Artificial Intelligence Market to Witness Growth with Implementation of Information Technology

The global market for Artificial Intelligence is expected to observe an outstanding growth over the years to come due to base application expansion of Information Technology. Organizations have started to capitalize on the benefits of innovative technology. This is being done for effective positioning of technology offerings and customer reach worldwide. The increasing expenditure on Information Technology (IT) is meant to provide better advancements in both products as well as services.

The implication of Artificial Intelligence on day to day activities may make ease the life of consumers and this factor is predicted to increase the growth and demand for the market. To support this statement we may site the example of Stanford Scientists of Boston. They developed an AI camera that have the capacity to recognize objects faster and this feature could be used to help autonomous vehicles to navigate safely through vehicles.

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The Artificial Intelligence market is being utilized in a number of regions like Latin America, Asia Pacific, Middle East and Africa and Europe. As of 2015 reports, North America was seen to contribute a major revenue of 38.0% of the overall market. In contrast, Middle East and Africa is anticipated to manifest a remarkable CAGR of 38.2% during the forecast period. Aggressive technological innovations like robotic automation and increasing application of smart city concepts are boosting the uptake of AI in the area.

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Leading players are adopting various combination of strategies to stay ahead of others in the market. Most of the players are investing enormously in research and development activities with the aim to develop innovative products. This factor has lowered the chances of small vendors to enter the market. In spite of that, comparatively small players are extending their footprint in the market giving a tough competition to the leading ones.

Artificial Intelligence Market to Register a Tremendous CAGR by 2025

Global Artificial Intelligence Market: Overview

Globally, the trend of using artificial intelligence across various industries, particularly healthcare and consumer electronics is increasing because of the numerous benefits AI offer. This trend is likely to continue to grow in the upcoming years. The global market for artificial intelligence is predicted to see a tremendous growth in the years to come as the organizations are now leveraging on the advantages of phenomenal technologies like these for the efficient positioning of their services and to expand their consumer reach. Additionally, the increasing investments by enterprises to improve the quality of the services and products will push the demand for AI.

As per Transparency Market Research (TMR), the global market for artificial intelligence to register a tremendous 36.1% CAGR between 2016 and 2024, that comes up to US$3061.35 bn by the end of 2024 from US$126.14 bn in 2015.

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Global Artificial Intelligence Market: Drivers and Restraints

A large number of companies today are concentrating on many different groundbreaking technologies so as to be able to reach out to the customers easily. This happens to be one of the main reasons boosting the global market for artificial intelligence. Such technologies consist of effective marketing practices like social, mobile, analytics and cloud technologies (SMAC) that help the companies to have strong control in the digital business. The need for this market is also arising due to the extended usage of artificial intelligence in various sectors such as E-Commerce, BFSI, retail, health informatics, to name a few. The rise in IT expenditure by companies throughout the globe in the hope of developing enhanced and efficient products will also drive the global artificial intelligence market.

The global market for artificial intelligence is currently facing challenges due to lack of investments. Many of the companies that offer artificial intelligence services have issues in accumulating funds in the initial levels for development and research. This dearth of investment is adversely impacting the task of creating new prototypes along with other technologies. Also, there is a lack of trained professionals in the market to solve advanced technical problems. This lack of professionals also happens to be an important reason in the growth of the global market for artificial intelligence as a whole.

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Global Artificial Intelligence Market: Regional Outlook

In the year 2015, North America contributed the most in terms of revenues and it accounted for around 38% of the entire market. The presence of a large number of technology companies is behind the growth of the market for artificial intelligence in North America. Plus, the large investments by the government have proven to be of great help in the technological growth of artificial intelligence in the region. The increased scope of usage of this technology in so many sectors, including retail, BFSI, consumer electronics, media and advertising, and automotive, equally help this market in the North America. Because of these reasons, this region is slated to keep its leadership with it throughout 2024. The Middle East and Africa is expected to register a noticeable CAGR of 38.2% throughout the assessment period, that is the highest in any area. Technological advancements, like the robotic automation, and the rise in the adoption of smart cities, gives impetus to the acceptance of artificial intelligence in the region. The current infrastructure plans like the creation of new airports is making the market in the Middle East and Africa to be full of opportunities.

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Global Artificial Intelligence Market: Competitive Landscape

Many of the players are finding it difficult to gather funds for their research which is in early stage. Market players need funds for developing prototypes of their underlying technology  and the lack of it is restricting their research. Some of the prominent players within the market include: Nuance Communications, Next IT Corporation, MicroStrategy Inc., eGain Corporation,  QlikTech International AB, Microsoft Corporation, Google Inc., Brighterion Inc., IBM Corporation, and IntelliResponse Systems Inc.

Presence of handful of players Leads to A Highly Competitive Landscape

San Francisco, California, March 27, 2018: A recent report by TMR Research, titled, “Artificial Intelligence Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” projects this market to bode well in terms of depicting a magnificent growth thanks to the world of technology growing with leaps and bounds.

Technology in every field is mostly progressing towards attaining not only high efficiency, but also a need to simplify processes. These two crucial driving factors are highly responsible for the global artificial intelligence market to grow rapidly in forthcoming years. A bright future for this market has been predicted to occur owing to a high demand for artificial intelligence in several sectors such as BFSI, retail, health informatics, E-Commerce, and others.

The global artificial intelligence market covers North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America, from a regional perspective. From these, North America has accounted for a spectacular revenue valuation, which is further expected to continue in the near future. This is mainly due to a large uptake and adoption of artificial intelligence systems and their requirements in different work sectors. Presence of several renowned players dealing with research and development of new artificial intelligence has also been responsible for this region to hold a leading stance.

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The global artificial intelligence market showcases a relatively nascent competitive landscape, as many players are finding it difficult to develop prototypes for their underlying technology. Thus, the vendor landscape is highly consolidated due to the presence of very few players in the global artificial intelligence market. Most companies focus at gaining maximum funding from various private as well as governmental organizations as a prime strategy. IBM Corporation, QlikTech International AB, Next IT Corporation, Nuance Communications, Microsoft Corporation, IntelliResponse Systems Inc., Google Inc., Brighterion Inc., and eGain Corporation are key players operating in this market.