Transparency Market Research (TMR) states the global artificial intelligence market to grow at promising rates in the coming years. The competitive landscape of the market is intense and players are having a neck-to-neck battle for attaining the top spot. On the other hand, small players are consolidating business geographically and this may further intensify the competitive tension among all other rivals.
Important players of the artificial intelligence market are Next IT Corporation, IntelliResponse Systems Inc., Next IT Corporation, IBM Corporation, Brighterion Inc., and Google Inc. All players are adopting the key strategy to gain traction and that is through extensive research and development activities. The rising investment in research and development activities may help players to have a better grip of the market. Implanting advanced technology in product portfolio is prognosticated to be a vital tool for vendors in order to gain substantial market share and stay ahead of the curve.
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As per the reports of TMR, the global artificial intelligence market is anticipated to be worth US$3,061.35 bn by the end of 2024. The CAGR is projected to be 36.10% and the forecast period is set from 2016 to 2024.
As per the segmentation by type, the market is dominated by the digital assistance system, as it is one of the most lucrative artificial intelligence technologies. This is also because of the high uptake of laptops and tablets and other such mobile computing devices.
On the basis of key geographies, the global artificial intelligence market is anticipated to be rising with a notable 38.2% CAGR in the Middle East and African region. This is owing to the abrupt uptake of robotic automation in the respective region.
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End-Use Industries to Demand for Artificial Intelligence Automated Machines, Propelling Market Growth
The global artificial intelligence market is seen to be driven by a couple of factors. One of them being the big adoption of artificial intelligence in data recording. Another important factor boosting the artificial market is the rise in need for progression in question acknowledgement, protest observation, and machine interpretation zones respectively. Rapid adoption and interpretation of artificial intelligence in end-use industries like retail and business analysis is further anticipated to accelerate the overall market for artificial intelligence in the long run.
Another factor propelling the market for artificial intelligence in the global market is the reinforcement policy influenced by extreme learning models in most of the developing ventures all around the world. Besides, the rise in demand for intelligent virtual assistants in major manufacturing companies is further adding fuel to the growth of the artificial intelligence market in the long run.