The global artificial intelligence (AI) market features a fairly competitive landscape, with a high degree of competition, prevailing especially between several top players, notes Transparency Market Research (TMR). The intensity of competition is expected to rise further over the years as relatively small players opt for geographic consolidation strategies to gain a better foothold over the global market. Prominent players focus on multi-pronged strategy to retain their stronghold in the artificial intelligence market. One of the prime areas they are increasingly engaging is research and development activities, with an aim to develop innovative offering. To this end, they are devoting substantial funding to these activities, which has also made the entry of small players increasingly difficult in the market.
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The global artificial intelligence market was valued at US$126.24 billion in 2015 and is expected to reach a US$3,061.35 billion by 2024 end. During the forecast period of 2016–2024, the market is anticipated to expand at a phenomenal CAGR of 36.10%.
TMR observes that focusing on technology improvements in the artificial intelligence may be become vital for discerning players to stay ahead of others. Some of the top players with sizeable shares in the global artificial intelligence market are Google Inc., IBM Corporation, Brighterion Inc., Next IT Corporation, and IntelliResponse Systems Inc.
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Among the key types of artificial intelligence technologies, digital assistance is expected to contribute the major share in the global market, vis-à-vis, throughout the assessment period. The staggering rise in uptake of portable computing devices is underpinning the massive prospects of the growth of the segment.
Regionally, the Middle East and Africa (MEA) market for artificial intelligence is expected to rise at the most rapid CAGR amounting to 38.2% over 2016–2024. Rapid uptake of robotic automation and growing spending on smart city technologies are expected to boost the spectacular growth of the regional market.