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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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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