high-in demand application for the artificial intelligence market over the forecast period. This is mainly driven by one of the emerging technologies, namely, affective computing which is considered to hold promising growth for the artificial intelligence market in the coming years. 

The global artificial intelligence market has been segmented as below: 

Global Artificial Intelligence Market, Types 

  • Artificial Neural Network
  • Digital Assistance System
  • Embedded System
  • Expert System
  • Automated Robotic System 

Global Artificial Intelligence Market, By Applications 

  • Deep Learning
  • Smart Robots
  • Image Recognition
  • Digital Personal Assistant
  • Querying Method
  • Language Processing
  • Gesture Control
  • Video Analysis
  • Speech Recognition
  • Context Aware Processing
  • Cyber Security 

Global Artificial Intelligence Market, By Geography 

  • North America (NA)
  • Europe (EU)
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)
  • Latin America (LATAM) 

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Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather and analyze information. 

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