Artificial Intelligence cos' revenue to hit $3 bn by 2024, says report; Deep Learning to have fastest growth

New Delhi: Artificial Intelligence (AI) companies' revenue projections are increasing at a fast pace and expected to touch around $3.06 billion by 2024, says an Avendus Capital report. According to the report, Deep Learning is expected to have the fastest growth within the Arificial Intelligence space and will become the largest portion of total AI companies revenue. "Artificial Intelligence revenue projections are on a fast growth axis as they are increasing at a rate of CAGR 40 percent and are expected to be at a value of $3,061 million in 2024," the report said. Moreover, increased demand for robots has led to a rise in investment and M&A in the Artificial Intelligence space. According to the report, AI industry has received more than $11.5 billion of investments in the last three years and going forward, over $6 billion of VC investments are expected in 2017.