The global artificial intelligence (AI) market is estimated to reach USD 32,006.1 Million by 2024, at a CAGR of 44% during 2018-2024, says a new report, Global Artificial Intelligence Market (2018-2024), published by KBV Research.
The global artificial intelligence market is currently witnessing healthy growth as companies have started leveraging the benefits of such disruptive technologies for effective customer reach and positioning of their services/solutions. Market growth is also supported by an expanding application base of artificial intelligence solutions across various industries. However, factors such as low funding access or high upfront investment, and demand for skilled resources (workforce) are presently acting as major deterrents to market growth.
The report highlights the adoption of Artificial Intelligence market, globally.
Based on the Technology, the Artificial Intelligence Market is segmented into:
- Machine learning
- Natural language processing
- Image processing
- Speech recognition market
On the basis of Applications, the market is bifurcated into
- Government & Defense
- Consumer Goods & Retail
- IT & Telecom
- Energy & Utilities
The Machine learning segment contributed the larger share to the Global Artificial Intelligence Market. This is because the machine learning technology is a key element of artificial intelligence and is used in conjunction with other technologies such as natural language processing and image processing across a wide range of application areas. The market for natural language processing technology is expected to grow at the highest rate during the forecast period.
The North America market dominated the Global Artificial Intelligence Market. The Asia-Pacific market is expected to grow with the fastest pace during the forecast period.