Globally, there is a wave of artificial intelligence across various industries, especially consumer electronics and healthcare. The wave is likely to continue in the years to come with the expanding base of applications of the technology.
The global market for artificial intelligence is expected to witness phenomenal growth over the coming years as organizations worldwide have started capitalizing on the benefits of such disruptive technologies for effective positioning of their offerings and customer reach. In addition, the increasing It spending by enterprises across the globe for better advancements in their services and products.
According to a study by Transparency Market Research (TMR), the global market for artificial intelligence is estimated to post an impressive 36.1% CAGR between 2016 and 2024, rising to a valuation of US$3,061.35 bn by the end of 2024 from US$126.14 bn in 2015.
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The upward growth of the market is, however, hampered by the low upfront investments. The majority of companies operating in the market are facing difficulties in accumulating funds for early stage research and development of prototypes and their underlying technologies. The dearth of personnel with adequate technical knowledge is also restricting the market from realizing its full potential.
The “Artificial Intelligence Market” report provides analysis of the global artificial intelligence market for the period 2014–2024, wherein the years from 2016 to 2024 is the forecast period and is considered as the base year. The report precisely covers all the major trends and technologies playing a major role in the artificial intelligence market’s growth over the forecast period.
It also highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Bn), across different geographies, which includes Asia Pacific (APAC), Latin America (LATAM), North America, Europe, and Middle East & Africa (MEA).
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