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Artificial Intelligence Market 2024 Business
Development Analysis: Global Market Insights Inc.
Artificial Intelligence Market size is expected to a have significant growth over the forecast
timeline. Increasing complex IT databases and rising AI applications in numerous applications
will drive the artificial intelligence market growth.
Increasing R&D in human-like robots and the rising deployment rate in the various regions are
likely to fuel the artificial intelligence market growth. The growing adoption of artificial
intelligence-enabled software and products to improve customer services is further
augmenting the demand. The requirement for such technologies in various sectors, such as
healthcare, transportation, retail, and manufacturing, is extensively contributing to the industry
The rise in the use of AI in the cyber security will provide significant growth prospects to the
artificial intelligence industry players in the coming years. The major factors responsible for
the increasing demand for cyber security is its ability to identify image patterns, sounds, and
However, the major challenges faced by industry players are the low return on
investment and the complexity involved in the creation of AI mechanisms and models.
Lack of energy-efficient and cost-effective hardware restricts the adoption of such
technology in small and medium enterprises, thereby restricting the artificial
intelligence market growth during the forecast timeline. In addition, lack of skilled labor
owing to the requirement of a complex algorithm in the development of artificial
intelligence models pose as a barrier for the industry growth.
The artificial intelligence market is segmented by technology into robotics, digital personal
assistance, querying method, deep learning context aware processing, and natural language
processing. Robotics and natural language processing are the major contributing segments in
the artificial intelligence market. The increasing implementation of natural language
processing in the retail sector for the enhancement of customer services is a major factor that
improves the segment growth. Additionally, the natural language processing implementation
in different AI applications, such as smartphones, robots, and car infotainment, will further
drive the industry growth. Moreover, robotic applications for the industrial automation and
several government initiatives for smart manufacturing will further fuel the market growth.
On the basis of application, the artificial intelligence market is segmented into retail,
transportation & automotive, oil & gas, media & advertising, manufacturing, healthcare, BFSI,
and agriculture. Transportation & automotive is projected to hold the largest market share in
the application segment followed by healthcare and media & advertising services. Rising
adoption of AI in car infotainment and atomization will drive the segment growth over the
Based on offerings, the artificial intelligence market is classified into products and services.
The product segment including software and hardware held a substantial market share in
2016. The extensive development in AI-enabled hardware and software products are the
major factors boosting the industry growth.
North America held the highest market share in 2016 and is expected to grow at the highest
CAGR from 2017 to 2024. Applications of AI in various sectors, such as agriculture, BFSI,
media and advertising, consumer electronics, transportation, and automotive, majorly drive
the industry growth. Moreover, the presence of various software development companies and
domestic & multinational AI products in this region will further boost the artificial intelligence
market growth in this region.
Various companies are currently offering advanced products and services according to the
customer requirements. Key players in the artificial intelligence market include IBM
Corporation, NVIDIA Corporation, Nuance Communications, Cognii, Quantum Simulations,
Google, Inc., Microsoft Corporation, and Intel Corporation. The companies are highly investing
in R&D activities. Moreover, the major players are focusing on new product development with
more computational efficiency. In October 2016, Google launched Pixel, the new smartphone
equipped with a highly developed hardware and software along with several other state-ofthe-art features. Pixel includes Google assist, which is a natural language processing tool; it
helps users to search answers and assist them in their daily activities.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research
and consulting service provider; offering syndicated and custom research reports along with
growth consulting services. Our business intelligence and industry research reports offer
clients with penetrative insights and actionable market data specially designed and presented
to aid strategic decision making. These exhaustive reports are designed via a proprietary
research methodology and are available for key industries such as chemicals, advanced
materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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