Albany, New York, June 12, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) report on the global artificial intelligence market predicts its growth at a CAGR of 36.10% during the forecast period from 2016 to 2024. This is primarily attributed to the increasing rate of adoption of big data coupled with its benefits of implying AI for handling large data. This amount of data generated is expected to increase substantially in the coming future, which is augmenting growth of the global artificial intelligence market. Thus, with this CAGR, the market is likely to grab a value of US$3,061.3 bn by the 2024-end starting from revenue earned in 2015 of US$126.24 bn.
High Data Handling and Analyzing Capacity of AI Propels Market Growth
Thanks to its benefits, several end-use industries have weaved the technology in their software such as project management (PM) and Business to business (B2B). Additionally, several end-use industries are increasingly employing AI across retail and business analysis. These are primarily acting as factors driving growth of the global artificial intelligence market.
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Moreover, progression and growing need for the zones of machine interpretation, protest observation, and question acknowledgment is propelling growth of the global artificial intelligence market. However, the factors such as lack of technical expertise coupled with concerns over data loss or theft are restraining growth of the global artificial intelligence market. Nonetheless, increased limit for data stockpiling and advanced parallel handling capacities are few factors expected to offer opportunities for growth in coming years.
Demand for Digital Assistance Systems Benefits Market Growth
Additionally, robust technological advancements in the AI are primarily driving growth of the global artificial intelligence market owing to need for the advanced digital assistance systems. This need has led to higher adoption of digital assistance across numerous platforms and sectors. Due to this adoption rate, the digital assistance segment has dominated the global artificial intelligence market. Additionally, the rising penetration of connected devices such as laptops, smartphones, tablets, and mobile computing devices has augmented the need for data security.
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Regionally, the market in North America accounted for a leading share of 38.0% in the market owing to robust research and development. However, the Middle East and Africa region are projected to expand at an excellent CAGR of 38.2% during the forecast period due to the high adoption of AI at an industrial level.
Automotive Sector to Offer Lucrative Market Opportunity
Artificial Intelligence has numerous potential applications in the automotive industry, for example, in self-governing driving and Advanced Driver Assistance Systems (ADAS). Neural systems are generally embraced in vehicles for path discovery encouraging the substitution of costly sensors. Further, artificial intelligence composes a lot of information gathered for IoT sensors and cell phones to enhance the information accumulation and capacity process.
Reasonable upgrades in data stockpiling limit and parallel handling capacities have additionally added to the quick take-up of the artificial intelligence innovation in a number of key end-use verticals. This is expected to encourage vendors in capitalizing on the opportunities present in the global artificial intelligence market.
Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/artificial-intelligence-market.htm
This review is based on TMR's report titled, "Artificial Intelligence Market (Type - Artificial Neural Network, Digital Assistance System, Embedded System, Expert System, and Automated Robotic System; Application - Deep Learning, Smart Robots, Image Recognition, Digital Personal Assistant, Querying Method, Language Processing, Gesture Control, Video Analysis, Speech Recognition, Context Aware Processing, and Cyber Security) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024."Top of Form
The market is segmented along the following lines:
Global Artificial Intelligence Market, by Type
- Artificial Neural Network
- Digital Assistance System
- Embedded System
- Expert System
- Automated Robotic System
Global Artificial Intelligence Market, by Application
- 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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