Artificial Intelligence Market- Global Segments and Forecast upto 2023

2024-11-08 01:22:24 News & Society

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Organizations are trying to have a competitive advantage through minimizing operational cost and reducing excess wastage in production and improving efficiency of their equipment. Artificial intelligence helps to reduce operational cost and gain competitive advantage through improving organizations process and application by forecasting the future demand. Artificial intelligence uses previous data to analyze and monitor the system in order to improve the current operational process. In some industrial sectors, artificial intelligence uses a set of machine and software that helps to perceive its environment and maximize the chance of success rate. Artificial intelligence basically consists of computer and computer software which uses algorithms and statistical tools to solve complex problems. Artificial neural networks are a set of statistical algorithms which use data from the system to analyze and learn pattern recognition in the system. This helps artificial intelligence to provide machine learning function in manufacturing machines and take action in similar cases. The market for machine learning is expected to grow in coming years due to demand from manufacturing organizations to reduce cost of production. Artificial intelligence is expected to control the production automation process in manufacturing sector in coming years.

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The application of artificial intelligence is expected to increase due to increased uses in 3D printers for production process. This would help to reduce material wastage and increase production output with less time for production. Digital assistance system is another branch of artificial intelligence which is expected to grow in coming years. The adoption of digital assistance system is expected to increase in healthcare and transportation sectors. In healthcare sector, digital assistance helps in diagnostic, medical examination, operation and treatment of diseases. In transportation sector, digital assistance helps to scan the environment and assist the driver in driving the vehicle.

Artificial intelligence is also being implemented in customer relationship management services. Automated online assistant and speech recognition software are increasingly being used in customer handling services. The artificial intelligence expert systems are increasingly being used in aviation, defense and financial institutions. Expert system is a computer based system that imitates the decision making ability of humans for a particular operation. In aviation sector, expert systems are used in flight simulator to train the pilots and air traffic controllers. In financial institutions, expert system is used in financial planning and real-time process control. Expert systems are increasingly being used for cyber defense and guiding of unmanned aircrafts and missiles. The application of artificial intelligence is expected to increase in industrial and commercial application in coming years. Artificial intelligence is also being used in voice and character recognition in mobile phones. In entertainment industry, artificial intelligence is increasingly being used in gaming applications such as chess and puzzle games. The market for artificial intelligence is expected to increase in area of industrial machine learning, digital assistance system and expert system.

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The application of artificial intelligence is expected to increase in areas of finance, power, entertainment, defense, transportation, healthcare, manufacturing and education in coming years. Large companies are increasing acquiring small artificial intelligence companies to strengthen their market in artificial intelligence market.

Some of the key players providing artificial intelligence solution are QlikTech International AB, MicroStrategy Inc., Oracle Corporation, Microsoft Corporation, Fair Isaac Corporation, Google Inc., SRI International and SAS Institute Inc.

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