33% anticipated growth in global AI technology market


Research firm Technavio forecasts the global market for artificial intelligence to record a 33% growth between 2019 and 2023.

Revenue generation is expected to reach $75.54 billion during the forecast period owing to the increasing needs by corporates to enhance employee productivity.

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The ability of artificial intelligence to help companies optimise fraud prevention capabilities in a bid to secure their data and infrastructure against malicious attacks, is expected to boost the growth of the market.

The year-on-year growth of the market is estimated at 29.43%, with 61% of the overall market growth expected to come from North America.

The market is fairly fragmented with many players occupying the market share, according to Technavio.

The popularity of artificial intelligence has grown amongst companies as the technology is being applied in completing vital tasks and in improving communication between firms and their employees