According to a new report published by Allied Market Research, titled, “Artificial Intelligence (AI) Market by Offering, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global AI market was valued at $1,441 million in 2016, and is projected to reach $22,790 million by 2023, growing at a CAGR of 48.0% from 2017 to 2023. The hardware AI segment is anticipated to grow at the highest rate from 2017 to 2023.
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AI involves the science and engineering of intelligent computer programs. It uses various computer functions such reasoning, learning and problem solving based on human intelligence. AI systems can be used in various disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering to build an intelligent system. Some of the different applications that incorporate the AI systems in healthcare fields are medication management, treatment plans, and drug discovery.
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The global the AI market is driven by the ability of AI to improve patient outcomes, increase in need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, and remarkable growth in venture capital investments. In addition, significant use of big data in the healthcare sector is expected to fuel the market growth. However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth. Possibility of using AI-based tools for elderly care and untapped potential of emerging markets, such as China and India, are expected to provide various opportunities for the market.
The deep learning segment accounted for the highest share in 2016 and is expected to dominate the market from 2017 to 2023, owing to increase in use of signal reduction, data mining, and image recognition. The natural language processing segment witnessed the highest growth rate in 2016.
Presently, the healthcare provider segment dominates and is expected to grow at a CAGR of 46.9% during the forecast period. Increase in usage & application of AI systems is expected to improve patient outcomes and maintain electronic health records (EHR) & patient records to boost the market growth.
Key Findings of the Artificial Intelligence (AI) Market:
- The hardware segment is anticipated to grow at the highest CAGR from 2017 to 2023.
- The natural learning processing segment is expected to witness the highest growth rate during the forecast period.
- The robot-assisted surgery application segment generated the highest revenue in 2016, and is expected to continue its dominance in the near future.
- North America dominated the global AI market, and is projected to grow at a CAGR of 45.9%.
- Asia-Pacific is expected to witness the highest growth rate during the forecast period.
The major companies profiled in the report include Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX.