Analysts predict that artificial intelligence will be a $14 billion industry by 2023

A recent report asserts that the artificial intelligence (AI) industry will reach a compound annual growth rate of 17.2 percent by 2023. The market is set to swell to a whopping $14.2 billion over the next six years, up from just $525 million in 2015. Natural language processing technology is set to be a huge contributor to this growth. This tech is being adopted rapidly, particularly by financial institutions, because it can carry out customer service transactions and answer common questions in the place of human employees. As for geography, North America is expected hold the majority of the AI industry's market share by 2023, but Europe and the Asia-Pacific region will see significant growth thanks to the rapid pace of urbanization in some areas, increasing use of smartphones, and robust automotive sectors.