Artificial Intelligence (AI) Market Report Up to 2031
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Artificial intelligence is an advanced technology which provides several advanced features such as speech recognition, translation between languages, visual perception, and image recognition, among others. With providing decision-making ability across multiple industry vertical, the advanced AI technologies is continuously enhancing the performance of economies and accelerating the growth of businesses and different industries.
Increased demand for hardware platforms with high computing power, massive growth in research & innovation conducted by the tech giants, and surge in growth of big data are some of the major factors driving the market growth. On the contrary, increased adoption of AI-powered industrial robots primarily among the developing economies and improving operational efficiency across several sectors are some of the major factors expected to provide lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Global Artificial Intelligence Market
With an unprecedented rise in COVID-19 health crisis, the demand for artificial intelligence technology has experience tremendous growth rate globally. In addition, the healthcare industry has largely benefited with artificial intelligence, as it helps in improving efficiency & accuracy in diagnostics, predictions, and treatments during the pandemic situation. Moreover, AI allows in originating & excavating the virus strain and further utilizes the data towards decision-making in estimating & scaling the test equipment production.
Surge in growth of big data
With continuous rise in huge amount of data collected by large and small & medium sized enterprise, big data has developed rapidly which therefore accelerated the growth of AI technology in the market. As the development of big data technology depends on AI technology which uses several artificial theories & methods to handle data and generate insights.
Rise in demand for hardware platforms with high computing power
Due to increased demand for high computing power to run various AI software, the hardware platforms with high computing power are continuing to rise in the market. In addition AI applications especially in neural networks, computer vision, and machine learning are driving the market growth during the forecast period.
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Increased adoption of AI-powered industrial robots
Several end use verticals have implemented AI-powered industrial robots and is expected to maintain its dominance during the forecast period. As the application of robotics provides multiple benefits such as sense & response towards specific object, high mobility power, process optimization, helps in improving customer services, and others. As a result, due to these multiple benefits provided by robotics technology, the demand for AI-powered industrial robots is expected to grow at a fastest CAGR growth rate.
Improving operational efficiency with an implementation of AI technology
The implementation of AI technology is improving operational efficiency in terms of reducing operational cost, improves production process, resolves customer service issues, and improves prediction accuracy, among others. Therefore, with these numerous benefits of AI technology, the key players have an opportunity to escalate the solutions & product offerings of AI in the upcoming years.
Some of the companies profiled in the report include Amazon Web Services, Baidu, Inc., Enlitic, Inc., Google, HyperVerge, Inc., IBM, Intel Corporation, Microsoft, Sensely, Inc., and Siemens.
In December 2019, Siemens, which is a German multinational conglomerate company has launched an AI-based assistants for magnetic resonance imaging for the healthcare sector. This new applications will ease the burden of routine activities for radiologists and improve quality of care for the patients
In June 2020, the Global Partnership on Artificial Intelligence (GPAI) was officially launched at the initiative of the G7 countries alongside Australia, India, Mexico, New Zealand, South Korea, Singapore, Slovenia and the European Union. In addition, this new development is an international initiative in order to guide the responsible development and use of AI, grounded in human rights, innovation, diversity, and economic growth.
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