Market research company Research and Markets forecasts that the Artificial Intelligence (AI) market will be worth $16.06 billion by 2022. It expects the AI market to grow at a compound annual growth rate (CAGR) of 62.9% in the period from 2016 to 2022.
Such a rapid growth is driven by the increasing application of artificial intelligence in a number of different industries, ranging from healthcare and education to transportation. AI is also increasingly implemented in the area of customer service.
The market for natural language processing (NLP) is believed to develop at the fastest CAGR from 2016 to 2022, followed by the deep learning technology. NLP is widely applied in AI-powered robots, smartphones, navigation systems and personal assistant systems. Deep learning is adopted in a number of AI applications, such as voice recognition and search, fraud detection and image recognition.
What is also going to push the growth of the AI market is the active role of such key industry players as Google, IBM, NVIDIA and Microsoft, which are constantly engaged in R&D and present new products that incorporate AI technologies.
A factor that can slow down the growth of the AI market is the lack of availability of low-cost and energy-efficient hardware, particularly when it comes to high-speed computing hardware.