The global artificial intelligence market is expected to reach $35.8 billion by 2025 from its direct revenue sources, growing at a CAGR of 57.2% from 2017 to 2025, whereas it is expected to garner around $58.9 billion million by 2025 from its enabled revenue arenas, according to a new report by research store, Research and Markets.
The North American region is expected to dominate the industry due to the availability of high government funding, the presence of leading players, and strong technical base, the report says. Advances in image and voice recognition are driving the growth of the artificial intelligence market as improved image recognition technology is critical to offer enhanced drones, self-driving cars, and robotics. The AI market can be categorized based on solutions, technologies, end use, and geography, the report says.
“The two major factors enabling market growth are emerging AI technologies and growth in big data espousal. The growing prominence of artificial intelligence is enabling new players to venture into the market by offering niche application-specific solutions. Furthermore, companies are also engaging in industry consolidations in a bid to gain competitive advantages,” the report says.
The Asia Pacific regional market is expected to be the fastest-growing market, owing to the rapid improvements in information storage capacity, high computing power, and parallel processing, which have contributed to the swift uptake of artificial intelligence technology in end-use industries such as automotive and healthcare, the report says.
AI has the potential to reduce the burden on clinicians and provide an efficient tool to workforces for accomplishing their tasks in a better way. For instance, AI voice-enabled symptom checkers can better access a situation and assist patients to the emergency department when immediate treatment is required. AI is expected to resolve around 20% of unmet healthcare demands.
As The REIT Wire recently reported, artificial intelligence is anticipated to make a significant impact on the retail banking sector, such as using non-traditional data types to assign credit ratings to potential borrowers. Machine learning, predictive analytics, and natural language processing are already making their mark in banking, with both front-office and back-office operations set to be transformed.