Artificial Intelligence Market Worth 16.06 Billion USD by 2022

PUNE,India, November 29, 2016 /PRNewswire/ --

According to the latest market research report "Artificial Intelligence Market by Technology (Deep Learning, Robotics, Digital Personal Assistant, Querying Method, Natural Language Processing, Context Aware Processing), Offering, End-User Industry, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the overall market is expected to be worth USD 16.06 Billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022.

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Browse 73 market data Tables and 64 Figures spread through 182 Pages and in-depth TOC on "Artificial Intelligence Market"

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The artificial intelligence market has a huge potential across various industry verticals such as retail, transportation and automation, manufacturing, BFSI, and agriculture, among others. The major factor driving the artificial intelligence market globally is the growing number of applications of AI technologies in various end-user verticals and the growing adoption of AI for the improvement of consumer services. The growth of the artificial intelligence market is also driven by the development of IT infrastructure and the penetration of smartphones and smart wearables in countries such as India and China.

Natural language processing is expected to hold the largest market share from 2016 to 2022 

The AI market for natural language processing (NLP) is expected to hold largest market share from 2016 to 2022. The growing implementation of natural language processing for the improvement of consumer services in the retail sector is one of the major factors contributing to its growth in the AI market. Moreover, the adoption of NLP in various applications such as car-infotainment system, AI robots, and AI-enabled smartphones, among others, is further driving its growth in the AI market.

Artificial intelligence for the healthcare sector to witness the highest growth rate from 2016 to 2022 

The Artificial Intelligence Market for the healthcare end-user industry is expected to grow at the highest rate during the forecast period. The growing implementation of AI technologies for disease diagnosis, patient care, and drug discovery application is among the major growth drivers of AI in healthcare. Moreover, AI is also widely used in clinical trials, congress planning, advisory boards, promotional outreach, and for serving untapped sales opportunities.