The global artificial intelligence market was evaluated at USD 39.9 billion by the end of 2019, and it is expected to hike at a compound annual growth rate by 46% from 2020 to 2027. Artificial Intelligence justifies the concept and development of connecting devices capable of performing tasks that customarily require human assistance like speech recognition, visual perception, language translation, decision making, and many more. Artificial Intelligence uses algorithms to understand, recognize, and process information.
The rising number of devices and increasing adoption of the Internet of things are promoting Artificial Intelligence market growth. Constant research and innovation attempted by tech giants lead to the adoption of advanced technology in various industries like automotive, retail, finance, healthcare, and manufacturing. Though technology has always been crucial in these industries, AI has brought technology to organizations like self-driving vehicles, medical gear, etc. Artificial Intelligence is infused to every apparatus, program, and industry to bring a revolutionary change in the upcoming digital era.
The essential aspect accelerating the rate of innovation in Artificial Intelligence is an allowance to historical datasets. Nowadays, data storage and recovery have become economical; healthcare institutions and government ventures are building unstructured data accessible to various research domains. The deep-rooted learning with Artificial Neural Networks has boosted the adoption of Artificial Intelligence in several industries like aerospace, automotive, healthcare, etc.
COVID 19 and AI
COVID 19 pandemic has opened possibilities for AI market growth in the healthcare industry. From healthcare to agriculture, organizations have adapted Artificial intelligence technology to formulate steps to battle against COVID 19 pandemic. From the research and treatment process to meet customer satisfaction, AI has collaborated with healthcare and government institutions with a different perspective. Chatbots have been launched to answer public questions while AI systems have been implemented to detect COVID 19 symptoms.
AI systems offer a detailed knowledge of agricultural conditions in real-time to manage supply-demand and accomplish inventory planning. AI is a reliable tool and responsible for driving growth in the market.
Increasing investment in Artificial Technology
Artificial intelligence market technology can examine data efficiently and predict decisions through crucial algorithms that help improve productivity. For example, YouTube or Netflix suggest videos and movies as per previously viewed experience. In the current scenario, AI has revolutionized business management by implementing workflow management tools, trend predictions, brand purchase advertising, etc.
Small start-ups and tech companies have invested in the adoption of open-source AI platforms to gain higher efficiencies in their value chains. The increased availability of low-cost quality AI technologies is expected to contribute to the growth of the market.
Companies with robust cloud-based Infrastructure like IBM and Microsoft are leveraging cloud capabilities to offer AI. On the other hand, companies owning limited financial funds and the absence of technological expertise have implemented cloud computing technologies for grasping AI operations. Start-up companies throughout the globe utilize the combination of these technologies to foster their business. This eventually drove business and market growth in the Artificial Intelligence Industry.
In a competitive and dynamic business scenario, customer participation is crucial, and a controlling influencing factor to capture success. Overall, it has resulted in implementing artificial intelligence tools to cater to more personalized services in actual time.
Software drives the artificial intelligence market and promotes more than 39% of the share of global revenue. Artificial Intelligence solutions include installation, integration, maintenance, and support. Over the prediction period, the segment is expected to grow at a significant rate. Artificial hardware consists of the Graphics Processing Unit, CPU, ASIC, Field-programmable Gate array, and many more. GPUs and CPUs mostly dominate the AI market due to their capabilities for AI frameworks.
Deep learning promoted the Artificial Intelligence market and grabbed about 39% of the global revenue share in the year 2019. The high percentage is due to its prominence and complicated data-driven applications, including text or speech recognition. Deep learning is a lucrative investment opportunity that helps conquer hurdles of high data volumes.
Machine learning and deep learning encompasses significant investment in the AI segment. It offers a platform and cognitive applications, hypothesis generation, filtering, navigation, visualization, clustering, categorization, and a lot more.
The media and advertising segment promoted the market and grabbed more than 20% of the global revenue share. The healthcare sector is expected to gain share by 2027. The division has been cut off as peruse cases, robot-assisted surgery, dosage error reduction, clinical trial, participant identifier, preliminary diagnosis, automated images diagnosis, virtual nursing assistants, and many more.
Artificial intelligence market has almost spread its wings in every segment, including retail, law, automotive, agriculture, transportation, etc.