The global market for artificial intelligence is expected to witness dynamic growth over the coming years, according to a recent Transparency Market Research (TMR) report. The market’s vendor ecosystem features intense competitiveness among the players. The leading and established vendors are in a neck-to-neck battle for the top spot. Further, small players with better geographic consolidation are expected to intensify rivalry across all the market participants.
A key strategy adopted by vendors in the market in order to gain traction is engaging in extensive research and development activities. Vendors are investing heavily towards innovating their product offering, which could create barriers for the entry of new market players. Inculcating technological advances in the product portfolio is expected to become a vital tool for vendors to stay ahead of the curve and gain substantial market share.
Leading vendors operating in the global artificial intelligence market include IBM Corporation, Google Inc., Next IT Corporation, Brighterion Inc., and IntelliResponse Systems Inc.
According to TMR’s analysis, the global artificial intelligence market was estimated to be at US$126.24 billion in 2015, and is predicted to reach US$3,061.35 billion by 2024. Over the forecast period of 2016 to 2024, the artificial intelligence market is projected to rise at a 36.10% CAGR.
The segment of digital assistance is expected to emerge one the most lucrative artificial intelligence technologies, due to high uptake of mobile computing devices such as laptops and tablets.
Geographically the regional market of the Middle East and Africa are expected to rise with the a generous 38.2% CAGR over the forecast period. This could be ascribed to the swift uptake of robotic automation in the MEA region.
Growing Need for Analysis of Large Amounts of Data to Drive Growth
The two main considerations empowering market development are rising AI advances and development in big data adoption. Artificial Intelligence has seen gigantic development in the recent past because of the need for progression in the zones of machine interpretation, protest observation, and question acknowledgment. The scene of apparatuses and foundation for preparing and sending of neural systems by means of ‘Machine Learning’ is further developing quickly. The quick take-up of artificial intelligence in end-use enterprises, for example, retail and business analysis is expected to grow substantially throughout the coming years.
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The artificial intelligence market is additionally possibly reinforced by the rising use instances of profound learning models in a developing number of ventures crosswise over all verticals. The appropriation of artificial intelligence in item situating systems of ventures in different parts of the world is a key factor filling the development of the worldwide market.
Automotive Sector to Offer Lucrative Market Opportunity
Artificial Intelligence has numerous potential applications in the automotive industry, for example, in self-governing driving and Advanced Driver Assistance Systems (ADAS). Neural systems are generally embraced in vehicles for path discovery encouraging the substitution of costly sensors. Further, artificial intelligence composes a lot of information gathered for IoT sensors and cell phones to enhance the information accumulation and capacity process.
Reasonable upgrades in data stockpiling limit and parallel handling capacities have additionally added to the quick take-up of the artificial intelligence innovation in a number of key end-use verticals. This is expected to encourage vendors in capitalizing on the opportunities present in the global artificial intelligence market.