Published on : Jul 25, 2016
Leading companies are focusing on the installation of various disruptive technologies has led to the increased demand for artificial intelligence globally. The demand for artificial intelligence is also supported by the expanding use of artificial intelligence across various fields such as BFSI, health informatics, retail, and E-commerce. As the demand for artificial intelligence is taking a leap, the enterprises all over the world are also investing in IT projects to improve their services and products.
Wide User Profile to Provide Growth Opportunities for Manufacturers
Artificial intelligence is used for a wide range of purposes worldwide. It is used for various applications such as the assembly lines robots are used for manufacturing, speech recognition, and medical research. It enables in-build machines or software to function like humans, hence granting devices the liberty to collect, reason, talk, analyze data, decide, and act. The global artificial intelligence market is witnessing a healthy growth currently as companies have shifted their focus towards gaining advantage from disruptive technologies to reach customers effectively and also for the positioning of solutions and services.
Emerging Technologies to Propel Demand for Artificial Intelligence
The artificial intelligence market comprises applications and system, out of which expert system accounted for 44% of the global artificial intelligence market, and deep learning application accounted for 21.6% of the overall market revenue in 2015. Digital assistance segment is anticipated to grow at the fastest rate in the upcoming years due to the rising worldwide usage of portable computing devices that include tablets and smartphones. The demand for digital assistance is expected to grow at a steady rate due to the easy accessibility of these devices with cost-effective approach and advanced features. In the application segment, deep learning is reported to be followed by smart robots. The demand for these applications are expected to rise due to emerging technologies such as affective computing. Affective computing is considered to be the most promising area for the growth of the artificial intelligence market in the upcoming years.
Few factors that are likely to hinder the growth of the global artificial intelligence market are high upfront investment and growing demand for skilled workforce. Many artificial intelligence companies are also facing difficulties in the accumulation of funds for the initial stages of research and development to develop prototypes and auxiliary technologies.
Some of the key players in the global artificial intelligence market are QlikTech International AB, IBM Corporation, Microsoft Corporation, and Google Inc.
North America was the dominating region in 2015 and accounted for approximately 38% of the revenue share of the global artificial intelligence market. The global artificial intelligence market is expected to rise at CAGR of 36.1% between 2016 and 2024.