Global artificial intelligence market was estimated to be USD 4,157.6 million in 2016

Global artificial intelligence market was estimated to be USD 4,157.6 million in 2016

According to GMI Research report, “Global Artificial Intelligence Market By Solution, By Technology, By End-Use and By Geography – Opportunities & Forecast 2016–2025”, the global artificial intelligence market was estimated to be USD 4,157.6 million in 2016 and is projected to reach USD 153,389.0 million by the end of 2025, exhibiting a CAGR of 49.3% during the forecast period. The key factors boosting growth of the market are increasing adoption of artificial intelligence solutions across a broad range of industries, rise in demand for analyzing and interpreting large amount of data as well as development and acceptance of technologically advanced artificial intelligence solutions for upgrading consumer services.

On the basis of solution, hardware is expected to exhibit the highest CAGR through 2025

Surging demand from several industries, such as retail, BFSI, healthcare, automotive & transportation, media & advertizing and manufacturing worldwide has led to burgeoning market growth of hardware solution. This segment typically includes chipsets, such as central processing unit, graphics processing unit, application specific integrated circuit as well as the field-programmable gate array. Apart from this, the technological advancements, such as superior computing power, parallel computation capabilities and more storage capacity in AI-enabled hardware products are further likely to drive the growth of this segment.

On the basis of technology, deep learning segment cornered the market in 2016

Deep learning segment captured the largest share in artificial intelligence market globally due to it’s increased usage across various industries, such as BFSI, automotive as well as media & advertising. Besides that, surging demand for technologically advanced deep learning hardware as well as cloud based technology has further spurred growth of the segment. Moreover, complex data driven applications including image recognition, signal recognition and data mining of deep learning technology is anticipated to positively affect the market growth.

On the basis of end-use application, media & advertising segment dominated the market in 2016

Media & advertising segment held the largest share in the indicated year and is predicted to grow at a substantial rate during the forecast period owing to rising usage of artificial intelligence solutions in various applications, such as ad targeting, content creation, fraud prevention, predictive customer service, consumer product recommendation, sales forecasting and web/app personalization. Also, significant investments by industries, such as banking, retail, healthcare and manufacturing in artificial intelligence systems are expected to lay down the best path for the market to grow.

North America controlled the largest share in the market in 2016

Increase applications in end-use verticals, majorly in media & advertising, automotive & transportation, healthcare, BFSI, retail coupled with high government funding were the key factors that fueled the market growth in North America in 2016. Increased adoption rate of artificial intelligence systems by large conglomerates, especially in the United States has contributed to the market growth in the region. Europe and Asia-Pacific are other key significant regions in artificial intelligence market across the globe. Countries like the U.K. and Germany are projected to grow at the highest rates from 2016 to 2021 in the European region.

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