Artificial Intelligence Market Eyeing Significant Growth Due to Technological Advancements

Wiseguyreports.Com Publish New Market Research Report On -“Artificial Intelligence‎‎ Market - Global Analysis, Size, Share, Trends, Growth and Forecast 2019 - 2025”

Artificial Intelligence Market

Artificial intelligence (AI), simply put, is the simulation of various human intelligence processes through machines, particularly computer systems. Such processes comprise self-correction, reasoning (using different rules for reaching definite or approximate conclusions), and learning (acquisition of rules and information for utilizing the information). AI has a wide range of applications, including banking, marketing, agriculture, finance, gaming, healthcare, autonomous vehicles, space exploration, artificial creativity, and chatbots.

There are ample factors that are driving the growth of the artificial intelligence market. Developments such as accurate weather predictions, space exploration, and self-driving cars are propelling the demand for AI. Rising use of cloud-based services and applications, rising demand for intelligent virtual assistants, growing big data, an increasing number of innovative start-ups, technological advancements, and improvements in dynamic artificial intelligence solutions are also pushing market growth.

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On the contrary, a limited number of industry experts, lack of experienced and trained staff, slow adoption rate, high development cost, and high expenditure cost are factors that may hinder the growth of the artificial intelligence market growth.

The artificial intelligence market has been segmented on the basis of technology and application.
Based on technology, the artificial intelligence market is segmented into machine vision, natural language processing, machine learning, and deep learning. Of these, the deep learning segment will have the largest share in the market. This is owing to its growing use in various applications such as data mining, speech recognition, and image recognition.
Based on application, the artificial intelligence market is segmented into retail, automotive and transportation, agriculture, healthcare, oil and gas, BFSI, and manufacturing and processing. Of these, the manufacturing and processing segment will dominate the market. Huge data volume derived from manufacturing value chains has resulted in the involvement of artificial intelligence-enabled data analytics in the manufacturing industry. Moreover, various industry initiatives, including Industry 4.0, has pushed the market growth of this segment.

Based on the region, the artificial intelligence market report covers the latest trends and growth opportunities across Europe, North America, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, North America will command the market over the forecast period. This is owing to the rising use of AI in the financial, defense, and aviation sector, higher implementation in the healthcare, media and entertainment and manufacturing sector, and leading companies such as IBM, Apple, and Tesla making innovations for installing AI-enabled processors and chipsets in medical equipment, smartphones, and automobiles.

The artificial intelligence market in Europe is predicted to have the second-largest share in the market. This is on account of the burgeoning demand for AI for on-demand access to data and easy and fast document control.
The artificial intelligence market in the APAC region is predicted to grow at a fast pace. This is owing to the presence of semiconductor industries and smartphone manufacturers. South Korea, Taiwan, and China are the key contributors in this region.

August 2019: Ola has recently acquired Bengaluru based artificial intelligence start-up, This start-up uses various autonomous technologies such as sensor fusion, computer vision, and artificial intelligence to offer businesses with seamless AI-powered solutions.

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