Albany, New York, Oct. 22, 2018 (GLOBE NEWSWIRE) -- According to a recent report compiled by Transparency Market Research (TMR), the competitive landscape of the global artificial intelligence market is presumed to show fair and substantial growth owing to the high competition degree that is increasing between top vendors of the market. There is intense competition in the market and this is projected to rise with time and growth of the market in a global scenario. Various vendors are focusing on developing new strategies in order to geographically spread the market and their brand names all over the world, so as to stabilize their name in the market. Players are also investing more on their research and development functions in order to gain more new prospects and hence, increase the overall market revenue in the global artificial intelligence market in the future years.
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Some of the key vendors of the global artificial intelligence market are IBM Corporation, IntelliResponse Systems Inc., Google Inc., Next IT Corporation, and Brighterion Inc. Market players are making efforts to technologically improve the current scenario of the artificial intelligence market as new discoveries and inventions will make vendors fight for the strongest foothold in the market and also for branding of the company names.
As per the TMR report, the global artificial intelligence market is prognosticated to earn US$3,061.35 billion by the end of 2024. The market is expected to enlarge with a CAGR of 36.10% within the forecast period of 2016 to 2024. On the basis of technology, a major contribution to the market is seen to be drawn from the digital assistance segmentation. Apart from that, from the geographical point of view, the global artificial intelligence market is envisioned to be dominated by Middle East and Africa with an estimated CAGR of 38.2% within the forecast period. This is because of the increase in prevalence of robotic automation and the increase in smart city technology in the region.
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Artificial Intelligence Market to Boost Growth with Less Human Error
Artificial Intelligence is seen as a high potential in terms of human ease of work whether it be huge machinery help in big industries or the perfection of robotics in terms of medical and health sector and surgeries. Artificial Intelligence market is projected to be boosted with a number of factors like digital transformation in various industries, healthcare and medical sector, automobile industry and many others. A notable factor driving the market is the important role that artificial intelligence plays in order to dominate various marketing campaigns of various players.
Artificial Intelligence is also fuelled by the increase in deep learning model cases in number of developing industries across all highs and lows. The installation of artificial intelligence in number of machineries so as to do product positioning and for the adoption of such strategies is also expected to augment the market for artificial intelligence in the market in the coming years.
With the implementation of artificial intelligence into modern machinery, the chances of human errors have decreased, thus increasing its demand all over the world. The huge leaps of progress that robotics is making nowadays is a crucial turning point from a developmental perspective in the artificial intelligence market worldwide. Another advantage to installation of artificial intelligence market is the reduction of operational cost that is anticipated to boost the market in the coming years.
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Lack of Expertise to Restrict Market Growth
Although the artificial intelligence market is getting a lot of attention and generating more revenue with time, factors like high rate of expenditure in terms of AI machinery installation for business purpose may act as a hindrance to the overall market. Apart from that, there is dearth of expertise in the field and this may also restrict the market growth in the long run. However, the remarkable funding made towards research and development activities of artificial intelligence market is anticipated to propel the market in the future years.
The information presented in this review is based on a TMR report, titled, “Artificial Intelligence Market (Type - Automated Robotic System, Expert System, Embedded System, Digital Assistance System, and Artificial Neural Network; Application - Cyber Security, Context Aware Processing, Speech Recognition, Video Analysis, Gesture Control, Language Processing, Querying Method, Digital Personal Assistant, Image Recognitio, Smart Robots, and Deep Learning) - Global Industry, Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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The global Artificial Intelligence Market is segmented as follows:
Global Artificial Intelligence Market by Type
- Artificial Neural Network
- Digital Assistance System
- Embedded System
- Expert System
- Automated Robotic System
Global Artificial Intelligence Market by Application
- Deep Learning
- Smart Robots
- Image Recognition
- Digital Personal Assistant
- Querying Method
- Language Processing
- Gesture Control
- Video Analysis
- Speech Recognition
- Context Aware Processing
- Cyber Security
Global Artificial Intelligence Market by Geography
- North America (NA)
- Europe (EU)
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America (LATAM)
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