The AI market is set to grow at a CAGR of 55.6%, reaching $169 billion by 2025, driven by big data and cloud-based services.
Big data is growing rapidly, adopting cloud-based applications and services and increasing demand for assistants of intelligent virtual are the factors driving the growth of the artificial intelligence market. The rising trend of multi-cloud functioning and the growing need for cloud-based intelligence services also boosts demand in the market studied.
Adopting AI for improving customer service acts as an opportunity. Data privacy concerns are challenges faced by the artificial intelligence market. An increase in investment in AI technologies, a rise in demand for analyzing and interpreting a large amounts of data, and a surge in the adoption of AI in emerging markets are expected to propel the global AI market.
The global artificial intelligence market was pegged at $4.06 billion in 2016 and is projected to reach $169.41 billion by 2025, registering a CAGR of 55.6% from 2016 to 2025.
The global AI market is divided on the basis of technology, industry vertical, and geography. Based on technology, the market is segmented into machine learning, natural language processing, image processing, and speech recognition. The machine learning segment held the largest share in 2016, contributing more than half of the market and expected to maintain its dominance throughout the study period. Moreover, the segment is projected to register the fastest CAGR of 56.4% during the forecast period.
The global AI market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2018, contributing nearly half of the market. However, the market across Asia-Pacific is projected to manifest the fastest CAGR of 59.4% during the forecast period.
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Based on industry vertical, the market is divided into media & advertising, BFSI, it & telecom, retail, healthcare, automotive & transportation, and others. The IT & telecom segment dominated the market in 2016, contributing more than one-fifth of the market. Moreover, the segment is projected to register the fastest CAGR of 56.8% during the forecast period.
Profiling Key Players: Apple Inc., Alphabet (Google Inc.), IBM Corporation, Baidu, Microsoft Corporation, IPsoft, NVIDIA, MicroStrategy, Inc., Verint Systems Inc (Next IT Corp), and Qlik Technologies Inc.
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The article discusses the growth forecast of the artificial intelligence market, expected to reach $169 billion by 2025.
Big data, cloud-based applications, and demand for intelligent virtual assistants are key drivers.
The Asia-Pacific region is projected to experience the fastest growth in the AI market.
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