Indispensable Use of Artificial Intelligence in Digital Applications Generates Lucrative Opportunities for International Market
global artificial intelligence market was valued at US$126.24 bn in 2015 and is expected to expand at a CAGR of 36.1% from 2016 to 2024, reaching US$3,061.35 Bn by the end of the forecast period.
Automation has transformed the everyday life and is expected to make a radical difference to the way humans function in the coming few years. Citing the technological progress and potential of artificial intelligence, its global market is expected to boast an opportunity worth US$3,061.35 bn by the end of 2024 as compared to US$126.24 bn in 2015. Analysts anticipate that the global market will expand at a CAGR of 36.1% from 2016 to 2024. Big players such as Google, Inc., IBM Corporation, QlikTech International AB, MicroStrategy Inc., Microsoft Corporation, and Brighterion Inc. are making hefty investments in developing efficient substitutes for human effort that will eliminate the room for error.
Q. Which are the prominent factors driving the global artificial intelligence market?
A. As companies strive to develop and implement several disruptive technologies to ensure better accessibility to consumers, they are poised to increase the uptake of various artificial intelligence systems. The future will see growing usage of artificial intelligence in technologies such as mobile, analytics, social, and cloud (SMAC) to help the businesses achieve global recognition. The valuable place of artificial intelligence in areas such as BFSI, health informatics, e-commerce, and retail amongst others has also augmented its demand in recent years. The increasing expenditure on IT by several enterprises to modernize their business strategies and garner wider consumer bases for their products and services is also expected to boost the overall market in the near future.
Q. What is the potential of artificial intelligence market?
A. The various types of artificial intelligence solutions are used for image recognition, smart robots, deep learning, digital personal assistant, language processing, gesture control, speed recognition, context aware processing, and cyber security. According to Transparency Market Research, the demand for artificial intelligence in the area of image recognition is expected to be higher than rest of applications during the forecast period. This surge will be dictated by development of innovative and effective technologies such as affective computing.
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Q. Which type of artificial intelligence system will emerge as the leading one?
A. On the basis of types of systems, the global artificial intelligence market is segmented into digital assistance system, artificial neural network, expert system, embedded system, and automated robotic system. As of 2015, the expert system held a dominant share of 44% in the global market in terms of revenue. Analysts anticipate that the global market will dominated by the exponential demand for expert system during the forecast period. Meanwhile, the demand for digital assistance is also projected to show a remarkable growth rate due to the extensive use of smartphones, tablets, and other portable computing devices. The rising purchasing power to buy these devices and the increasing dependency on them is expected to boost the application of artificial intelligence in digital assistance systems in the coming years.
Despite the bright future of the global artificial intelligence market, the market is being challenged by poor investments in radical projects. The lack of funds to initiate game-changing ideas and solutions are projected hamper the development of supporting technologies and prototypes. Furthermore, the paucity of trained labor to carry out skilled tasks is also restraining the growth of the global market. However, advancements in artificial intelligence such as IBM’s Watson supercomputer as expected to open up several opportunities. IBM is currently working on expanding its cognitive computing package with software and hardware for diagnosing diseases, exploration of oil and gas, and improvise computing models