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At 55.6% Growth Rate: Artificial Intelligence (AI) Market Generating Revenue of $169,411.8 Million in 2025

Artificial Intelligence Market

Artificial Intelligence Market

The rise in the adoption of cloud-based applications and services and the growth of big data across the globe.

PORTLAND, PORTLAND, OR , UNITED STATES, August 19, 2021 / -- The advanced AI technologies is continuously enhancing the performance of economies, businesses and different industries. The growing demand for intelligent virtual assistants across different verticals in several industry will have a positive impact on the Global Artificial Intelligence (AI) market during the forecast period.

Increase in investment in AI technologies, rise in demand for analyzing and interpreting large amount of data, and surge in adoption of AI in emerging market are expected to propel the global AI market.

The increased integration of image recognition technology with optical character recognition, pattern matching and face recognition in various end-use applications such as drones, self-driving cars and robotics will propel the growth of the artificial intelligence market during the forecast period.

The global artificial intelligence market was pegged at $4.06 billion in 2016 and is projected to reach $169.41 billion by 2025, registering a CAGR of 55.6% from 2016 to 2025.

The global AI market is divided on the basis of technology, industry vertical, and geography. Based on technology, the market is segmented into machine learning, natural language processing, image processing, and speech recognition. The machine learning segment held the largest share in 2016, contributing more than half of the market and expected to maintain its dominance throughout the study period. Moreover, the segment is projected to register the fastest CAGR of 56.4% during the forecast period.

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The global AI market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2018, contributing nearly half of the market. However, the market across Asia-Pacific is projected to manifest the fastest CAGR of 59.4% during the forecast period.

Based on industry vertical, the market is divided into media & advertising, BFSI, it & telecom, retail, healthcare, automotive & transportation, and others. The IT & telecom segment dominated the market in 2016, contributing more than one-fifth of the market. Moreover, the segment is projected to register the fastest CAGR of 56.8% during the forecast period.

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Profiling Key Players: Apple Inc., Alphabet (Google Inc.), IBM Corporation, Baidu, Microsoft Corporation, IPsoft, NVIDIA, MicroStrategy, Inc., Verint Systems Inc (Next IT Corp), and Qlik Technologies Inc.

Chief reasons for market fluctuations -

1. Increase in investment in AI technologies
2. Growth in demand for analyzing and interpreting large amounts of data
3. Increased customer satisfaction and increased adoption of reliable cloud applications

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