Artificial Intelligence Market Worth 16.06 Billion USD by 2022

Thursday 8 December 2016, Amsterdam

According to the latest market research report, now available on ASDReports, "Artificial Intelligence Market by Technology (Deep Learning, Robotics, Digital Personal Assistant, Querying Method, Natural Language Processing, Context Aware Processing), Offering, End-User Industry, and Geography - Global Forecast to 2022", the overall artificial intelligence market is expected to be worth USD 16.06 Billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022.

The artificial intelligence market has a huge potential across various industry verticals such as retail, transportation and automation, manufacturing, BFSI, and agriculture, among others. The major factor driving the artificial intelligence market globally is the growing number of applications of AI technologies in various end-user verticals and the growing adoption of AI for the improvement of consumer services. The growth of the artificial intelligence market is also driven by the development of IT infrastructure and the penetration of smartphones and smart wearables in countries such as India and China.

Natural language processing is expected to hold the largest market share from 2016 to 2022

The AI market for natural language processing (NLP) is expected to hold largest market share from 2016 to 2022. The growing implementation of natural language processing for the improvement of consumer services in the retail sector is one of the major factors contributing to its growth in the AI market. Moreover, the adoption of NLP in various applications such as car-infotainment system, AI robots, and AI-enabled smartphones, among others, is further driving its growth in the AI market.

Artificial intelligence for the healthcare sector to witness the highest growth rate from 2016 to 2022

The artificial intelligence market for the healthcare end-user industry is expected to grow at the highest rate during the forecast period. The growing implementation of AI technologies for disease diagnosis, patient care, and drug discovery application is among the major growth drivers of AI in healthcare. Moreover, AI is also widely used in clinical trials, congress planning, advisory boards, promotional outreach, and for serving untapped sales opportunities.

North America leads the artificial intelligence market in terms of market size

North America held the largest share of the artificial intelligence market in 2015. North America is one of the fastest-growing markets in terms of technological advancement, manufacturing operations, infrastructure, disposable income, and others. The wide-scale adoption of AI technologies in several industries such as manufacturing, media and advertising, healthcare, BFSI, and transportation and automotive is the key factor supporting the growth of the AI market in this region.

This report describes the market trends, drivers, restraints, opportunities, and challenges for the artificial intelligence market and forecasts the market up to 2022. The report also includes the value chain and Porter’s analysis of the market, along with a detailed view of the market across four major regions, namely, North America, Europe, Asia-Pacific, and Rest of the World (which includes the Middle East, Latin America, and Africa). The report profiles the 10 most promising players in the artificial intelligence market.