Artificial intelligence has made its mark on the global economy and the everyday lives of consumers like no other technology. From smartphones to topnotch security systems, artificial intelligence has become an indispensible part of everyone’s lives. As more and more companies are working towards incorporating a variety of disruptive technologies for improved customer reach, they have indirectly created a huge demand for artificial intelligence across the globe. The activities for which companies are deploying artificial intelligence are social, mobile, analytics, and cloud (SMAC) technologies for turning an enterprise into a global digital business. According to a research report, the global artificial intelligence market stood at US$126.2 bn in 2015 and anticipated to reach US$3,061.3 bn by the end of 2014, rising at a remarkable CAGR of 36.1% from 2016 to 2024.
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Poor Investment to Hamper Market Growth
However, the global artificial intelligence market faces challenges such as poor investments for research and development. The majority of artificial intelligence companies are facing the tough challenge of a lack of funding for research and development of prototypes and other supportive technologies. Furthermore, paucity of skilled resources for conducting exceptionally technical tasks involved in artificial intelligence is also hampering the growth of this market.
The global artificial intelligence market is segmented on the basis of type, end user, and geography. The types of artificial intelligence available in the market are artificial neural networks, digital assistance systems, embedded systems, and automated robotic systems. The end-use industries of artificial intelligence are deep learning, smart robots, image recognition, digital personal assistants, querying method, language processing, gesture control, video analysis, speech recognition, context aware processing, and cyber security. Geographically, this market is segmented into Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa.
North America to Lead Overall Market thanks to Supportive Technological Base
In terms of geography, North America held a significant share in the overall artificial intelligence market, accounting for nearly 38% of the revenue in the global market. Analysts predict that this region will continue its dominance between 2016 and 2024 as funding from the government will increase. Furthermore, a strong and reliable technological base is also likely to be an important driving factor for the growth of the artificial intelligence market in North America.
Meanwhile, in the same forecast period, the Middle East and Africa region is poised to rise at a CAGR of 38.2%. The credit for this growth goes to the development of new airports and several technological innovations such as robotic automation in MEA, which is giving the artificial intelligence market new opportunities.
Expert Systems to Remain Popular Choice
Out of all the formats of artificial intelligence, the expert system segment has been the most widely adopted one as of 2015. This system is expected to continue its dominance as it will be used extensively for diagnosing, process controlling, designing, monitoring, scheduling and planning. Furthermore, the image recognition segment is likely to be the fastest growing segment of all the applications of artificial intelligence, as the demand for an effective computing technology grows across various industrial verticals for bringing in improved studies to analyze, recognize, process, and simulate human behavior.
Some of the important players in the global artificial intelligence market are QlikTech International AB, MicroStrategy Inc., Google, Inc., IBM Corporation, Microsoft Corporation, Brighterion Inc., Next IT Corporation, Nuance Communications, IntelliResponse Systems Inc., and eGain Corporation.