Published on : Mar 10, 2016
Artificial intelligence, a fast emerging technology, has been doing wonders in the global market since the past few years. Dealing with the study of intelligent software and machines, artificial intelligence is being used across various applications including medical research, manufacturing, and speech recognition systems. Artificial intelligence enables inbuilt software or machines to operate just like human beings, thus allowing devices to analyze data, collect data, talk, reason, act, and make decisions.
Companies have started using the benefits of artificial intelligence and its technologies for positioning their services and for effective customer reach. With this, the global artificial intelligence market is predicted to expand at a rapid pace in the years to come. The growth of the market is also supported by expanding applications of artificial intelligence services. Going forward, the global artificial intelligence market is predicted to be affected by factors such as demand for skilled workforce and low funding access.
What Propels Growth of Global Artificial Intelligence Market?
Over the past few years, the global artificial intelligence market has been one of the fastest-growing markets in the technology and media sector. Embedded system, automated robotic system, artificial neural network, expert system, and digital assistance system are some of the types of artificial intelligence, commonly adopted across various industries.
- Increasing applications of artificial intelligence such as deep learning, digital personal assistant, image recognition, language processing, video analysis, cyber security, and querying method are expected to contribute largely towards the growth of the global artificial intelligence market in the years to come.
- Applications such as context aware processing, speech recognition, and smart robots are being increasingly adopted by various industries.
- The growing demand for effective computing technology across numerous end-use sectors to better study the systems that can analyze, recognize, and process human effects is predicted to propel the global artificial intelligence market in the next few years.
Though artificial intelligence services and solutions are spread across the globe, North America dominates the global market. Going forward, the global artificial intelligence market is expected to be propelled by growing government funding and strong technological base. Various technological developments including robotic automation and new airport developments are predicted to boost the global artificial intelligence market in the years to come.