The global artificial intelligence (chipsets) market is projected to be worth USD 16.06 Billion by 2022, registering a CAGR of 62.9% CAGR between 2016 and 2022. This market is witnessing immense growth, mainly due to the growing number of applications of AI in various end-user industries and large and complex datasets. Moreover, the rising adoption of AI-enabled products and software tools is also expected to boost the growth of this market.
Other current and future trends in detail are presented in Artificial Intelligence (Chipsets) Markets, 2nd Edition, a new study by MarketsandMarkets™.
Artificial intelligence (chipsets) market to flourish in North America by 2022
Among regions, the market for AI (chipsets) in North America held the largest share in 2015, and is also predicted to grow at the highest CAGR. This growth can be majorly attributed to the growing applications of AI in various end-user verticals such as media and advertising, agriculture, BFSI, retail, transportation and automotive, and consumer electronics. Apart from this, the presence of a number of multinational and domestic AI products and software development companies is also driving this market towards good growth ahead.
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Among technology, natural language processing (NLP) to be the largest market during 2016-2022
Natural language processing technology segment is expected to lead the market with the largest share over the forecast period, owing to increased adoption and implementation in order to enhance the consumer services in the retail sector. Along with this, adoption of NLP in various applications such as car infotainment systems, AI robots, and AI-enabled smartphones is anticipated to further boost the growth of this market.
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AI for healthcare sector to witness the highest growth from 2016-2022
The artificial intelligence market for the healthcare industry is expected to grow at the highest CAGR over the forecast period, mainly due to the growing adoption of AI technologies for diagnosis of diseases, patient care, and drug discovery. Moreover, it is also being used in clinical trials, congress planning, advisory boards, promotions, and for catering to the untapped opportunities in sales.