(MENAFNEditorial) According to report published by Grand View Research, The global artificial intelligence market size was valued at USD 641.9 million in 2016 and AI is considered to be the next stupendous technological development, alike past developments such as the revolution of industries The global 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 a new report by Grand View Research, Inc.
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.
The two major factors enabling market growth are emerging AI technologies and growth in big data espousal. The growing prominence of artificial intelligence is enabling new players to venture into the market by offering niche application-specific solutions. Furthermore, companies are also engaging in industry consolidations in a bid to gain competitive advantages. For instance, in January 2017, Microsoft Corporation acquired Maluuba for advancing in the deep learning and Artificial Intelligence (AI) landscape. Existing solution providers are innovating their product portfolio to include both hardware and software solutions.
The Asia Pacific regional market is expected to be the fastest-growing market, owing to the rapid improvements in information storage capacity, high computing power, and parallel processing, which have contributed to the swift uptake of artificial intelligence technology in end-use industries such as automotive and healthcare.
AI has the potential to reduce the burden on clinicians and provide an efficient tool to workforces for accomplishing their tasks in a better way. For instance, AI voice-enabled symptom checkers can better access a situation and assist patients to the emergency department when immediate treatment is required. AI is expected to resolve around 20% of unmet healthcare demands.
Access Full Research Report On Artificial Intelligence MarketAnalysis:
Artificial Intelligence - Direct & Enabled Revenue, 2014 - 2025 (USD Million)
Further key findings from the report suggest:
Growth in the volume of data being generated from different end-use industries is expected to provide traction to the technology adoption
The increasing adoption of image and pattern recognition in the Asia-Pacific region is expected to provide new growth opportunities over the forecast period.
The North America region is one of the early adopters of advanced technologies and renders organizations to adopt artificial intelligence capabilities at a faster pace.
The increasing amount of digital data (in the form of speech, videos, and images, from different social media sources such as IoT and consumer analytics) is driving the need for data mining and analytics. AI is extensively used by several media and online services such as Google Assistant, dialogue and voice recognition of Siri, Microsoft Cortana, image classification in Facebook & Google Photo, and Amazon's Alexa.
The key industry participants include Atomwise, Inc., Lifegraph, Sense.ly, Inc., Zebra Medical Vision, Inc., Baidu, Inc., H2O ai, IBM Watson Health, NVIDIA, Enlitic, Inc., Google, Inc., Intel Corporation, and Microsoft Corporation.
View more reports of this category by Grand View Research at:
Artificial Intelligence Market, By End Use, 2016 (%)
Grand View Research has segmented the artificial intelligence market based on solutions, technologies, end use, and regions:
Artificial Intelligence Solution Outlook (Revenue, USD Million, 2014 - 2025)
Hardware (HW)
Software (SW)
Services
Artificial Intelligence Technology Outlook (Revenue, USD Million, 2014 - 2025)
Deep Learning
Machine Learning
Natural Language Processing
Machine Vision
Artificial Intelligence End use Outlook (Revenue, USD Million, 2014 - 2025)
Healthcare
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Robot Assisted Surgery
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Virtual Nursing Assistants
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Hospital Workflow Management
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Dosage Error Reduction
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Clinical Trial Participant Identifier
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Preliminary Diagnosis
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Automated Image Diagnosis
BFSI
Law
Retail
Advertising & Media
Automotive & Transportation
Agriculture
Manufacturing
Others
Artificial Intelligence Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
Europe
Asia Pacific
South America
The Middle East & Africa Access Full Press Of This Report By Grand View Research: About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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