The global artificial intelligence market size is expected to reach USD 733.7 billion by 2027, expanding at a CAGR of 42.2%, according to a new report by Grand View Research, Inc. Artificial intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses layers of algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.
Artificial
intelligence researchers are continuously improving algorithms for various
aspects, as conventional algorithms have drawbacks regarding accuracy and
efficiency. These advancements have led manufacturers and technology developers
to focus on developing standard algorithms. Recently, several developments have
been carried out for enhancing artificial intelligence algorithms. For
instance, in May 2020, International Business Machines Corporation announced a
wide range of new AI-powered services and capabilities, namely IBM Watson
AIOps, for enterprise automation. These services are designed to help automate
the IT infrastructures and make them more resilient and cost reduction.
The
COVID-19 pandemic has emerged as an opportunity for AI-enabled computer systems
to fight against the epidemic as several tech companies are working on prevent,
mitigate, and contain the virus. For instance, LeewayHertz, a U.S.-based custom
software development company, is offering technology solutions using AI tools
and techniques, including the Face Mask Detection System, to identify
individuals without a mask and the Human Presence System to monitor patients
remotely. Besides, Voxel51 Inc., a U.S.-based artificial intelligence start-up,
has developed Voxel51 PDI (Physical Distancing Index) to measure the impact of
the global pandemic on social behavior across the world. AI-powered computer
platforms or solutions are being used to fight against COVID - 19 in numerous
applications, such as early alerts, tracking and prediction, data dashboards,
diagnoses and prognosis, treatments and cures, and maintaining social control.
Data dashboards that can visualize the pandemic have emerged with the need for
coronavirus tracking and prediction. For instance, Microsoft Corporation’s
Bing’s AI tracker gives a global overview of the pandemic's current statistics.
Artificial
Intelligence is becoming vital to big data as the technology allows the
extraction of high-level and complex abstractions through a hierarchical
learning process. The need for mining and extraction of significant patterns
from high-volume information is driving the growth of artificial intelligence
in big data analytics. Furthermore, the technology helps in overcoming
challenges associated with big data analytics, such as the trustworthiness of
data analysis, format variation of raw information, highly distributed input
sources, and imbalanced input data. Another challenge includes a lack of
efficient storage and poor retrieval of information as it is collected in large
quantities and made available across numerous domains. These challenges are
overcome by using semantic indexing as it facilitates comprehension and
knowledge discovery.
Full Research Report On Artificial Intelligence Market Visit Here:
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Artificial
Intelligence Market Report Highlights
- The advent of big data is
expected to be traction of the growth of the AI market as a large volume
of data is needed to be captured, stored, and analyzed
- The increasing demand for
image processing and identification is expected to drive industry
growth
- North America dominated the
market and accounted for over 42.4% share of global revenue in 2019
- One of the significant
concerns restraining industry growth is the need for a large amount of
data to train AI systems for character and image recognition.
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Artificial
Intelligence Market Segmentation
Grand View Research has segmented
the global artificial intelligence market based on solution, technology, end
use, and region:
Artificial
Intelligence Solution Outlook (Revenue, USD Billion, 2016 - 2027)
- Hardware
- Software
- Services
Artificial
Intelligence Technology Outlook (Revenue, USD Billion, 2016 - 2027)
- Deep Learning
- Machine Learning
- Natural Language Processing
(NLP)
- Machine Vision
Artificial
Intelligence End-use Outlook (Revenue, USD Billion, 2016 - 2027)
- Healthcare
- BFSI
- Law
- Retail
- Advertising & Media
- Automotive &
Transportation
- Agriculture
- Manufacturing
- Others
Artificial
Intelligence Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa (MEA)
List of Key Players
of Artificial Intelligence Market
- Advanced Micro Devices
- AiCure
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- H2O.ai.
- HyperVerge, Inc.
- International Business
Machines Corporation
- IBM Watson Health
- Intel Corporation
- Iris.ai AS.
- Lifegraph
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
- Zebra Medical Vision, Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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