The global artificial intelligence market is foretold to see expansion on the back of the use of the disruptive technology to extend customer reach and effectively position products for their sale. The need for artificial intelligence could surge due to increased spending on the improvement of products and services. Rising application of artificial intelligence in a number of end-use industry verticals such as consumer electronics and healthcare is projected to bode well for the global market. Players could benefit from the growing interest of top organizations in developing new artificial intelligence tools. Just recently, Facebook quietly built and deployed SapFix, an artificial intelligence programming tool that tests different patches and automatically identifies bugs.
Transparency Market Research (TMR) prognosticates the global artificial intelligence market to post a 36.10% CAGR between 2016 and 2024 to attain a valuation of US$3.06 tn by the final forecast year. In 2015, the global artificial intelligence market was valued at a US$0.12 tn.
Increasing Use of Portable Devices to Raise Demand for Digital Assistance Systems
Among various types of artificial intelligence market, expert systems are forecast to hold a significant share of the global market. This could be due to the rising use of artificial intelligence for several purposes such as scheduling, diagnosis, design, planning, monitoring, and process control. However, it terms of revenue share, digital assistance systems are expected to show great promise in the coming years because of the rising use of tablets, smartphones, and other portable devices.
North America is prognosticated to take the lead in the global artificial intelligence market due to the presence of popular industry names in the region. It is seeing large technological development because of increased government funding. The MEA, on the other hand, is predicted to show quicker growth in the global artificial intelligence market owing to the rising focus on robotic automation, smart cities, and other intelligent concepts.