Grand View Research Expects 46.2 Percent Growth per Year for AI Market

Grand View Research expects the global artificial intelligence market to reach $390.9 billion by 2025, growing at a compound annual rate of 46.2 percent.

The research firm noted that integration across a host of applications is one of the key factors driving this market, as are advances in image and voice recognition and growth in the volume of data being generated. This includes an increasing amount of digital data in the form of speech, videos, and images, from social media and other sources, including Internet of Things sensors and consumer analytics, that is driving the need for data mining and analytics.

The report also notes that AI, including dialogue and voice recognition and image classification, is being extensively used by services like Google Assistant, Apple's Siri, Microsoft Cortana, Facebook, and Amazon's Alexa.

Key players mentioned in the report i include Atomwise, Lifegraph; Sense.ly; Zebra Medical Vision; Baidu; H2O ai; IBM Watson Health; NVIDIA; Enlitic; Google; Intel; and Microsoft.

North America held the dominant share of the market in 2018, thanks to the availability of high government funding, presence of leading players, and strong technical base, but Grand View Research expects Asia-Pacific to overtake North America as the leading regional market by 2025. This can be attributed to rapid improvements in information storage capacity, high computing power, and parallel processing.

Among its growing use cases, AI has the potential to reduce the burden on clinicians and provide an efficient tool to workforces, according to the report. For instance, AI voice-enabled symptom checkers can better assess situations and assist patients to the emergency department when immediate treatment is required.