Through 2027, the market for artificial intelligence systems is anticipated to grow at a rate of 46.1% CAGR

The global artificial intelligence systems spending market is anticipated to soar with a staggering 46.1% CAGR throughout the projection period between 2017 and 2027. The coronavirus pandemic benefits from the coronavirus outbreak as businesses are remodelling operations to allow employees to work from home. Further, increased spending on online communications and cloud technologies will generate lucrative opportunities during the pandemic.

Artificial Intelligence Systems Spending Market - Key Takeaways

Banking solutions for artificial intelligence systems are gaining strong demand, owing to automated customer service, and fraud analysis applications.
Pharmaceutical research applications are likely to witness rapid growth aided by the recent spurt in growth of digital patient and formulation databases.
Asia Pacific is displaying major growth in artificial intelligence system spending, supported by investments in hardware and infrastructure for artificial intelligence development.

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Artificial Intelligence Systems Spending Market - Critical Driving Factors

Growing use of artificial intelligence in ERP and manufacturing solutions and applications drive adoption rates.
Sustained automated transport and logistics investments are a key factor contributing to revenues.

Artificial Intelligence Systems Spending Market - Major Constraints

Lack of adequate infrastructure to handle vast databases, setup processes, and manage workforce remains a key challenge to market players.
High capital required for artificial intelligence system development holds back market growth.

The Anticipated Impact of Coronavirus

The covid-19 pandemic is likely to benefit the artificial intelligence systems spending market. This can be attributed to high investments in cloud and internet infrastructure, for remote working operations around the world during the pandemic. Centralization of corporate data during the crisis will help companies to build on AI capabilities. AI systems are being used to identify and track vulnerable populations, and generate warnings for potential outbreaks in the future. Further, these systems are proving useful in administration applications in healthcare facilities. Also, increased use of online shopping. However, concerns over privacy, bias and job loss will limit gains during this period.

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Competition Landscape

Prominent developers in the artificial intelligence systems spending market include but are not limited to IPsoft Inc., Google Inc., Salesforce.com Inc., Microsoft Corp., Wipro Ltd., Facebook Inc., Infosys Ltd., IBM Corp., Intel Corp., Apple Inc., and Amazon.com Inc.

Artificial intelligence systems spending market players are widely investing in strategic acquisitions to bolster their AI capabilities, and expertise in AI development workforce.

For instance, in early 2020, Apple Inc., announced the acquisition of Xnor.ai for AI-based image recognition tools. Further Amazon has announced the acquisition of Zoox, a startup focused on AI-based autonomous driving developments. Similarly, Snap has revealed its acquisition of Ukraine-based AI-Factory for developing augmented reality functionalities.

Market Taxonomy

By Industry Type

BFSI
Discrete & Process Manufacturing
Healthcare
Retail
Wholesale
Professional & Consumer
Service
Transportation

By Technology

Deep Learning
Machine Learning
Natural Language Processing
Machine Vision
AGI
ASI

By Market

Hardware
Software
Services

By Region

North America
Asia-Pacific excluding
Japan
Western Europe
Eastern Europe
Latin America
Middle East and Africa
Japan

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.