Global Artificial Intelligence (AI) Markets to Reach Over $40 Billion by 2024

The global artificial intelligence (AI) markets to reach $44.4 billion and $42.3 billion in Asia-Pacific  and North America Respectively by 2024, according to a newly released report by research firm ResearchAndMarkets.com. Also in the report, the AI in Internet of Things (IoT) devices is forecast to reach $9.5B in North America by 2024.

Artificial Intelligence (AI) represents a combination of various technologies including Machine Learning, Deep Learning, Natural Language Processing, Computer Vision, Speech Recognition, Context-Aware Processing, Neural Network, and Predictive APIs. AI will be found in virtually everything, ranging from individual products and applications to widespread systems and networks. Network infrastructure and computing equipment will rely upon AI algorithms for decision making while at the device level AI will be built into electronics at the chipset level.

The report provides a multi-dimensional view into the AI market including analysis of embedded devices and components, embedded software, and AI platforms. This research also assesses the combined Artificial Intelligence (AI) marketplace including embedded IoT and non-IoT devices, embedded components (including AI chipsets), embedded software and AI platforms, and related services.

The report evaluates leading solution providers including hardware, software, integrated platforms, and services. The report includes quantitative analysis with forecasts covering AI technology and systems by type, use case, application, and industry vertical. The forecast also covers each major market sector including consumer, enterprise, industrial, and government.

Select Report Findings

• The global context-aware processing market will reach $5.3B by 2024
• AI in IoT Devices will reach $9.5B in North America by 2024 with 28% CAGR
• The AI in manufacturing market will reach $15.5B globally by 2024 with 35.3% CAGR
• Asia Pac and North America AI markets will reach $44.4B and $42.3B respectively by 2024
• Starting with consumer appliances and electronics AIoT will be a significant driver of AI adoption

The report also includes specific industry recommendations with respect to Artificial Intelligence hardware, software and services, including:

AI Chipsets: The AI chipset marketplace is poised to transform the entire embedded system ecosystem with a multitude of AI capabilities such as deep machine learning, image detection, and many others. This will also be transformational for existing critical business functions such as Identity management, authentication, and cybersecurity. Multi-processor AI chipsets learn from the environment, users, and machines to uncover hidden pattern among data, predict actionable insight, and perform actions based on specific situations. AI chipsets will become an integral part of both AI software/systems as well as critical support of any data-intensive operation as they drastically improve processing for various functions as well as enhance overall computing performance.

AI in Edge Networks: Computing at the edge of IT and communications networks will require a different kind of intelligence. AI will be required for both security (data and infrastructure) as well as to optimize the flow of information in the form of streaming data and the ability to optimize decision-making via real-time data analytics. Edge networks will be the point of the spear so to speak when it comes to data handling, meaning that streaming data will be available for processing and decision-making. While advanced data analytics software solutions can be very effective for this purpose, there will be opportunities to enhance real-time data analytics by way of leveraging AI to automate decision making and to engage machine learning for ongoing efficiency and effectiveness improvements.

AI and 5G: The role and importance of AI in 5G ranges from optimizing resource allocation to data security and protection of network and enterprise assets. However, the concept of using AI in networking is a relatively new area that will ultimately require a more unified approach to fully realize its great potential. In addition, AI will assist 5G network slicing, which represents the ability to dynamically allocate bandwidth, and enforce associated service level agreements, and a per-customer and per-application basis. AI will automate the process of assigning network slices, including informing enterprise customers when the slices they are requesting are not in their best interest based on anticipated network conditions.

AI and Real-time Data Processing: The ability to capture streaming data, determine valuable attributes, and make decisions in real-time will add an entirely new dimension to service logic. In addition, AI will support data management across all of these areas. The growing amount of human-oriented and machine-generated from communications, applications, content, and commerce data will drive substantial opportunities for AI support of unstructured data analytics solutions.

The outlook for AI in support of the ICT industry is strong, especially when one considers that the purpose of telecom and IT services is to support virtually every other industry in terms of communications, applications, content, and commerce.

You can read the detailed report here.