Global Artificial Intelligence (AI) Market 2017-2021
About Artificial Intelligence (AI)
AI technologies assist human beings in deliberating, deducing, analyzing, and inventing new technologies that can ensure the Fourth Industrial Revolution. As a result of its reducing expenses, the adoption of the AI technology is increasing in every sector. AI uses multiple disciplines that allow computers to perform functions that require human intelligence such as learning, reasoning, and problem-solving. It is possible to collect and store large amounts of real-time data using modern technologies, such as vision systems, actuators, and sensors, which can strongly influence manufacturing processes. The real-time data can also be manipulated for efficient manufacturing.
Technavio’s analysts forecast the global artificial intelligence market to grow at a CAGR of 50.51% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global artificial intelligence market for 2017-2021. To calculate the market size, the report considers the retail selling price considered as the average selling price for the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Artificial Intelligence Market 2017-2021
Technavio recognizes the following companies as the key players in the global artificial intelligence market: Amazon Web Services, IBM, Siemens, and Omron Adept Technologies.
Other Prominent Vendors in the market are: AIBrain, Anki, Apple, Banjo, CloudMinds, Facebook, Google, iCarbonX, Intel, Jibo, Microsoft, Next IT, and NVIDIA.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing popularity of swarm AI technology. After analysis and introspection, engineers and scientists have tried to adapt automation to highly efficient patterns observed in nature. Worker ants are considered as efficient workers and efficient team members. They execute all tasks in a focused manner while maintaining constant communication.”
According to the report, one of the major drivers for this market is growing adoption of deep learning technology. The deep learning technology is one of the advanced versions of AI technologies, which is attempts to mimic the functioning and activity of the human brain. It is capable of learning to recognize patterns of sounds, images, and other data.
Further, the report states that one of the major factors hindering the growth of this market is challenges in developing AI technologies. AI-based technologies, such as deep learning, require large amounts of data as their knowledge base to interpret real-time data and make decisions. Acquisition of this data itself is a difficult process and may even be unethical sometimes. For instance, AI-based diagnostic tools used in the healthcare and pharmaceutical industries need large amounts of information of actual patients. The collection of this type of data may not be feasible and may violate the code of ethics. In addition, smaller AI start-ups may own higher technical skills than large MNCs, such as Google or Microsoft, but lack funds to collect the necessary data.
Amazon Web Services, IBM, Siemens, Omron Adept Technologies, AIBrain, Anki, Apple, Banjo, CloudMinds, Facebook, Google, iCarbonX, Intel, Jibo, Microsoft, Next IT, and NVIDIA.