Global Artificial Intelligence (AI) Market Outlook Market Overview In the era of digitalization and rapidly changing technology, Artificial intelligence technology is one the fastest evolving technology across the globe. Further this technology has vast applications in various sectors like healthcare and manufacturing. Artificial intelligence has potential to lift various industries by reducing the human effort and increasing productivity. The AI technology will transform the functionality of various sectors such as agriculture, Industrial, BFSI, Healthcare among others by providing ease to consumers and the users. Artificial intelligence consists of various technologies such as natural language processing, quarrying, deep learning etc which can be implemented in various applications.
The major factors propelling the growth of the Global Artificial Intelligence (AI) market include the rise in the adoption of cloud-based applications and services and the growth of big data across the globe. The advanced AI technologies is continuously enhancing the performance of economies, businesses and different industries. The growing demand for intelligent virtual assistants across different verticals in several industries will have a positive impact on the Global Artificial Intelligence (AI) market during the forecast period. The increased integration of image recognition technology with optical character recognition, pattern matching and face recognition in various end-use applications such as drones, self-driving cars and robotics will propel the growth of the artificial intelligence market during the forecast period. Various multinational giants are largely focusing on mergers and acquisitions with emerging start-ups in order to capture the highest market share and gain a competitive advantage over the other market players.
The global artificial intelligence market size is expected to reach $169,411.8 million in 2025, from $4,065.0 million in 2016 growing at a CAGR of 55.6% from 2018 to 2025. Artificial intelligence has been one of the fastest-growing technologies in recent years. AI is associated to human intelligence with similar characteristics such as language understanding, reasoning, learning, problem solving, and others. AI is positioned at the core of the next gen software technologies in the market. The report focuses on the growth prospects, restraints, and artificial intelligence market trends.
The global artificial intelligence market is expected to reach USD 35,870.0 million by 2025 from its direct revenue sources, growing at a CAGR of 57.2% from 2017 to 2025, whereas it is expected to garner around USD 58,975.4 million by 2025 from its enabled revenue arenas, according to this new report. Artificial Intelligence (AI) is considered to be the next stupendous technological development, alike past developments such as the revolution of industries, the computer era, and the emergence of smartphone technology. The North American region is expected to dominate the industry due to the availability of high government funding, the presence of leading players, and strong technical base. Advances in image and voice recognition are driving the growth of the artificial intelligence market as improved image recognition technology is critical to offer enhanced drones, self-driving cars, and robotics. The AI market can be categorized based on solutions, technologies, end use, and geography.