Artificial Intelligence: How it is Changing our Daily Lives?

Artificial Intelligence

Artificial Intelligence

The growing online streaming and increase in internet perforation have resulted in growth within the market. Market players are in search of new technologies and innovations that can enhance their market growth and customer base. This has evolved in the acquiring of A.I. enabled solutions in the market. Artificial Intelligence is gaining huge importance as it is complicated and data-driven software, that can recognize images, faces, videos, and speech. With A.I. investment opportunity, the manufacturers can leverage other technologies to overcome challenges of data storage, computing power, and high data volumes. With the rigorous usage of virtual reality and Artificial Intelligence in the industrial segment, it is estimated that it will give a huge boost to the market in the forecast period. Furthermore, technological advancements in the sector will provide a broader range of innovations and customized experiences. Therefore, many organizations are starting to incorporate Artificial Intelligence capabilities into their product portfolio.

The Global Artificial Intelligence Market is expected to grow at a CAGR of 46.2% by 2025 and is likely to increase by US$ 190.61 billion for the forecast period.

Rapid improvements in Artificial Intelligence and robotics are propelling market growth. The recognition of visual content in order to know deeper insights will boost the market growth for Artificial Intelligence for the forecast period.

The Global Artificial Intelligence Market has been bifurcated into many large and small scale manufacturers across the globe, these manufacturers are engaged in many activities in order to increase their market value and size as INTEL has been making key products like original equipment manufacturers, design manufacturers, cloud services, industrial and Automotive equipment manufacturers that empower the cloud software as well as connecting to the world. Other manufacturers are also involved in activities like mergers and acquisitions, product portfolios, and partnerships.

Recent Developments:

  • In 2018, a new architecture “NVIDIA DRIVE” has been launched by NVIDIA. It is an AI vehicle platform that uses integrated functions to enable vehicles to operate safely. The architecture enables self-driving cars and trucks that can run through A.I. and is certified to international safety standards.
  • In 2018, an application processor “EXYNOS 9 series9810” has been launched by Samsung. It is a chip-set that is built on Samsung 10nm FinFET processor and CPU, which is basically a deep-learning software.

Market Dynamics

Growth Drivers:

  • Growth in data
  • Increase in digitization
  • Growing demand for faster access to data.
  • Rising adoption of cloud services
  • Rising investments in research and development
  • Increase in parallel processing applications

Challenges:

  • Shortage of A.I. experts
  • Concerns regarding data privacy
  • Government policies

Opportunities:

  • Increasing operational efficiency in the manufacturing industry
  • Increase in demand for Artificial Intelligence software

On the basis of geographical segmentation, the Global Artificial Intelligence market has been divided into North America, Europe, Asia-Pacific, and LAMEA. North America is dominating the Artificial Intelligence market followed by Europe and Asia-Pacific. The market is experiencing growth in this region due to the presence of leading players, a strong technical base, and government funding. Furthermore, developed countries like the U.S. and Canada are contributing to the regional growth in the North America region due to the rise in demand for cloud services. In Europe, the rise in consumer demand for cloud-based AI services will augment significant growth in the upcoming forecast period.

Conclusion

The Global Artificial Intelligence market is fluctuating due to the rise in various technologies and innovations in the past few years. Various factors are in favor of the North America region due to the presence of major market players and are likely to boost the growth in this segment for the forecast period. People are becoming more aware of the technological advancements sector; this will create demand in the market for Artificial Intelligence software and services. Furthermore, rigorous competition among the market players will boost the demand for the forecast period. technological developments and innovations will strategize market demand.

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