According to a new market research report published by Credence Research “Artificial Intelligence Market (By Technology: Deep Learning, Robotics, Digital Personal Assistant, Querying Method, Neuro-Linguistic Programming and Context-Aware Processing; By End-use Industry: Manufacturing and Processing, BFSI, Oil and Gas, Healthcare, Agriculture, Automotive and Transportation, Retail and Others) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, artificial intelligence market was valued at US$ 1.36 Bn in 2016 and is expected to grow at a CAGR of 52% during the forecast period from 2017 to 2025.
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Artificial intelligence can be defined as the technology used to create intelligent computing system. The systems equipped with artificial intelligence do not require constant human intervention or supervision to carry out the designated process. A system integrated with artificial intelligence has the ability to learn new things, store information and implement it according to the situation. This technology has significantly reduced the dependency on human operators, thus helped in reducing considerable human errors and aided in attaining optimum productivity in an organization. Owing to the merits offered by artificial intelligence, companies across different end-use verticals have been adopting artificial intelligence at a significant rate to improve their product quality and productivity.
Many international giants are engaged in the development of a variety of technologies which are categorized under the field of artificial intelligence. Technologies such as deep learning, intelligent robots, neuro-linguistic programming and querying method, among others have been aiding in the enhancement of the existing systems to produce maximum output. In addition to the CNC machines and robotics, artificial intelligence has also found its application across different industry verticals such as healthcare, oil and gas and automotive and transportation among others. With the merits offered by artificial intelligence, the aforementioned end-user industries are rapidly incorporating this technology in order to achieve optimum results. Consequently, the demand for application-specific artificial intelligence is growing at a significant rate and is expected to grow even further in the following years.
Artificial intelligence market is evolving at a significant rate and is characterized by well-established international players, as of 2016. With consistent evolution of artificial intelligence, the developers have been working towards introducing more sophisticated and advanced artificial intelligence systems. The companies are also trying to develop application-specific AI and are perpetually exploring new avenues to enhance the existing processes with the artificial intelligence. Major players in the market include Google, Inc., IBM Corporation, Microsoft Corporation, Nvidia Corporation, Intel Corporation, General Vision, Inc., Numenta, Inc., Sentient Technologies Holdings Ltd., Fingenius Limited, Inbenta Technologies, Inc.
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- Consistent evolution of new and advanced artificial intelligence
- Rising adoption of artificial intelligence across different verticals of end-use industries
- Heavy investments towards the development and applications for artificial intelligence by industry giants