AI Market to Reach $35.8 Billion by 2025
The global artificial intelligence market is expected to reach $35.87 billion in direct revenue and $58.96 billion in enabled revenue by 2025, growing at a compound annual rate of 57.2 percent, according to a report by Grand View Research.
The research indicates that voice-based technologies powered by artificial intelligence are among the key growth drivers. The increasing amount of digital data (in the form of speech, videos, and images, from social media sources such as IoT and consumer analytics) is driving the need for data mining and analytics. Dialogue and voice recognition AI is extensively used by Google Assistant, Apple's Siri, Microsoft's Cortana, and Amazon's Alexa, among others.
Beyond that, AI has the potential to reduce the burden on clinicians and provide an efficient tool to workforces for accomplishing their tasks in a better way, the report concluded, noting that AI voice-enabled symptom checkers can better access situations and assist patients to the emergency department when immediate treatment is required.
The report also identifies AI as "the next stupendous technological development," having the same disruptive power as the Industrial Revolution, the computer, and the smartphone.
North American, it said, is leading the world in AI adoption and is expected continue to dominate the industry due to the availability of high government funding, the presence of leading players, and a strong technical base.
Key industry participants identified in the report include Atomwise, Lifegraph, Sense.ly, Zebra Medical Vision, Baidu, H2O ai, IBM, NVIDIA, Enlitic, Google, Intel, and Microsoft.