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.