As it all started, humans used their brains and machines to do the computing and problem solving, but now this scenario has been changed with the advent of Artificial Intelligence (AI). The computers can easily mimic human brains with the help of AI, understand its working environment and take actions that can achieve the targets. The machines can understand gestures, human language, learn from its environment and implement decisions without any human intervention.
The global artificial intelligence market is expected to cross USD 35 billion by 2025 with the compound annual growth rate of 57.2% from 2017 to 2025. The manufacturing industry is the rapidly growing end-user of artificial intelligence with increasing data from the respective value chain. AI-based analytics, new initiatives in the industry like Industry 4.0, and other government support activities have improved the use of artificial intelligence in the manufacturing industry.
Enhancements in the rapid information storage systems, advanced computing power, and multitasking have increased the use of artificial intelligence and robotics in the areas of healthcare and automobile. Data-driven applications like voice and image recognition are increasing the significance of artificial intelligence. The growing adoption of AI in 3D printers and digital assistance machines in healthcare and logistics is also fuelling the market growth.
Artificial intelligence has also become the part of financial services like banking and insurance to improve the efficiency of business operations and overall customer experience. Several financial institutions have implemented artificial intelligence-based chatbots to assist the customers in typical financial transactions and answer the common queries.
The growing adoption of language processing and robotics in the automation of industries and various government support activities are promoting the growth of Natural language processing and robotics technology segment of the artificial intelligence market. The implementation of virtual intelligence in the industries of retail, healthcare, and automotive is expected to augment the global artificial intelligence market in the following years.
Several leading enterprises are leveraging the power of artificial intelligence to collect and identify useful insights from massive customer data that can help in developing new and innovative products, increase customer satisfaction and improve net revenue and profits.
Independent Research Consultant
Market Reports Web