Press release
Cognitive/Artificial Intelligence Systems Market to Witness an Outstanding Growth by 2026
Artificial intelligence has received an overwhelming attention globally due to the extraordinary developments it has brought about in the recent past such as mobile phones using speech recognition, driverless cars, robots automating operations in factory, and many others. Technologies such deep learning, machine learning, speech recognition, image recognition, and automated reasoning, among others, are designed to provide computers that are capable of mimicking human abilities are an integral part of cognitive/artificial intelligence systems. Moreover, cognitive/artificial intelligence systems are widely used by the industrial sector wherein robotics developed on the artificial Intelligence technology is deployed in the workstation in order to automate the production processes, as well as are used in building and home automation, among others. The artificial Intelligence technology has also led to development of advanced drones used for surveillance in the aerospace and defence industry.
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Cognitive/Artificial Intelligence Systems Market: Drivers and Restraints
Growing trends of machine learning, and increasing government investments have thereby increased the demand for cognitive/artificial intelligence systems. In addition to this some of the prominent drivers for Cognitive/artificial intelligence systems market are factors such as significant progress in hardware technology, rising demand for intelligent systems, need for efficient data analytics, and adoption of automation technology by various end user industry, and others. On the other hand, factors such as complexities in developing algorithms, need for skilled personnel and lack of standardization may act as a restraint for the cognitive/artificial intelligence systems market.
Cognitive/Artificial Intelligence Systems Market: Segmentation
Cognitive/artificial intelligence systems market can be segmented on the basis of technology, application, verticals and regions. On the basis of technology the cognitive/artificial intelligence systems market can be segmented into deep learning, machine learning, speech recognition, image recognition, automated reasoning, and others. On the basis of application the cognitive/artificial intelligence systems market can be segmented as robotics, consumer electronics, drones, autonomous cars, and other. Whereas the vertical segment in the cognitive/artificial intelligence systems market may include manufacturing, healthcare, consumer and retail, automotive, BFSI, aerospace and defence, and others. Regionally, cognitive/artificial intelligence systems market can be segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
Cognitive/Artificial Intelligence Systems Market: Regional Outlook
Cognitive/artificial intelligence systems market is dominated by the North America, and Western Europe region. The increasing adoption of the artificial intelligence technology across various verticals, along with growing government investments and funding in North America, is expected to drive the high demand for cognitive/artificial intelligence systems in the region. Besides North America has a presence of major companies engaged in development of artificial intelligence technology such as IBM Corp. (U.S.), Microsoft Corp. (U.S.), and Google Inc. (U.S.), among others. On the other hand, Asia Pacific Excl. Japan, and Japan is expected to grow at a significantly as compared to the other region in the cognitive/artificial intelligence systems and will see a good growth rate in the future. Eastern Europe and Latin America and MEA is expected to see a moderate growth rate in the cognitive/artificial intelligence systems market.
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Cognitive/Artificial Intelligence Systems: Competition Landscape
Among the prominent players involved in cognitive/artificial intelligence systems market, companies such as IBM Corp. (U.S.), Microsoft Corp. (U.S.), and Google Inc. (U.S.), among others are focusing on organic as well as inorganic strategies to strengthen their in the cognitive/artificial intelligence systems market. For instance, IBM Corp. collaborated with NVIDIA to develop a new deep learning tool to train computers to think and learn in more human-like ways at a faster pace. Whereas Microsoft Corp. formed a new Microsoft AI and Research Group focused on artificial intelligence related product enhancement.
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