A new report from Grand View Research, Inc. says the global artificial intelligence market will reach $390.9 billion by 2025. The market is expected to expand at a CAGR of 46.2% from 2019 to 2025. As a revolutionary advancement in technology, Artificial intelligence (AI) is experiencing rapid market growth, and integration into many applications. While the growth is driven by achievements in voice and image recognition, advanced technology of image identification is key to the development of robotics, car driving and drones.
Key suggestions from the report:
- The implementation of the technology is expected to increase due to the growth in the volume of data being generated from different end-use industries
- During the forecast period, new growth opportunities are expected to be created in the Asia-Pacific region as a result of the increasing adoption of image and pattern recognition.
- North America is among the early adopters of advanced technologies that enable organizations to quickly leverage the capabilities of artificial intelligence.
- The need for the analysis and retrieval of data increases with the rising amount of digital data, especially in the form of images, video, and speech, from several social media sources like consumer analytics and IoT.
- AI is widely used in various media and networking services such as Google Assistant, Siri Dialog and Voice Recognition, Microsoft Cortana, Image Classification on Facebook and Google Photo, and Amazon’s Alex.
- Microsoft Corporation, Intel Corporation, Google Corporation, Enlitic Inc., NVIDIA, IBM Watson Health, H2O.ai, Baidu Inc., Zebra Medical Vision Inc., Sense.ly Inc., Lifegraph, and Atomwise Inc. are the major participants in the artificial intelligence market.
The increase in the adoption of big data and the emergence of new AI technologies are the two critical factors in market expansion. The growing importance of artificial intelligence allows new entrants to gain access to the market by providing specific solutions to niche applications. Moreover, in a bid to increase their competitive advantage, companies have started buying and merging with competitors. Existing solution providers are upgrading their product portfolios to include hardware and software solutions.
A strong technical base, the existence of key players, and the availability of public resources allowed North America to dominate the global AI market in 2018. By 2025, it is expected that Asia-Pacific will take the place of North America as the largest regional market. This can be attributed to the rapid improvement in information storage capacity, parallel processing, and high computing power, which is all responsible for the swift implementation of AI technologies in end-user industries like healthcare and automotive.
For more information about this report visit https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-ai-market