Tractica: Consumer applications are biggest market for artificial intel

Monday September 11, 2017 0 comments Tags: Boulder, Tractica, artificial intelligence, Jessica Groopman

BOULDER -- The market for consumer artificial intelligence (AI) hardware, software, and services will increase from $2.7 billion in 2017 to $42.1 billion by 2025, according to a new report from Tractica.Tractica_logoUSE

Research and investment into artificial intelligence have gone through some 60 years of booms and busts. But it is with the recent rise of digitization, Big Data, improved algorithms, and processing speed that consumer applications of AI have begun to emerge into the mainstream, the report notes.

From movie recommendations to search engine queries, AI and, more specifically, deep learning are powering a range of applications that have recalibrated consumer expectations for the digital lifestyle.

“The consumer AI market is being led by the Internet giants of our time, and consumer AI use cases are among the most advanced proof points for commercially available AI to date,” said Jessica Groopman, Tractica principal analyst.

“Companies like Google, Amazon, Facebook, Baidu, Apple and others are pioneering the use of AI in consumer interactions, both to mimic and to empower human capabilities.”

But the growth of this market is not limited to Internet companies, Groopman said. As brands and suppliers across consumer-facing industries incorporate AI into their products and processes, consumer AI will replace the current standards for consumer interactions.

Tractica’s report, “Artificial Intelligence for Consumer Applications”, provides a detailed examination of the market opportunity for AI hardware, software and services in the consumer sector during the period from 2016 to 2025.

Technologies covered include machine learning, deep learning, natural language processing, computer vision, machine reasoning, and strong AI. The forecasts in this report cover the top 23 use cases for consumer AI based on revenue, investment and market activity.

Profiles are also included for 20 key participants in the emerging consumer AI market ecosystem.

An Executive Summary of the report is available for free download on the Tractica website.