Artificial Intelligence Market: Overview
Globally, there is a wave of artificial intelligence across various industries, especially consumer electronics and healthcare. The wave is likely to continue in the years to come with the expanding base of applications of the technology. The global market for artificial intelligence is expected to witness phenomenal growth over the coming years as organizations worldwide have started capitalizing on the benefits of such disruptive technologies for effective positioning of their offerings and customer reach. In addition, the increasing It spending by enterprises across the globe for better advancements in their services and products.
According to a study by Transparency Market Research (TMR), the global market for artificial intelligence is estimated to post an impressive 36.1% CAGR between 2016 and 2024, rising to a valuation of US$3,061.35 bn by the end of 2024 from US$126.14 bn in 2015. The upward growth of the market is, however, hampered by the low upfront investments. The majority of companies operating in the market are facing difficulties in accumulating funds for early stage research and development of prototypes and their underlying technologies. The dearth of personnel with adequate technical knowledge is also restricting the market from realizing its full potential.
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Rise in Enterprise IT Spending to Support Global Artificial Intelligence Market
“The global market for artificial intelligence is witnessing a phenomenal growth as organizations across the world have started capitalizing on the benefits of such disruptive technologies for efficient positioning of their offerings and their customer-reach,” says a TMR analyst. In addition to this, the rise in the IT spending by enterprises, globally, for advancements in their products and services, is also boosting the growth of this market substantially. However, the upward growth of this market may be hampered by the low upfront investments in the near future. A number of companies operating in this market are facing difficulties in generating funds for early stage R&D of prototypes and their underlying technologies. The lack of personnel with sufficient technical skills is also expected to restrict this market from realizing its full potential over the next few years, notes the research study.
Increasing Application of Technologies in Various Industries to Ensure North America Artificial Intelligence Market’s Dominance
In 2015, North America led the global artificial intelligence market, holding a share of 38%. The presence of a large pool of technology companies has resulted in a higher pace of uptake of artificial intelligence in this region. Apart from this, the increase in the government funding is also supporting the growth of the market for artificial intelligence in the region. Over the coming years, the North America market for artificial intelligence is anticipated to remain dominant, thanks to the increasing application of technology in a number of verticals, such as the media and advertising, BFSI, retail, consumer electronics, and the automotive industries, reports the market study.
Some of the prominent participants in the global artificial intelligence market are Nuance Communications, MicroStrategy Inc., QlikTech International AB, Google Inc., IBM Corporation, Microsoft Corporation, Brighterion Inc., Next IT Corporation, IntelliResponse Systems Inc., and eGain Corporation.
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