Global AI market to hit $3 trillion by 2024
The global artificial intelligence market is anticipated to be worth $3,061.35 billion by the end of 2024, while the combined annual growth rate is projected to be 36.1 percent from 2016 to 2024, according to a report from Transparency Market Research.
On the basis of key geographies, the global artificial intelligence market is anticipated to be rising with a notable 38.2 percent CAGR in the Middle East and African region, owing to the abrupt uptake of robotic automation in the respective region, according to a press release.
The global artificial intelligence market is seen to be driven by a couple of factors. One of them being the big adoption of artificial intelligence in data recording. Another important factor boosting the market is the rise in need for progression in question acknowledgement, protest observation and machine interpretation zones, respectively. Rapid adoption and interpretation of artificial intelligence in end-use industries like retail and business analysis is further anticipated to accelerate the overall market for artificial intelligence in the long run.
Another factor propelling the market is the reinforcement policy influenced by extreme learning models in most of the developing ventures all around the world. In addition, the rise in demand for intelligent virtual assistants in major manufacturing companies is adding to the artificial intelligence demand.