Globally, the artificial intelligence market is anticipated to grow phenomenally, as various organizations across the globe are now exploiting the benefits of these disruptive technologies for effective positioning of their offerings and know their customer reach. Moreover, increasing spending by enterprises to enhance their products and services is likely to increase the need for artificial intelligence. Nowadays, the use of artificial intelligence is seen across various industries and especially in the healthcare and consumer electronics sector in the next few years. The need for artificial intelligence is likely to expand significantly with the growing base of application of technology.

The global aetrtificial intelligence mark is likely to reach a valuation of US$3.06 tn by the end of 2024 progressing from US$0.12 tn in 2015. The market is expected to expand at an excellent CAGR of 36.10% during the forecast period from 2016 to 2024.

Increasing Application of Artificial Intelligence in Various Industries to Expand Market Growth

The global artificial intelligence market is classified on the basis of application and type. Based on type, the market is segmented into an expert system, artificial neural network, digital assistance system, embedded system, and automated robotic system. In 2015, the expert system segment represented 44% of revenue in the overall market and is projected to maintain its dominance during the forecast period.

The application of artificial intelligence is seen in deep learning, image recognition, digital personal assistant, smart robots, language processing, querying method, video analysis, speech recognition, gesture control, cyber-security, and context aware processing. Among these, the deep learning segment held the king’s share of 21.6% in terms of value in 2015, followed by smart robots segment. The need for artificial intelligence in image recognition is expected to rise notably in coming years.

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