The global artificial intelligence market is largely dominated by prominent players such as Nuance Communications, MicroStrategy Inc., IBM Corporation, Qlik Tech International AB, Next IT Corporation, and Google Inc. among others. These player are indulging into tactical business activities such as mergers, takeovers, partnerships, and joint ventures to bolster their presence in the market. On account of the existence of several vendors in the global artificial intelligence market has turned into a fragmented market and also has been experiencing intensified market competition over the past few years. Recently, tech and IT giants IBM Corporation announced that they are planning to outlay US$240 million over the coming ten years to create a lab for artificial intelligence at MIT. Massachusetts Institute of Technology also supported this announcement of the formation of MIT-IBM Watson AI Lab which will involve joint research by researchers and scientists from both IBM and MIT. The mission of this partnership is to make advancements in the software, hardware, and algorithms used for artificial intelligence. It will also try to address some of the ethical and economic implications regarding the use of artificial intelligence and will try to look at its commercial applications for different industries ranging from cyber security to healthcare.
The global market for artificial intelligence stood at an overall valuation of US$126.24 bn in 2015. The global market is expected to expand at a staggering CAGR of 36.1% over the course of the mentioned forecast period of 2016 to 2024. The market valuation is estimated to reach an overall valuation of US$3,061.85 bn by the end of the aforementioned forecast period.
What Factors Augment Growth of Global Artificial Intelligence Market?
Growing number of companies now a days are concentrating on numerous disruptive technologies for effectively reaching out to the customers. This trend can be considered as one of the key driving factors for driving the growth of the global artificial intelligence market. These technologies make use of marketing strategies such as SMAC (social, mobile, analytics, and cloud) technologies which help the corporations to have a strong impression in the digital business. The market requirement is also increasing with the development of the artificial intelligence applications across multiple segments such as e-commerce, BFSI, health informatics, and retain among others. This is a result of heavy spending in the IT sector by the companies across the globe for offering advanced products and services with innovation.
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What Challenges do Global Artificial Intelligence Face in Coming Years?
The growth of the global market for artificial intelligence is not without any hindrances and obstacles. The global artificial intelligence market is currently challenges by the low investment at the initial stages of the development of these services across the globe. Most of the companies in the market offering artificial intelligence services face challenges in acquiring sizeable funds in the initial stages of development and research. This lack of proper funding curtails the growth rate of new product innovations, creating new prototype, and consequent supporting technologies. In addition to this, there are is clear dearth of skilled personnel in the market to perform complex technical operations. This lack of skilled personnel is also one of the key restraining factors for the development of the global artificial intelligence market.
However, over the coming years, it is expected that global market will strongly benefit from the developments in the regional markets in North America, Asia Pacific and Europe to continue is forecasted development.