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.
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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The massive potential that artificial intelligence holds as a key enabler of digital transformation in diverse industry verticals is a key factor bolstering its applications in various industries, notably in the consumer electronics and healthcare sectors. The artificial intelligence market is increasingly boosted by the growing incorporation of machine learning in a range of automation-powered products and services that businesses are offering world over.
The significant role that embedded artificial intelligence has come to occupy in marketing campaigns of vendors is a notable factor driving the market. The artificial intelligence market is also potentially bolstered by the rising use cases of deep learning models in a growing number of industries across almost all verticals. The adoption of artificial intelligence in product positioning strategies of enterprises in various parts of the world is a key factor fueling the expansion of the global market.