Artificial Intelligence Market to Garner $19,478 Million Globally by 2022
Artificial Intelligence Market by Allied Market Research, states that the market was $19,478 million by 2022, growing at a CAGR of 45.4% from 2016 to 2022. This can be attributed to the improved productivity and customer satisfaction coupled with diverse application areas and integration of big data with AI. North America is expected to be the largest market during the forecast period.
By technology, machine learning holds the highest market share in 2015 and speech recognition is anticipated to be the fastest-growing sub-segment. Among the various industry verticals, BFSI is anticipated to dominate the market. However, other sectors such as agriculture, educational institutions, and law are expected to witness fastest growth rate during the forecast period.
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Asia-Pacific is estimated to be the fastest growing region due to an increase in the adoption of machine learning and extensive growth in Japan, China, Australia, and India.
Key findings of the study:
- Machine learning is expected to exhibit a significant growth in the AI market due to the growing adoption of this technology in BFSI.
- BFSI industry generated the highest revenue among other industry verticals pertaining to increase in adoption of AI for fraud detection and personalization.
- North America is projected to exhibit a substantial growth during the forecast period.
- Many industry players focus on collaboration, co-operation, and partnership strategies and offer innovative products, services & solutions to attain a higher market share.
The dominant players include Google Inc., Microsoft Corporation, IPsoft, IBM Corp., and others that focus on R&D, product launch, collaboration, co-operation, partnership, and acquisition as their key strategies to strengthen their market position.