AI-based Products, Mobile Apps Revive Market Growth during Coronavirus Outbreak
In order to address the coronavirus situation, Big Data and Artificial Intelligence (AI) are being successfully used. The AI is being leveraged to monitor cases, identify disease clusters, and predict future outbreaks. Such trends are creating incremental opportunities for companies in the artificial intelligence market. Stakeholders are taking efforts to develop early warning systems by extracting information from social media platforms and news sites to provide useful information about vulnerable regions.
AI-based triage systems are being provided by companies in the artificial intelligence market. However, a relatively small amount of buyers is opting for such technologies. Thus, companies are focusing mainly on AI-based mobile health apps, smart watches, cameras, and wearable devices to revive market growth.
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Educational Tools Help Avoid AI Singularity, Promote Productive Applications
The artificial intelligence market is expected to advance at an explosive CAGR of ~29% during the assessment period. However, high costs, lack of creativity in bots, and absence of ethics in the AI technology are raising concerns that AI could grow uncontrollably, leading to the well-known concept of AI singularity. Hence, companies are catering to productive applications for healthcare and education in order to use the technology for constructive purposes.
Companies are establishing stable business streams in AI-based educational tools to develop skills and testing systems. AI has the potential to drive efficiency, personalization, and streamline admin tasks to allow teachers the time and freedom to provide an understanding of complex learning concepts and adaptability in students.
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AI-enhanced Banking Security, Compliance Generate Revenue Opportunities for Companies
Banks are most likely to benefit from AI, as banking stakeholders are gaining opportunity to rethink approaches toward people and various processes. Chatbots or digital personal assistant are among the most popular AI software in the banking sector, which helps to answer FAQs (Frequently Asked Questions) of customers. Companies in the artificial intelligence market are providing AI-enhanced security since bank data is a goldmine of personal and confidential information.
On the other hand, banking compliance and financial forecasting, with the help of AI, are creating value grab opportunities for companies in the artificial intelligence market. Automating manual compliance in cases of Know Your Customer and Anti-Money Laundering (AML) are becoming customary in banking services.
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Self-driving Cars, Retail Drive Computer Vision Technology
Computer vision, a subset of AI, is being used in self-driving automobiles. A recent and popular example of this is Elon Musk’s Tesla, which is exploiting computer vision at unprecedented levels for not only analyzing images but also individual pixels within the images. Carmakers are anticipated to use computer vision to conduct tests that validate a car’s ability to navigate safely in daily traffic.
Even as computer vision in self-driving cars is anticipated to revolutionize mobility services, the possibility of fatal accidents remains prominent. While establishing continuous R&D in automotive applications, companies in the artificial intelligence market are tapping into incremental opportunities in retail applications such as the Amazon Go checkout-free self-service retail stores.
Network Monitoring, Data-driven Decisions Help Stakeholders to Unlock Growth via Telecoms
Data-driven decisions and maintenance are being achieved with AI in the telecommunications sector. Companies in the artificial intelligence market are unlocking revenue opportunities in the ever-increasing and ever-evolving telecom sector by helping business leaders take data-driven decisions. AI is benefitting telecom operators to improve and optimize their network and infrastructure. This technology allows telecom companies to support monitoring of equipment, which prevents power outages and network disruptions that ensure productivity of employees.
AI employed with machine learning (ML) has made it easier to implement algorithms that can detect and respond to fraudulent activities in the telecom network. Such trends are contributing toward growth and expansion of the global artificial intelligence market.
Artificial Intelligence Market: Overview
- The latest research report published by Transparency Market Research pertains to the global artificial intelligence market for the historical period 2018–2019 and the forecast period 2020–2030
- Advancements in deep learning and deep neural networks are expected to drive the global artificial intelligence market during the forecast period. Growing need for smart machines is significantly driving the adoption of artificial intelligence platforms worldwide. Most companies are shifting toward smart machines, which are capable of learning on their own and improving their performance over time. Moreover, companies are continuously seeking technology that helps machines identify real-time incidences and give predictions accordingly to minimize human error and save time. This, in turn, is anticipated to propel the artificial intelligence market during the forecast period.
- The outbreak of COVID-19 has created a disastrous situation all over the world. Incidence of COVID-19 is rapidly increasing, which has propelled the adoption of artificial intelligence that can be deployed effectively to track the disease in order to manage its spread. Additionally, the artificial intelligence model has been applied to predict and analyze the growth of the potential threat in countries across the world. The whole world is putting incredible efforts in terms of finance, data sources, infrastructure, life-risk treatments, and protective gear to fight the spread of coronavirus. Artificial intelligence plays a pivotal role in understanding the prediction of future reachability of COVID-19 across nations by utilizing real-time information.
- In terms of revenue, the global artificial intelligence market is projected to exceed value of US$ 2.8 Bn by 2030, expanding at a CAGR of ~29% during the forecast period
Expanding Application Base of Artificial Intelligence Solutions: Key Driver of Market
- With growing advancements in Big Data analytics, the widening application base of artificial intelligence solutions can be seen as a major factor driving the market. Majority of applications of artificial intelligence is observed across sectors such as healthcare, BFSI, eCommerce, and retail.
- In the healthcare sector, artificial intelligence solutions are being utilized for different purposes such as medical imaging, electronic medical records (EMRs), assisted diagnosis and treatment, disease risk prediction, medical data processing and analysis, and drug discovery. In banking and finance, artificial intelligence systems are used to ensure minimum risk by identifying all the potential threats through the extensive analysis of historical and existing data or information.
- Similarly, the notifiable demand for artificial solutions can also be seen across the eCommerce sector to provide virtual assistance to online customers. Purchases subsequent to personalization and product recommendations are an important revenue generator for all eCommerce companies such as Amazon and Flipkart.
- The widening application base of artificial intelligence solutions is encouraging enterprises across the world to increase their IT spending across sectors, including healthcare, finance, and eCommerce, among others. The driver is anticipated to have a high impact in the short- and mid-term of the forecast period.
Internet of Things (IoT) Plays Key Role in Driving Artificial Intelligence Market
- Internet of Things (IoT) is generally a network of objects or machines connected through the Internet. These connected machines can sense their external or internal environment to communicate with each other and send critical information to make desired changes to their environment or respond accordingly.
- For instance, various manufacturing factories are managing their entire production processes automatically through IoT. Similarly, through IoT, schools are able to collect various informative data from facilities and hospitals are able to regulate and monitor the health conditions of their patients.
- Rapid expansion of sensors and devices connected to IoT will lead to equal emphasis on producing valuable insights to address new business risks and opportunities, which will boost the demand for artificial intelligence. For instance, according to the Cisco Internet Report, total devices connected to the Internet stood at 18.4 billion in 2018, which is projected to reach 29.3 billion by 2023, thereby enabling effective information/data collection.
- IoT is expected to hold huge opportunity for the artificial intelligence market in terms of different new developments such as smart homes, smart cars, and smart cities
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