With the emergence of 5G technology, the global market for artificial intelligence is likely to gain momentum, states Fortune Business Insights in their latest study. The study is titled, “Artificial Intelligence Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025.” According to the study, the global artificial intelligence market will exhibit remarkable growth owing to factors such as the advent of machine learning into various other industries such as education, health, and others.
Technological advancements and launch of smart devices are creating lucrative growth opportunities for the artificial intelligence market. The rising popularity of machine learning technology is likely to help this segment pick pace over the forecast period. On the other hand, the smart robots segment is likely to emerge as the fastest growing segment in the coming years. Growth witnessed across these segments is attributable to self-learning capabilities of smart robots which will further help them to collaborate with humans while working with humans and learning from their behavior.
Implementation of Question Acknowledgement and Machine Interpretation Features to Boost Market
The adoption of artificial intelligence is directly attributable to the growth of big data. Other factors boosting the global artificial intelligence market are increasing adoption of cloud-based applications and cloud-based solutions. This, coupled with, the rising demand for intelligent virtual assistants are likely to fuel demand for the market in the long run.
Artificial Intelligence is related to human intelligence having similar characteristics namely reasoning, understanding language, problem-solving, learning, and others. Over the past few years, artificial intelligence has seen gigantic changes owing to factors such as question acknowledgment, protest observation, and machine interpretation. Various end-use enterprises such as business and healthcare are adopting artificial intelligence for better functioning of their businesses.
On the flip side, the market for artificial intelligence may face rough waters due to the lack of skilled technicians and trained professionals in the field. Besides this, the slow rate of adoption of artificial intelligence technology may hamper the growth of the market during the forecast period. Again, high installation and development cost of artificial intelligence mayo restrain the market from generating greater revenues.
Nevertheless, the rise in popularity of profound learning models and their uses across all verticals is also propelling growth. The rise in the number of innovative start-ups and technological advancements have influenced market players to invest in various technologies comprising artificial intelligence, thus driving the market globally.
Intel Corporation’s Huge Investment in 5G Technology Drives Market
Various organizations are investing considerably in the development and deployment of artificial intelligence in their personal business use. Vendors are adopting various strategies such as merger and acquisitions, company collaborations, new product development, and launch, and others to increase their market share. To cite an example, SK Telecom collaborated with Intel Corporation in November 2017 for developing video recognition application and vehicle-to-everything technology on the basis of artificial intelligence. This will also include features such as speech recognition, language translation, decision-making, and visual perception. Such type of initiatives taken by companies is likely to bode well for the global artificial intelligence market in future.
Major vendors in the artificial intelligence market are investing huge sums in the development of M2M, M2P applications, 5G technology, in artificial intelligence. They are also focusing on creating more reliable infrastructures of cloud computing and improving the dynamic solutions based on artificial intelligence for helping the global market earn greater revenues in the future.
Some of the players operating in the global artificial intelligence market are
- Microsoft Corporation,
- IBM Corporation,
- Verint Systems Inc (Next IT Corp).,
- NVIDIA Qlik Technologies Inc,
- MicroStrategy, Inc,
- Alphabet (Google Inc.), and
- Apple Inc.