Global Market for Artificial Intelligence to Reach $26.1 Billion by 2023

Expansion Attributed to Demand from Manufacturing and Agriculture Industries

WELLESLEY, Mass., Nov. 20, 2018 (GLOBE NEWSWIRE) -- Due to increasing computer processing power, the increasing availability of big data for learning, and the development of smarter and better algorithms, the global market for artificial intelligence has experienced tremendous growth, according a new report from BCC Research.

In 2018, the global market for artificial intelligence was worth $3.5 billion. BCC Research estimates that it will reach a value of $26.1 billion by 2023, indicating a compound annual growth rate (CAGR) of 49.1%, according to Artificial Intelligence: Applications and Global Markets.

For purposes of this report, the global market for artificial intelligence was segmented based on technology, deployment, organization size, end-user industry and geography. Based on technology, the market has been classified into machine learning, natural language processing, computer vision and expert systems.

Research Highlights

  • The cloud deployment segment is expected to grow at a CAGR of 53.9% and is forecast to reach nearly $18.2 billion by 2022.
  • The BFSI segment is estimated to grow at a CAGR of 50.5% and is forecast to reach over $5.0 billion by 2023.
  • The market for artificial intelligence is being restrained by factors such as a lack of skilled labor and data privacy issues among consumers.

“A majority of the currently used AI applications are built around so-called ‘weak’ AI agents, which exhibit cognitive abilities in some areas,” the report notes. “Artificial intelligence applications ranging from chat-bots to autonomous cars are transforming many industries and societies by bringing benefits such as increased efficiency, new products and a reduction in repetitive tasks.”

About BCC Research

BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit Follow BCC Research on Twitter at @BCCResearch.


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