Market Boom Expected for Artificial Intelligence

The artificial intelligence market is expected to reach $190.61 billion by 2025, up from its current valuation at $21.46 billion, growing at a compound annual rate of 36.62 percent, according to the latest research from MarketsandMarkets.

The market growth can be attributed to factors such as growing big data, the increasing adoption of cloud-based applications and services, and increasing demand for intelligent virtual assistants, the research found. At the same time, though, the limited number of AI technology experts is restraining the market growth to a certain extent.

Software, particularly technologies used in virtual assistants, marketing, search advertising, identity access management, intruder detection, and cybersecurity, is expected to hold the largest share of the artificial intelligence market, according to the research.

The key players operating in this market are Intel, NVIDIA, Xilinx, Samsung Electronics, Facebook, Micron Technology, IBM, Google, Microsoft, and Amazon Web Services.

---