DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Artificial Intelligence (Ai) Market By Technology (Machine Learning, Natural Language Processing (Nlp), Image Processing, And Speech Recognition), Application & Geography - Global Forecast To 2020" report to their offering. The author forecasts the artificial intelligence market to grow from USD 419.7 Million in 2014 to USD 5.05 Billion by 2020, at a CAGR of 53.65% from 2015 to 2020. The major factors driving the growth of this market include diversified application areas of AI, improved productivity, and increased level of customer satisfaction. In addition, the rising demand for intelligent systems is expected to propel the growth of the market in the next five years. The scope of this report covers the artificial intelligence market by technology, application, and region.
Artificial intelligence (AI) is poised to have a transformative effect on consumer, enterprise, and government markets around the world. An umbrella term that refers to information systems inspired by biological systems, AI encompasses multiple technologies including machine learning, deep learning, computer vision, natural language processing (NLP), machine reasoning, and strong AI. According to a new report from Tractica, these technologies have use cases and applications in almost every industry and promise to significantly change existing business models while simultaneously creating new ones. The market intelligence firm forecasts that annual worldwide AI revenue will grow from $643.7 million in 2016 to $36.8 billion by 2025. In sizing and forecasting the total global AI market, Tractica has identified 191 real-world use cases for AI, organized into 27 different industry sectors and corresponding with six major technology categories, plus multiple combinations of technologies.
The artificial intelligence (AI) market is estimated to grow from USD 419.7 million in 2014 to USD 5.05 billion by 2020, at a CAGR of 53.65% from 2015 to 2020. This growth can be attributed to the factors such as diversified application areas, improved productivity, and increased customer satisfaction. The machine learning technology is expected to account for the largest share of the overall Artificial Intelligence (AI) Market duing the forecast period. In addition, due to the increase in demand for AI from the media & advertising and finance sectors, the artificial intelligence market is expected to gain traction in the next five years. The machine learning technology market for the retail, healthcare, law, and oil & gas sectors is also expected to witness growth during the forecast period.
According to the latest market research report "Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography - Global Forecast to 2025", published by MarketsandMarkets, the market is expected to grow from USD 21.46 Billion in 2018 to USD 190.61 Billion by 2025, at a CAGR of 36.62% between 2018 and 2025. Major drivers for the market are growing big data, the increasing adoption of cloud-based applications and services, and increasing demand for intelligent virtual assistants. The major restraint for the market is the limited number of AI technology experts.