Press release
Artificial Intelligence and Cognitive Computing Market Research Report 2018
Technology in every field is mostly progressing towards attaining not only high efficiency, but also to simplify processes. And a pinnacle of success in the context of technological advancements is the field of artificial intelligence, also called AI. In current times, AI is utilized immensely in a variety of sectors such as health, e-commerce, retail, automotive, defense and security, chemical plants, packaging, construction, and BFSI. This indicates that AI has found immense potential in myriad applications, thus giving rise to the global artificial intelligence and cognitive computing market.
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Rising disposable incomes and changing lifestyles have primarily caused an increase in the demand for enhanced systems to exist in various walks of life. Such a high demand is propelling the market to experience extensive growth too. A phenomenal progress in the development of computers as well as internet facilities has primarily been responsible for improving different functions of systems, wherein a computer is highly needed. This in turn is majorly driving the global artificial intelligence and cognitive computing market.
However, high costs of building AI systems in various work domains is substantially restraining the global artificial intelligence and cognitive computing market. Such high costs might discourage potential customers having less disposable income from buying the product. Moreover, such high-tech systems are restricted only to urbanized and developed economies, whereas they are completely absent or are rarely seen utilized in underdeveloped regions. This is majorly causing the market to experience stunting in its growth from a geographical perspective. Nevertheless, many companies are expected to introduce cheaper and highly enhanced AI systems soon, which could notably reduce effects of the restraints.
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The global artificial intelligence and cognitive computing market showcases a relatively nascent competitive landscape, as many players are finding it difficult to develop prototypes for their underlying technology. Thus, the vendor landscape is highly consolidated due to the presence of very few players in the global artificial intelligence and cognitive computing market. Most companies focus at gaining maximum funding from various private as well as governmental organizations as a prime strategy. Apple Inc., Facebook, Google, IBM, and Microsoft, are key players operating in the global artificial intelligence and cognitive computing market.
This market covers North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America, from a regional perspective. From these, North America has accounted for a spectacular revenue valuation, which is further expected to continue in the near future. This is mainly due to a large uptake and adoption of artificial intelligence systems used in the various industries in North America. However, with numerous companies getting established in Asia Pacific, which utilize AI technologies, this region is expected to depict a dramatic increase in revenue generated.
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