The Global Market for Artificial Intelligence (AI) is Projected to Reach US$126.2 billion by 2024

Digitization of Business, Industrial & Consumer Processes and Expanding Use Cases to Drive AI Revenues Worldwide, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Artificial Intelligence (AI) market. The global market for Artificial Intelligence (AI) is projected to reach US$126.2 billion by 2024, driven by the diversified and growing applications of AI in various end-use markets. The digitization of processes is also enhancing demand for AI to manage, analyze and gain insights from the huge volumes of data being collected.

Artificial intelligence (AI) or machine intelligence is described as the intelligence exhibited by machines unlike the natural intelligence shown by humans. AI systems exhibit at least some behaviors related to human intelligence, namely planning, reasoning, learning, perception, manipulation, motion, knowledge representation, and problem solving, and even creativity and social intelligence. AI is emerging as one of the promising technologies, against the backdrop of fast paced digitalization and rapidly evolving technology landscape. The ability of AI to automate and enhance operations, advance forecasting and sourcing, improve user experience, and create targeted pricing and marketing is contributing to its increasing adoption in various end-use industries. The constantly evolving and advancing AI technology is opening up new avenues of growth in several critical areas such as healthcare, entertainment, education, environment, and social welfare, among others.

AI-based applications have already penetrated several industries especially in developed economies, offering substantial benefits that have the potential to drive economic growth. While manufacturing and healthcare sectors were among the foremost adopters of AI technology in their processes, the technology’s use continues to extend into other industry applications due to AI’s ability to optimize work processes and ensure efficient use of resources. The growing need to analyze and interpret burgeoning volumes of data and the escalating demand for advanced AI solutions to improve customer services are expected to continue to fuel growth in the AI market. With significant improvements being seen in data storage capacity, computing power and parallel processing capabilities, the adoption of AI technology in various end-use sectors is on the rise. The rising adoption of cloud-based services and applications, rapid growth of big data, and the increasing need for intelligent virtual assistants are also contributing to the rapid growth of AI market. The advent of face, image and voice recognition technologies are further favoring growth in the global AI market. The increasing penetration of chatbots or virtual assistants for providing customer assistance in various end-use industries including e-commerce and banking is expected to further enhance demand for AI-based software and systems. The numerous research initiatives being undertaken in areas such as machine learning and big data services are positively influencing the AI market.

As stated by the new market research report on, the United States represents the largest regional market, worldwide. The dominant share is mainly attributed to the widespread adoption of AI technology in several end-use industries including media, e-commerce and manufacturing. The US also benefits from being the early adopter of advanced technologies and the higher level of awareness about AI in the country. Increasing government funding for developing and advancing AI technology and applications, and a robust technical adoption base are also favoring growth. The increasing demand for intelligent virtual assistants is in particular driving growth in the AI market. The increasing investments being made into AI technology by companies in manufacturing, entertainment and healthcare industries also presents favorable prospects for AI market. Asia-Pacific is forecast to register the fastest CAGR of 50.2% over the analysis period, driven by the increasing adoption of natural language processing (NLP) and deep learning technologies in sectors such as marketing, finance, law, and agriculture. The market also benefits from the rapid pace of improvements being seen in computing power, data storage capacity and processing capabilities, which facilitate adoption of AI technology in sectors such as healthcare and automotive, among others.

Major players in the market include AIBrain Inc., Amazon Web Services, Baidu Inc., Cisco Systems Inc., CloudMinds, eGain Corporation, Facebook Inc., General Electric Company, Google Inc., International Business Machines Corporation (IBM), Intel Corporation, Micron Technology Inc., Microsoft Corporation, Next IT Corporation, Nuance Communications Inc., NVIDIA Corporation, Omron Adept Technologies Inc., Oracle Corporation, Rockwell Automation Inc., Salesforce.com, Samsung Electronics Co., Ltd., SAP SE, SAS Institute Inc., Siemens AG, and Xilinx Inc., among others.

The research report titled “Artificial Intelligence (AI): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, South Korea and Rest of Asia-Pacific) and Rest of World. Global market for Artificial Intelligence (AI) is additionally by Technology (Robotics, Deep Learning, Digital Personal Assistant, Context-Aware Processing and Others) and End-Use Sector (BFSI, Manufacturing, Media & Advertising , Retail, Automotive, Healthcare and Others).


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