Commercial Artificial Intelligence Market 2024 : Expected To Create Lucrative Opportunities For The Global Market

The dynamics of the global commercial artificial intelligence market continues to change over time, thanks to the persistent advancements in technology. This research report offers a detailed and insightful assessment of the global commercial artificial intelligence market, taking primary trends and the future prospects of this market in consideration. Various segments of this market, based on a number of parameters, have also been evaluated to gain a clear overview of the dynamics in the worldwide commercial artificial intelligence market.

Global Commercial Artificial Intelligence Market: Notable Developments

The global commercial artificial intelligence market demonstrates a highly fragmented and competitive business landscape. The leading companies in this market, including NVIDIA, Intel, IBM, Google, Microsoft, AWS, General Vision, GE, Siemens, and Mitsubishi Electric, are all competing on the basis of R&D, innovations, and new product launches. Some of the recent developments in the worldwide commercial artificial intelligence market are:

• The launch of Siemens’ SIEAERO, a novel service approach for overhead line inspection, at the 2018 European Utility Week, held in Vienna, Austria. This smart analytics software use Artificial Intelligence and Machine Learning to collect, manage, and evaluate data in a single integrated software system.
• The announcement of the strategic partnership between Shell Global Solutions and Microsoft. With this collaboration, Shell plans to widen its work area in order to assist in accelerating the transformation of the oil and gas industry. Shell also announced that it has chosen C3 Internet of Things with Microsoft Azure as its artificial intelligence platform, as a part of this deal, to enable digital transformation on a bigger level.
• The announcement of Siemens and Atos partnership reinforcement, with plans to speed up their joint ventures through a joint go-to-market plan and heavy investments.

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Global Commercial Artificial Intelligence Market: Market Dynamics

The ability of machine learning to collect and manage big data and its applications, especially in the manufacturing sector, has fueled its demand, which is reflecting positively on the global commercial artificial intelligence market. The availability of a massive pool of data, also known as big data, and the rising uptake of machine learning across various verticals are also supporting this market significantly.

Asia Pacific to Surface as Most Promising Regional Market for Commercial Artificial Intelligence

In terms of the region, the global commercial artificial intelligence market is classified into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America and Europe are the most prominent regional commercial artificial intelligence markets across the world. The early uptake of artificial intelligence and the availability of a superior technological infrastructure are the key factors behind the supremacy of these regional markets. With the presence of a large pool of prominent commercial artificial intelligence developers, both the regional markets will remain on the top over the next few years.

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On the other hand, the commercial artificial intelligence market in Asia Pacific is demonstrating a high potential for growth. This region is the home to the most number of production plants in the world. The increasing automation in the manufacturing industry has opened new revenue streams for AI developers operating in Asia Pacific. The markets in Latin America and Middle East and Africa are also projected to report positive growth in the years to come.

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.