According to a report by Grand View Research, Inc., global artificial intelligence (AI) market is anticipated to value USD 35,870.0 million by 2025. Growing requirement for understanding and analyzing visual contents to gain meaning insights is anticipated to propel demand for artificial intelligence. It is likely to offer advanced image recognition technology that can be used effectively in self-driven vehicles, drones, and robotics.
Increasing amount of digital data is likely to drive need for analytics and data mining. AI is expected to be used by several media and online services such as Microsoft Cortana, Google Assistant, dialogue and voice recognition of Siri, image classification in Facebook & Google Photo, and Amazon’s Alexa.
Continual advancements in high computing power, fast information storage capacity, and parallelization can fuel growth of market over the forecast period. Considerable improvements in commercial prospects of AI deployment and advancements in AI solutions can drive market growth. Growing need for analyzing and understanding visual contents to get meaningful insights is anticipated to propel market growth over the forecast period (2014 to 2025).
Full Research Report On Artificial Intelligence Market Analysis: https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-ai-market
Artificial Intelligence – Direct & Enabled Revenue, 2014 – 2025 (USD Million)
The artificial intelligence market can be segregated on the basis of solution, technology, end-use, and region. Based on solution, the market can be categorized into software, hardware, and services. Hardware segment is projected to grow fast at CAGR of 65% over the forecast period. The segment can include chipsets such as central processing unit (CPU), graphics processing unit (GPU), application-specific integrated circuits (ASIC), and, field-programmable gate array (FPGA).
Based on technology, the market can be classified into machine learning, natural language processing, deep learning, and machine vision. Deep learning technology segment is expected to dominate the market in terms of revenue and CAGR during the forecast period of 2017 to 2025. It is likely to gain prominence on account of its complex data driven applications such as image recognition and voice. It can offer huge investment opportunity as it can be leveraged over other technologies to address challenges of high computing power, high data volumes, and improvement in data storage.
The deep learning and machine learning are expected to cover major investment area in AI during the forecast period. It can include both cognitive applications and AI platform, which is likely to facilitate development of advisory, intelligent, and cognitively enabled solutions.
Rising deployment of cloud-based computing platforms and on-premises hardware equipment for safe and secure restoration of large volume data can expand analytics platform. In addition, increasing investments in R&D adopted by major market players to develop advanced products can augment market growth.
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Artificial Intelligence Market, By End Use, 2016 (%)
Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. Presence of leading players in the region coupled with high government funding is expected to fuel market growth. The region is expected to dominate the market during the forecast period. In addition, growing adoption of cloud-based services in countries such as Canada and United States can augment growth of market in the region.
In Europe, the market is predicted to witness substantial growth owing to rising inclination of consumers towards advantages such as easy document control coupled with faster and on-demand access to data can fuel market growth. Many public and private organizations are expected to collect domain-specific information comprising issues such as medical informatics, cybersecurity, fraud detection, marketing, and national intelligence. Big data based AI algorithms can help analyze such unorganized and unsupervised data by continuously improving each set of data.
In South America, Asia Pacific, and MEA, the market is anticipated to witness notable growth during the forecast period. Asia Pacific is likely to exhibit highest CAGR of 68.5% during the forecast period. Continual technological advancements specifically in lower developing countries in Asia Pacific region are expected to surge demand for incorporation of AI technology.
Some of the leading companies offering artificial intelligence are Google, Inc.; Intel Corporation; Microsoft Corporation; Zebra Medical Vision, Inc.; and IBM Watson Health. AI marketplace is likely to provide tremendous opportunities for companies, investment firms, and consultants looking for mergers and acquisitions. In addition, persistent need for digital transformation can encourage acquisitions and mergers amongst technical and non-technical AI stake-holding firms.
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