Artificial intelligence is a rapidly emerging technology that deals with the study and development of intelligent software and machines. These intelligent software have wide range of applications across industries such as medical research, manufacturing of robots and speech and gesture recognition systems. The technology not only enables the machines to behave human-like but also perform certain activities like collect, analyze, represent, talk and make decisions. The present scenario of artificial intelligence market cannot be quantified easily.
Presently, the global artificial intelligence market is anticipated to witness a healthy growth owing to the increasing adaptation of companies in order to leverage the benefits of such advanced technologies for effective market penetration and customer reach along with position of their solutions and services. Also, rise in the applicability of artificial intelligence solution throughout various industries is anticipated to support the market growth in coming years. However, demand for skilled workforce, low funding access and high initial investment are some of the factors hindering the growth of market.
Furthermore, the global artificial intelligence market is broadly segmented into following segments; technology and verticals. By technology, the market is further segmented into natural learning process, speech recognition, machine learning and image procession. In the following years, the machine learning technology is predicted to dominate the market, owing to its capabilities to provide the computers integrated with learning abilities that do not require explicit programming, which includes computer programs that can update themselves when they are exposed to new data. According to the verticals, the market is segmented into retail, finance, healthcare, agriculture, automotive & transportation, media & advertising, finance, and oil & gas among others. Media and advertisement sector is anticipated to capture major chunk of the artificial intelligence market revenue during the forecast period. The growth in this sector is credited by the rising adoption of artificial intelligence technologies in this particular segment in order to influence the buying pattern of their customers by determining consumer behaviour. The healthcare sector is expected to grow at a highest rate due to AI’s capability to minimize false diagnosis cost and enhance the efficiency of treatments. Similarly, the market for oil and gas and retail sector is also projected to grow in the coming years.
Geographically, the market is bifurcated into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America. Here, North America is expected to lead the market owing to the increasing adoption coupled with a strong technological base and high government funding. Presently, in North America there are around fifteen hundred companies that are related to AI and more companies are likely to add in the coming years. Whereas APAC and Middle Eastern countries are also expected to witness a high growth owing to the rise in adoption of natural language processing and machine learning and also in terms of new developments in the developing regions such as robotic automation and airport developments. Microsoft Corporation, Google, IPsoft, Zyphr Health, Sentient Technologies, Mobileye N.V, Rocket Fuel Inc. and FinGenius Corp among others are some of the key players in the artificial intelligence market.
The artificial intelligence industry is anticipated to witness a significant growth in its market chalked up by the mergers and acquisitions and industrial growth. Also the demand for new and updated tools by the data scientist professionals and analysts would increase, as they look forward to make more sense out of massive data available, and that’s where machine learning comes to the picture.