Artificial Intelligence Market: Strongly Influencing the Present and Future of Businesses and Humankind

January 24 17:41 2017
The major drivers for the growth are increasingly large and complex datasets and Growing number of AI applications in various end-user industries.

Artificial intelligence (AI) can be understood as a science, engineering and deployment of machines, which perform tasks with intelligence as similar to humans. Since its inception 60 years ago, AI has observed significant growth in recent years. Initially, AI was considered as topic for academicians, though in recent years with development of various technologies, AI has turned into reality and is influencing many lives and businesses. Additionally, evolution of various other supplementary technologies such as cloud computing, machine learning and cognitive computing are collectively paving the growth of the market for AI. “In 2015, the AI chipset market was valued for USD 589.8 million and is expected to reach USD 16,059.3 million in 2022, at a CAGR of 62.9% from 2016 to 2022”, says Sachin Garg who tracks global market for semiconductor at research firm MarketsandMarkets. Many IT giants and start-ups are investing heavily in development of AI software solutions and hardware products. Some the prominent players in AI market in the recent times are Intel Corporation (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Amazon.com, Inc. (U.S.), Baidu, Inc. (China), and NVIDIA Corporation (U.S.).

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Computer vision technology has become a part of high definition video games, while deep learning; which is a subset of machine learning is now implemented in speech recognition, drug discovery, health monitoring and various others applications. Robotics has evolved as one of the most promising AI technology in recent times. With wide range of applications, AI enabled robots are nowadays applied in welding, cutting, color coating and polishing purposes in automotive industry; carrying out several clinical tests and performing surgeries in healthcare industry. Furthermore, robotics and AI are likely to benefit the industries which are lacking the skilled and young workforce such as agriculture, factories, food processing and fulfillment centers.

Moreover, AI is likely to gain traction with amalgamation of various technologies such as deep learning, robotics, digital personal assistance, querying, natural language processing, and context-aware processing to develop an AI-featured product. In near future, AI is expected to make a crucial impact in multiple end-use applications such as driverless cars, healthcare diagnostics, and physical assistance in elder care.

AI is likely to disrupt every business segment across the world. The end-use industries of AI featured in this AI market study includes, agriculture, BFSI, manufacturing, healthcare, oil & gas, media & advertising, transportation and automotive, retail, among others. Among these verticals, transportation and automotive sector was the largest contributor to the AI market in 2015. This was resultant of significant investment made by federal governments and venture capitalists in development of connected and autonomous vehicles. These funding consequently resulted in some of the tangible recent development in autonomous projects. For instance, in October 2016, Otto (U.S.) (now acquired by Uber Technologies, Inc. (U.S.)) shipped its first consignment from Denver, Colorado, U.S. to Denver Springs, U.S. using driverless truck. The autonomous driving was carried for 120 mile journey. However, healthcare industry is estimated to exhibit highest growth in near term. The growing penetration of AI in health care assistance and medical management are the two key factors driving the market for the healthcare industry. Moreover, AI technologies are also used in the healthcare industry for decision-making processes, extracting information from the data collected from patients, and processing it further for testing and simulation of new treatments, scenarios, and devices.

The increasing large and complex datasets even called as big data, and the adoption of AI-enabled products and services to improve consumer-centric services are the two major growth drivers of the AI market. However, the scarcity of low cost and energy efficient hardware, and the lack of skilled workforce for development of AI algorithms and tools is curbing the growth of the AI market.

In essence, AI offers significant growth opportunities to all the stakeholders involved in its ecosystem. Development of human-aware AI systems and widening scope of AI technologies in niche markets are prominent market opportunities existing today. In addition to this, deploying AI at the edge of the network is likely to become a massive industry trend in coming years.

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From new product launches to mergers & acquisitions, AI industry has witnessed some tremendous and crucial developments in recent years. Many companies are relying on their in-house developments, while some are growing with inorganic growth practices. Google, one of the frontrunners in AI had launched industry’s first AI-enabled smartphone “Pixel” in October 2016, which signifies that AI is now turning into a reality. On the other hand, IBM acquired Truven Health Analytics (U.S.) in April 2016, with this IBM intent to derive insights from Truven’s health data using Watson Health’s cognitive capabilities. On similar lines, in January 2016, IBM acquired The Weather Company, based in Atlanta, Georgia (U.S.) to introduce a new platform for IBM Watson Internet of Things. Alongside this, leading graphics processing unit (GPU) providers, NVIDIA Corporation launched the industry’s first deep learning system, “NVIDIA DGX- 1”, in April 2016. This tool is a completely integrated system with deep learning hardware and software, and development tool kit.

 

Thus, AI technologies are the future for many industries which are striving for efficient, low-cost operations and high profitability in their markets.

 

For more information Visit: Artificial Intelligence Market by Technology – 2022

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