According to a new market research report published by Credence Research, the “Artificial intelligence market was valued at US$ 1.36 billion in 2016 and is expected to grow at a CAGR of 52 per cent during the forecast period from 2017 to 2025.”Artificial intelligence can be defined as the technology used to create an intelligent computing system. Artificial intelligence-equipped systems do not require constant human intervention or supervision to perform the designated process.
An artificial intelligence-integrated system has the ability to learn new things, store information and implement it according to the situation. This technology significantly reduced dependence on human operators, thus helping to reduce significant human error and helping to achieve optimum productivity in the organization. Due to the merits of artificial intelligence, companies across different end-use verticals have adopted artificial intelligence at a significant rate in order to improve their product quality and productivity.
Many international giants are engaged in developing a variety of technologies categorized as artificial intelligence. Technologies such as deep learning, intelligent robots, neuro-linguistic programming and querying methods have helped to improve existing systems to produce maximum output. In addition to CNC machines and robotics, artificial intelligence has also found application across various industry verticals such as healthcare, oil and gas, automotive and transportation. With the merits of artificial intelligence, these end-user industries are rapidly incorporating this technology to achieve optimal results.
As a result, demand for application-specific artificial intelligence is growing significantly and is expected to grow even further in the following years. Competitive Insights: The artificial intelligence market is evolving at a significant rate, with well-established international players as of 2016. Consistent with the evolution of artificial intelligence, the developers have worked towards the introduction of more sophisticated and advanced artificial intelligence systems. The companies are also trying to develop application-specific AI and are constantly exploring new avenues with artificial intelligence to enhance existing processes.
Major market players 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.
- 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