Global Artificial Intelligence Market Expected to See CAGR of 62% during 2017-2023

Reading time ( words)

Artificial Intelligence is the theory and development of computer systems able to perform tasks that require human intelligence such as visual perception, speech recognition, decision making and translation of languages. The global artificial intelligence market is anticipated to expand at a CAGR of 62% during the forecast period 2016-2023. and is projected to hit $36 billion by 2025. Due to hardware advantages, superior processing power, superior serial and parallel power and excellent memory power due to recent advancements in the computer power and several other benefits.

North America has the largest market for artificial intelligence and occupied 38% of total market share in 2015 as all the elite market players are in U.S. Factors that attribute to the growth of North America include high-tech developments of artificial intelligence in various fields. Demand in Europe is mainly due to scalability of developed advanced solutions. Asia Pacific is expected to exhibit a promising growth due to increasing demand for artificial intelligence in the automation for various manufacturing and processing industries which is encouraging the deployment of smart robots to increase work rate. Market growth in MEA is primarily driven by the growth of aviation programs and technological advancements in the field across the region which in turn is encouraging companies to invest in artificial intelligence technologies.

Global artificial intelligence market report covers segmentation analysis of technology, system type and end users. Report further covers segments of technology type which includes machine learning, image processing, speech recognition etc. By system type, it is further divided into fuzzy, hybrid, intelligent systems etc. The speech recognition is projected to exhibit the highest growth in the forecast period and reach revenue worth $11.96 billion by 2023. The end-users of artificial intelligence include BFSI, healthcare, education, media etc. Among these, BFSI segment dominated the market in terms of revenue in 2015 and is expected to continue its dominance during forecasted period.


Suggested Items

Telecom (Compute and Storage) Infrastructure Market to Reach $16.35B in 2022

09/03/2018 | IDC
A new forecast from IDC sizes the market for compute and storage infrastructure for Telecoms at nearly $10.81 billion in 2017. However, as Telecoms aggressively build out their infrastructure, IDC projects this market to see a healthy five-year compound annual growth rate (CAGR) of 6.2% with purchases totaling $16.35 billion in 2022.

What’s Coming in 3D Printing Technology in 2018

12/27/2017 | Cullen Hilkene, 3Diligent
First, the arrival of extrusion metal printing. Today's extrusion printers are the most prevalent and, arguably, user-friendly 3D Printers in the market. Now, after years of there being zero metal extrusion printers, there will be two in the new year from Desktop Metal and Markforged. These technologies promise new materials and a higher degree of user friendliness for metal printing.

Global LED Market Expected to Record a CAGR of close to 17% until 2020

05/26/2016 | Business Wire
This research report titled ‘Global LED Market 2016-2020’ provides an in-depth analysis of market growth in terms of revenue and emerging market trends. The market size is calculated on the basis of revenue generated from four segments, including general lighting, backlighting, automotive lighting, and others.

Copyright © 2018 I-Connect007. All rights reserved.