Global artificial intelligence market is expected to reach $71 billion by 2024

DALLAS, June 21, 2019 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the global artificial intelligence market looks attractive with opportunities in the healthcare, security, retail, automotive, manufacturing, and financial technology (fintech) sectors. The global artificial intelligence market is expected to reach $71 billion by 2024 with a CAGR of 26% from 2019 to 2024. The major drivers for this market are increasing demand for virtual assistance for easy accessibility of services and growing adoption of cloud-based technology. In this market, different types of artificial intelligence such as machine learning, natural learning processing, and others are used as technology. On the basis of comprehensive research, Lucintel forecasts that the machine learning technology will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing adoption of this technology in the autonomous applications and growing consumer preference for IoT-enabled devices.