Global Artificial Intelligence Market is Set to Post a CAGR of Over 50% Through 2021 | Technavio
Sep. 07, 2018
LONDON--(BUSINESS WIRE)--Sep 7, 2018--Artificial Intelligence (AI) has revolutionized our world. Once a distant dream, AI is now a reality owing to advances in the field of machine learning. The munificent applications of AI range over many areas such as healthcare, education, security, and human resources. The use of AI helps to enhance efficiency, bring in greater accuracy, and ensure the security of data and information. These factors together legitimize and incentivize the increasing reliance on artificial intelligence in all spheres of life.
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Researchers at Technavio forecast the global artificial intelligence market to grow at an impressive CAGR of more than 50% until 2021. (Graphic: Business Wire)
Increasing deployment of robots to boost the growth of AI across industries
Researchers at Technavio forecast the to grow at an impressive CAGR of more than 50% until 2021. The increasing deployment of robots in factories enables significant cost-savings for companies. According to the artificial intelligence market analysis, numerous sectors such as manufacturing, healthcare, automation, and finance industries have started substituting employees with AI systems. Large companies such as Siemens, IBM, and Amazon Web Services are funding startups and are also merging with small AI companies. Companies in the artificial intelligence market are also focusing on developing improved human-derived AI technologies that can raise the work efficiency and offer better operational quality.
Americas to dominate the artificial intelligence market over the next 3 years
In terms of geography, the Americas accounted for the largest share of the artificial intelligence market during 2016. According to the comprehensive market research analysis by Technavio, this region will continue its dominance through 2021 mainly due to the high investment capabilities of the entertainment, healthcare, and manufacturing companies in the region.
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SOURCE: Technavio Research
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