Lucintel anticipates that Asia Pacific will be the fastest growing region in the artificial intelligence market

   June 25, 2019
According to a new market report published by Lucintel, the future of the global artificial intelligence market looks attractive with opportunities in the healthcare, security, retail, automotive, manufacturing, and financial technology (fintech) sectors. The global artificial intelligence market is expected to reach $71 billion by 2024 with a CAGR of 26% from 2019 to 2024. The major drivers for this market are increasing demand for virtual assistance for easy accessibility of services and growing adoption of cloud-based technology.

Browse 89 market data tables and 106 figures spread through 206 pages and in-depth TOC on “Global Artificial Intelligence Market"

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In this market, different types of artificial intelligence such as machine learning, natural learning processing, and others are used as technology. On the basis of comprehensive research, Lucintel forecasts that the machine learning technology will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing adoption of this technology in the autonomous applications and growing consumer preference for IoT-enabled devices.

Within the artificial intelligence market, media and advertising will remain the largest application due to an increasing adoption of customer-centric marketing strategies and increasing use of social platform for advertisements. The healthcare segment is expected to witness the highest growth over forecast period due to advancements in clinical research and growing demand for electronics-based medical equipment and sensors in the healthcare applications.

APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to the growing adoption of IoT (internet of things), increasing installation of smart home devices, and growing industrial automation in countries, such as China, India, and Taiwan.

Emerging trends, which have a direct impact on the dynamics of the artificial intelligence industry, include growing adoption of artificial intelligence in IoT applications and increasing demand for AI-enabled processors. Intel, IBM, Amazon, Facebook, NVIDIA, Apple, Microsoft, General Electric, and NEC Corporation and others are among the major artificial intelligence manufacturers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed the global artificial intelligence market by end use industry, technology, product and service, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Artificial Intelligence Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global artificial intelligence market by end use industry, technology, product and service, and region as follows:

By End Use Industry [ $B shipment analysis from 2013 to 2024]:

  • Media and Advertising

  • Security 

  • Automotive

  • Healthcare

  • Retail

  • Fintech (Financial Technology)

  • Manufacturing

  • Others

By Technology [$B shipment analysis from 2013 to 2024]:

  • Machine Learning

  • Natural Language Processing (NLP)

  • Others

By Product and Service [$B shipment analysis from 2013 to 2024]:

  • Hardware

  • Processor 

  • Memory

  • Network

  • Software

  • Service 

By Region [$B shipment analysis for 2013 to 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • United Kingdom

    • France

    • Germany

  • Asia Pacific

    • China

    • Japan

    • India

  • The Rest of the World

This 206-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit

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