The global market for artificial intelligence is expected to witness dynamic growth over the coming years, according to a recent Transparency Market Research (TMR) report. The market’s vendor ecosystem features intense competitiveness among the players. The leading and established vendors are in a neck-to-neck battle for the top spot. Further, small players with better geographic consolidation are expected to intensify rivalry across all the market participants.
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A key strategy adopted by vendors in the market in order to gain traction is engaging in extensive research and development activities. Vendors are investing heavily towards innovating their product offering, which could create barriers for the entry of new market players. Inculcating technological advances in the product portfolio is expected to become a vital tool for vendors to stay ahead of the curve and gain substantial market share.
Leading vendors operating in the global artificial intelligence market include IBM Corporation, Google Inc., Next IT Corporation, Brighterion Inc., and IntelliResponse Systems Inc.
According to TMR’s analysis, the global artificial intelligence market was estimated to be at US$126.24 billion in 2015, and is predicted to reach US$3,061.35 billion by 2024. Over the forecast period of 2016 to 2024, the artificial intelligence market is projected to rise at a 36.10% CAGR.
The segment of digital assistance is expected to emerge one the most lucrative artificial intelligence technologies, due to high uptake of mobile computing devices such as laptops and tablets.
Geographically the regional market of the Middle East and Africa are expected to rise with the a generous 38.2% CAGR over the forecast period. This could be ascribed to the swift uptake of robotic automation in the MEA region.