BCC Research: Global Market for AI to Reach $26.1 Billion by 2023

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In 2018, the global market for artificial intelligence (AI) 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 BCC Research’s report ‘Artificial Intelligence: Applications and Global Markets.’

The global market for artificial intelligence (AI) has experienced tremendous growth, according to this new report from BCC Research. Drivers for enhanced interest in Artificial Intelligence solutions include increasing computer processing power, the increasing availability of big data for learning, and the development of smarter and better algorithms.

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 banking, financial services and insurance (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 AI is being restrained by factors such as a lack of skilled labor and data privacy issues among consumers.

AI Applications

Based on technology, the market has been classified by BCC Research into machine learning, natural language processing, computer vision and expert systems.

“A majority of the currently used AI applications are built around so-called ‘weak’ AI agents, which exhibit cognitive abilities in some areas,” according to BCC Research in this report. “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.”

The BCC Research report on Artificial Intelligence can be found here.