The global artificial intelligence market size is expected to reach USD 390.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 46.2% from 2019 to 2025. Artificial intelligence (AI) is considered to be a revolutionary technological development and its integration across a host of applications is one of the key factors driving this market. Advances in image and voice recognition are driving the growth of the regional market. Improved image recognition technology is critical in enhanced drones, self-driving cars, and robotics.
The two major factors fueling market growth are emerging artificial intelligence technologies and growth in big data espousal. Rising prominence of artificial intelligence is enabling new players to venture into the market by offering niche application-specific solutions. Furthermore, companies are engaging in industry consolidations in a bid to gain competitive advantages. For instance, in January 2017, Microsoft Corporation acquired Maluuba in order to advance in the deep learning and AI landscape. Existing solution providers are innovating their product portfolio to include both hardware and software solutions.
North America held the dominant share in the global AI market in 2018 thanks to the availability of high government funding, presence of leading players, and strong technical base. Asia Pacific, however, is anticipated to overtake North America to emerge as the leading regional market by 2025, registering the highest CAGR. This can be attributed to rapid improvements in information storage capacity, high computing power, and parallel processing, all of which have contributed to the swift uptake of artificial intelligence technology in end-use industries such as automotive and healthcare.
AI has the potential to reduce the burden on clinicians and provide an efficient tool to workforces for accomplishing their tasks in a better way. For instance, AI voice-enabled symptom checkers can better access a situation and assist patients to the emergency department when immediate treatment is required. Artificial intelligence is expected to resolve around 20% of unmet healthcare demands.
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Further key findings from the report suggest:
Growth in the volume of data being generated from different end-use industries is expected to provide traction to the technology adoption
Increasing adoption of image and pattern recognition in Asia Pacific is expected to provide new growth opportunities over the forecast period
North America is one of the early adopters of advanced technologies and allows organizations to adopt artificial intelligence capabilities at a faster pace
Increasing amount of digital data in the form of speech, videos, and images, from different social media sources such as IoT and consumer analytics is driving the need for data mining and analytics.
AI is extensively used by several media and online services such as Google Assistant, dialogue and voice recognition of Siri, Microsoft Cortana, image classification in Facebook & Google Photo, and Amazon’s Alexa
Key players in the artificial intelligence market include Atomwise, Inc.; Lifegraph; Sense.ly, Inc.; Zebra Medical Vision, Inc.; Baidu, Inc.; H2O ai; IBM Watson Health; NVIDIA; Enlitic, Inc.; Google, Inc.; Intel Corporation; and Microsoft Corporation.
Grand View Research has segmented the global artificial intelligence market based on solution, technology, end use, and region:
Artificial Intelligence Solution Outlook (Revenue, USD Billion, 2014 - 2025)
Artificial Intelligence Technology Outlook (Revenue, USD Billion, 2014 - 2025)
Natural Language Processing
Artificial Intelligence End-use Outlook (Revenue, USD Billion, 2014 - 2025)
Advertising & Media
Automotive & Transportation
Artificial Intelligence Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Middle East & Africa
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