LONDON, Aug. 21, 2017 /PRNewswire/ -- Artificial
Intelligence Market Analysis By Solution (Hardware, Software,
Services), By Technology (Deep Learning, Machine Learning, Natural
Language Processing, Machine Vision), By End-use, By Region, and
Segment Forecasts, 2014 - 2025
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The global artificial intelligence market is expected to reach
USD 35,870.0 million by 2025 from its
direct revenue sources, growing at a CAGR of 57.2% from 2017 to
2025, whereas it is expected to garner around USD 58,975.4 million by 2025 from its enabled
revenue arenas, according to a new report by Grand View Research,
Inc.
Artificial Intelligence (AI) is considered to be the next
stupendous technological development, alike past developments such
as the revolution of industries, the computer era, and the
emergence of smartphone technology. The North American region is
expected to dominate the industry due to the availability of high
government funding, the presence of leading players, and strong
technical base. Advances in image and voice recognition are driving
the growth of the artificial intelligence market as improved image
recognition technology is critical to offer enhanced drones,
self-driving cars, and robotics. The AI market can be categorized
based on solutions, technologies, end use, and geography.
The two major factors enabling market growth are emerging AI
technologies and growth in big data espousal. The growing
prominence of artificial intelligence is enabling new players to
venture into the market by offering niche application-specific
solutions. Furthermore, companies are also engaging in industry
consolidations in a bid to gain competitive advantages. For
instance, in January 2017, Microsoft
Corporation acquired Maluuba for advancing in the deep learning and
Artificial Intelligence (AI) landscape. Existing solution providers
are innovating their product portfolio to include both hardware and
software solutions.
The Asia Pacific regional market
is expected to be the fastest-growing market, owing to the rapid
improvements in information storage capacity, high computing power,
and parallel processing, 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. AI is expected to
resolve around 20% of unmet healthcare demands.
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
• The increasing adoption of image and pattern recognition in the
Asia-Pacific region is expected to
provide new growth opportunities over the forecast period.
• The North America region is one
of the early adopters of advanced technologies and renders
organizations to adopt artificial intelligence capabilities at a
faster pace.
• The 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.
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