The global Artificial Intelligence Market size is expected to reach USD 733.7 billion by 2027, expanding at a CAGR of 42.2%, according to a new report by Grand View Research, Inc. Artificial intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses layers of algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.
Artificial intelligence researchers are continuously
improving algorithms for various aspects, as conventional algorithms have
drawbacks regarding accuracy and efficiency. These advancements have led
manufacturers and technology developers to focus on developing standard
algorithms. Recently, several developments have been carried out for enhancing
artificial intelligence algorithms. For instance, in May 2020, International
Business Machines Corporation announced a wide range of new AI-powered services
and capabilities, namely IBM Watson AIOps, for enterprise automation. These
services are designed to help automate the IT infrastructures and make them
more resilient and cost reduction.
The COVID-19 pandemic has emerged as an opportunity
for AI-enabled computer systems to fight against the epidemic as several tech
companies are working on prevent, mitigate, and contain the virus. For
instance, LeewayHertz, a U.S.-based custom software development company, is
offering technology solutions using AI tools and techniques, including the Face
Mask Detection System, to identify individuals without a mask and the Human
Presence System to monitor patients remotely. Besides, Voxel51 Inc., a
U.S.-based artificial intelligence start-up, has developed Voxel51 PDI
(Physical Distancing Index) to measure the impact of the global pandemic on
social behavior across the world. AI-powered computer platforms or solutions
are being used to fight against COVID - 19 in numerous applications, such as
early alerts, tracking and prediction, data dashboards, diagnoses and
prognosis, treatments and cures, and maintaining social control. Data
dashboards that can visualize the pandemic have emerged with the need for
coronavirus tracking and prediction. For instance, Microsoft Corporation’s
Bing’s AI tracker gives a global overview of the pandemic's current statistics.
Artificial Intelligence is becoming vital to big data
as the technology allows the extraction of high-level and complex abstractions
through a hierarchical learning process. The need for mining and extraction of
significant patterns from high-volume information is driving the growth of
artificial intelligence in big data analytics. Furthermore, the technology
helps in overcoming challenges associated with big data analytics, such as the
trustworthiness of data analysis, format variation of raw information, highly
distributed input sources, and imbalanced input data. Another challenge
includes a lack of efficient storage and poor retrieval of information as it is
collected in large quantities and made available across numerous domains. These
challenges are overcome by using semantic indexing as it facilitates
comprehension and knowledge discovery.
Request a free sample copy or view report summary: Artificial
Intelligence Market Report
Artificial Intelligence Market Report Highlights
- The
advent of big data is expected to be traction of the growth of the AI
market as a large volume of data is needed to be captured, stored, and
analyzed
- The
increasing demand for image processing and identification is expected to
drive industry growth
- North
America dominated the market and accounted for over 42.4% share of global
revenue in 2019
- One
of the significant concerns restraining industry growth is the need for a
large amount of data to train AI systems for character and image
recognition.
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment