Artificial Intelligence (AI) Market Exceed US$ 160 Bn 2026
LOS ANGELES, Jan. 23, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently Published Report titled "Artificial Intelligence (AI) Market Size, Opportunities and Forecast, 2019 to 2026".
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The worldwide artificial intelligence market and is anticipated to grow at a CAGR of around 49% in terms of revenue during the forecasting period 2019 to 2026.
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The AI technology's ability to effectively interpret the data collected and predict decisions by critical algorithms helps to improve productivity; for example, Netflix recommends movies based on previous viewing habits by consumers. AI has revolutionized the business management approach in the current business environment through the application of process management tools, company purchasing ads, pattern forecasts and other resources. These are the main factors of growing innovation in AI technology and in the demand for machine learning.
Regional Outlook
North America is projected to held the maximum market share in artificial intelligence. North America is anticipated to maintain its dominance amid the forecast period due to technical advancement in analytical tools, machine learning, and natural language processing technology.
Cloud-based AI deployment in Europe is projected to see significant growth in the coming years due to increasing consumer demand for quicker and on-demand data access and convenient document management. Additionally, many private and public agencies are gathering domain-specific data that covers topics such as medical information processing, communications, cyber security, national intelligence, and prevention of fraud. Big data-based AI algorithms help to evaluate these unorganized and unsupervised data by continuous improvement of each data set.
Emerging countries, such as India and Taiwan, are investing heavily in the adoption of new AI-based services or models, further expanding the scope of the industry under research. Startups are designing AI-inspired applications in Taiwan, according to Business Next, which measures the best times for cleaning solar panels, thus rising power generation by more than 15%.
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About the Market
Artificial intelligence is the result of a perfect blend of various innovations that lead to the creation of smart hardware or software capable of replicating human behaviors like thinking and problem-solving. The version of the artificial intelligence technology currently available allows robots to perform various human tasks, such as driving cars and adapting to their environments, providing social assistance and even playing games.
AI will make the supply chain information more seamlessly integrated, allowing for anticipatory production and efficient delivery of the products to customers. In keeping with the current trend in the artificial intelligence industry, increased safety, automated trucking and transportation, traffic control and reduced congestion are three areas with the greatest potential for AI. AI is likely to trigger the transition to a consumer-oriented economy and move the value chain to a more mature, high-tech-driven stage for the manufacturing and export industries.
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Key Players & Strategies
The number of players in the artificial intelligence market around the world is increasing steadily. Participants include major global players such as Lifegraph, NVIDIA, Zebra Medical Vision, Inc., Sense.ly, Inc., Baidu, Inc., H2O ai, Atomwise, Inc., Enlitic, Inc., Google LLC, Intel Corporation, IBM Watson Health, and Microsoft Corporation, and others.
Machine intelligence is expected to hold enormous potential for development and key players are focused on developing combined software and hardware solutions. In turn, some retailers have partnered with manufacturers and end users for the drug delivery to extend their consumer reach. Rising popularity of technologies for parallel processing contributes to the rising acceptance of information technology in scientific disciplines such as artificial intelligence and data science. Organizations use AI to derive valuable insights from data and produce innovative products and enhance the customer experience, thus increasing opportunities for sales.
In reality, businesses are trying to cut down on operating costs and increase profit margins, which is why Artificial Intelligence-as - a-Service (AIaaS) is gaining more traction over the cloud. For fact, businesses are more interested for cloud-focused machine learning, which helps evolve with their offerings..
In addition, industry players are rapidly integrating new skill sets. Google, for example, revealed in July 2018 the integration of more AI technology into its cloud, which is projected to draw more customers, thus increasing market growth over the forecast period.
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