The global artificial intelligence market is anticipated to witness substantial growth in coming years due to rising demand for robotic machines. Artificial intelligence (AI) is a technology that shares various characteristics with human intelligence, such as reasoning, language understanding, learning, and problem solving. AI can be a device that perceives its environment and take appropriate actions to maximize its chances of achieving its goal. It has become an essential part of the technology industry as it can be used to make intelligent machines. Research related to machine intelligence is highly specialized and technical. Machines can work like humans only when they are loaded with sufficient information related to the world. The technology must have access to objects, properties, categories, and relations between all of them to apply knowledge engineering.
Growing need for interpreting and analyzing large amount of data is anticipated to propel market growth. Development of reliable cloud computing infrastructure along with improvements in AI technology can stimulate market growth in the coming years. Growing adoption of cloud based applications and services can impel growth of market. In addition, increasing use of intelligent virtual assistants can augment market growth. Improvements in high computing power, information storage, and parallelization are expected to give rise to the adoption of robotics and AI technology in the coming years. Rising importance of parallel processing applications can lead to increased use of the technology in scientific disciplines, such as data science and AI.
Lack of technical expertise and slow adoption rate of technology can hamper market growth. In addition, high development and installation cost of artificial intelligence systems can obstruct market growth in future. However, increasing data storage capacities and availability of parallel handling capacities can present lucrative opportunities for the market in coming years.
The market can be segmented on the basis of solution, technology, and end-use. On the basis of solution, the market can be classified into software, hardware, and services. Based on technology, the market can be categorized into expert system, automated robotic system, digital assistance system, and artificial neural network. In terms of end use, the market can be bifurcated into context aware processing, video analysis, speech recognition, language processing, querying method, digital personal assistant, image recognito, deep learning, and smart robots.
Europe is a leading region in the market due to growing awareness among consumers regarding advantages of the technology, such as easy document control and faster and on-demand access to data. Many private and public organizations are gathering domain-specific information containing issues, such as medical informatics, cybersecurity, fraud detection, marketing, and national intelligence. Big data based AI algorithms assist in analyzing such unorganized and unsupervised data by constantly enhancing each data set.
Asia Pacific is anticipated to emerge as one of the promising regions in the market. Constant technological advancements specifically in underdeveloped countries are expected to surge demand for the incorporation of AI technology. As the region holds 60% of the world’s population, machine intelligence has an essential role to play in the region. China is anticipated to emerge as a powerhouse in terms of science and technology. The country recognizes the importance of machine intelligence in shaping its future, which will further boost market growth in the region. Other countries, such as South Korea, Japan, India, Taiwan, and Singapore are likely to contribute significantly to regional market growth owing to a significant shift towards AI. The technology has a great potential to transform the areas of agriculture, healthcare, and education in the region. For instance, Tech Mahindra launched its first AI based talent exchange marketplace named Talex. The platform addresses problems related to reskilling, upskilling, and talent management in the organization. It uses AI technology to match candidate profiles with suitable job openings. Talex considers candidate’s educational background, skills, manager ratings, previous assignments, self-rating, awards, and contribution towards organizational goals.
North America is likely to emerge highly lucrative owing to presence of leading market players and extensive research and development activities. Increasing number of internet users in the United States and Canada can also lead to market expansion in coming years. Launch of innovative devices by local manufacturing companies can further drive the market. For instance, Apple launched iPhone XS equipped with A12 bionic chip and neural engine. The device can perform AI based tasks, such as Face ID’s 3D scanning. In addition, this new chipset consumes 1/10th of energy than previous generation iPhones.
Some of the leading companies operating in the artificial intelligence market are Intel Corporation, Google, Microsoft Corporation, Samsung, and IBM Watson Health.
Research Support Specialist, USA