The global artificial intelligence market is anticipated to expand at a CAGR [compound annual growth rate] of 62% during the forecast period 2016-2023. and is projected to hit $36 billion by 2025, according to a new report from Research and Markets (www.researchandmarkets.com).
Due to hardware advantages, superior processing power, superior serial and parallel power and excellent memory power due to recent advancements in the computer power and several other benefits, adds the research group. North America has the largest market for artificial intelligence and occupied 38% of total market share in 2015 as all the elite market players are in U.S. Factors that attribute to the growth of North America include high-tech developments of artificial intelligence in various fields.
Demand in Europe is mainly due to scalability of developed advanced solutions. Asia Pacific is expected to exhibit a promising growth due to increasing demand for artificial intelligence in the automation for various manufacturing and processing industries which is encouraging the deployment of smart robots to increase work rate. Market growth in MEA is primarily driven by the growth of aviation programs and technological advancements in the field across the region which in turn is encouraging companies to invest in artificial intelligence technologies, according to Research and Markets.