Global market of Artificial Intelligence to grow 60% by 2022
The global market of artificial intelligence is anticipated to grow at a CAGR [compound annual growth rate] of over 60% during 2017-2022, according to Research and Markets (www.researchandmarkets.com).
On the basis of application, global artificial intelligence market has been broadly segmented into image recognition, natural language processing, speech recognition, gesture control and others, according to the research group. Among these categories, image recognition dominated global artificial intelligence market in 2016, and the segment is expected to maintain its dominance over the next five years as well.
These machines are also capable of taking decisions by self-learning from the nearby environment. Global artificial intelligence market is expected to grow at a robust pace over the next five years, owing to its widespread implementation in numerous industries, such as automobile, finance, healthcare, consumer electronics, etc., says Research and Markets.
What’s more, growing investments coupled with increase in number of acquisitions of start-ups by leading players such as Google, IBM, Microsoft and others is driving the global artificial intelligence market. Furthermore, increasing research & development activities are also expected to aid the penetration of artificial intelligence into newer applications in next five years.