This is the first installment in our blog series that explores the growing prominence of artificial intelligence in some of the more important sectors of our economy. Read about AI in agriculture and education as part of the subsequent posts in this series.
Artificial Intelligence (AI), big data, machine learning, Internet of Things – these are some of the buzzwords in industrial, agriculture, and education, sectors. Robots and artificial intelligence are no more the things of the future; they are already here. In fact, AI is an everyday reality in many industries. AI skills assist human beings in deliberating, deducing, analyzing, and inventing new technologies that can ensure the fourth industrial revolution.
The global artificial intelligence market has been growing by leaps and bounds, thanks to its remarkable product applications including machine learning, neural networks, expert and knowledge-based systems.
Drivers of change: Deep learning, robots, and start-ups
The advanced version of AI technologies known as deep learning is used in the development of industrial robots to provide them learning skills and the ability to train other robots. Deep learning device attempts to mimic the functioning and activity of the human brain. The rising development of this technology has enabled the execution of complex functions including high-speed data processing, image recognition, and voice recognition. Thus, the upsurge in the adoption of deep learning technology is likely to trigger the growth of the artificial intelligence market.
With the use of robots on the floor, companies can save a large amount of their operating expenses. Though the development of robots entails high initial investments, their efficiency is much higher than human counterparts. This is why, numerous companies in the manufacturing, healthcare, automation, and finance sectors are laying off employees and replacing them with AI systems.
Lastly, the rising number of AI start-ups have attracted significant investment and encouraged innovation. Most of these start-ups specialize in developing solutions for critical industrial processes, especially in like oil and gas industries. Due to their huge potential of AI start-ups several major OEMs are working towards acquiring these firms to reinforce their position in the global AI market.
Technavio solutions: A pathway to success
Technology executives in several industries are looking for ways to understand the growth and opportunity in the global artificial intelligence industry, but the inherent vagueness of its applications makes the evaluation extremely difficult.
Technavio helps vendors in the industry to know the new opportunities and trends in the market that are sure to boost the growth of their business. Along with this, the report also provides an in-depth analysis of existing vendors and the intensity of competition to aid players in taking right decisions.
To get a detailed understanding global artificial intelligence market
