Artificial intelligence (AI) is a computer program which is capable of performing various tasks without any human effort. The development of various human like robots and their deployment within various industry verticals is one of the key reasons for the development of AI on huge scale. Continuously evolving new technologies would further develop AI and its applications across various industries. For instance, on September 2017, IBM and the University of California San Diego have announced a multi-year project to enhance quality of life and independence for aging peoples through the Artificial Intelligence technology
Artificial Intelligence Market Determinants
Improved productive performance is the key factor fueling the growth of artificial intelligence market around the world. Further, expanded application areas and improved customer satisfaction also helps the market growth. For instance, on October 2017, Oracle announced new artificial intelligence-based apps for finance, human resources, supply chain, manufacturing, commerce, customer service, marketing, and sales professionals with Adaptive Intelligent for modern business applications. However, lack of skilled workforce and low return on investment are major factors restraining the growth of artificial intelligence market. Increased adoption of AI within developing regions such as Asia-Pacific would further stimulate the market growth in upcoming years.
According to a report by Capegemini, over 58% of the companies are using AI in India
The global artificial intelligence market is highly competitive owing to the presence of numerous vendors. Product pricing, customized service, and product innovation are the key strategies adopted by several vendors to establish their market value within the market. Additionally, with the rise in product extensions, the marketâs competitive environment is likely to intensify in the near future. As per a research done by the U.S. Executive office of the President, AI in its many manifestations holds promise to transform the basis of economic growth for countries across the world. A recent analysis of 12 developed economies (including the United States), found that AI has the potential to double annual economic growth rates in the countries analyzed by 2035.
Acquisition is the most prominent market strategy instigated by market leaders to improve their product offering. For instance, on July 2017, Mastercard Incorporated acquired Brighterion, Inc. for enhancing Artificial Intelligence capability.
Artificial Intelligence Market Segmentation
â¢ Machine learning
â¢ Natural language processing
â¢ Image processing
â¢ Speech recognition
By Industry Vertical
â¢ Media & advertising
â¢ IT & telecom
â¢ Automotive & transportation
â¢ Others (agriculture, law, educational institutions)
â¢ North America
â¢ Rest of the World