It’s no surprise that the artificial intelligence industry is slated to surge in growth in the coming years. That said, a new report spells out just how large the space will become. “The global artificial intelligence market size is expected to reach USD 390.9 billion by 2025. The market is anticipated to expand at a CAGR of 46.2% from 2019 to 2025,” according to the article.
And it makes sense that the industry will become so massive so quickly given its variety of applications across organizations of all types: “Artificial intelligence (AI) is considered to be a revolutionary technological development and its integration across a host of applications is one of the key factors driving this market,” according to the report’s press release. “Advances in image and voice recognition are driving the growth of the regional market. Improved image recognition technology is critical in enhanced drones, self-driving cars, and robotics.”
Interestingly, there are two reasons why the artificial intelligence industry will likely grow so quickly. “The two major factors fueling market growth are emerging artificial intelligence technologies and growth in big data espousal,” according to the report.
This growth is allowing for new businesses to emerge within the technology industry at large to provide certain applications that could one day see prominence across different organizations. “Companies are engaging in industry consolidations in a bid to gain competitive advantages,” according to the report. “For instance, in January 2017, Microsoft Corporation acquired Maluuba in order to advance in the deep learning and AI landscape. Existing solution providers are innovating their product portfolio to include both hardware and software solutions.”
In terms of specifically where the industry is growing most? North America appears to be the leader. “North America held the dominant share in the global AI market in 2018 thanks to the availability of high government funding, presence of leading players, and strong technical base. Asia Pacific, however, is anticipated to overtake North America to emerge as the leading regional market by 2025,” according to the report.
In conclusion, the artificial intelligence industry will reach nearly $400 billion in the next five years thanks to explosive growth across many different organizations. By preparing your business through making hires for software developers with artificial intelligence experience, you can ensure your company’s success in the coming years.