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Artificial Intelligence market to exceed $191 billion by 2024

The Artificial Intelligence (AI) Market is expected to be worth more than $ 191 Billion (roughly £146 Billion) by 2024, with an annual growth of 37%, according to new data from Market Research Agency.

The report takes into consideration the major players in the AI scene and global market trends with regards to data from 2015, estimates for 2016 and 2017. It analyses both the positive and negative effects of technological developments in AI and concludes that the former will soon outweigh the latter.

Improved productivity, new applications, increased client satisfaction and information integration will take the AI market to a new level. As a consequence of this, issues such as people losing jobs to automation, for example, will be made less significant thanks to new technologies.

To better understand how the AI industry will grow in the future, the new data classifies its market reach on the basis of three different elements:

  • Technology Type: Machine learning, Natural language processing, Image processing and Speech recognition.
  • End-User Type: Media & advertising, BFSI, IT & telecom, Retail, Healthcare, Automotive & transportation and Others.
  • Regional Analysis: North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

The new data would expect AI investments to grow even faster than previous research. In July,  a report from KPMG had predicted investments in AI, machine learning and robotic process automation (RPA) technology would reach $232 billion (roughly £176 billion) by 2025.

Whatever AI will evolve at this fast rate or not, it is clear that this technology is expanding to more and more sectors of society, and its growth seems to be unstoppable. Will these numbers prove to be right in picturing AI as a force for good?


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