Industries across a wide spectrum have realized the potential of intelligent technological assistance such as AI technology as a growth driver. This has resulted in the unprecedented growth of the AI technology ecosystem. According to the AllTheResearch’s analysis, the global AI technology Market ecosystem is expected to experience a CAGR of 25% by the end of 2023.
AI technologies such as Machine Learning, NLP (Natural Language Processing), Deep Learning, Computer Vision, Predictive Maintenance, and Robotic Process Automation are going to see increased adoption in the coming days. This is going to give a major boost to the global AI technology ecosystem. AI has become a must have technology. For business giants like Amazon and Google as well as for startups, the implementation of AI has become imminent to drive business growth.
Increasing adoption of cloud-based applications and services by different organizations and increasing demand for intelligent virtual assistants are going to drive the growth of the global market. The growing volume of data due to the increasing implementation of the Internet of Things (IoT) is making Big Data and artificial intelligence an indispensable part of many businesses.
AI technology is helping organizations to understand their consumer data collected from product reviews, CRM systems, and media comments, etc., by analyzing them more efficiently. This, in turn, is helping them make better, effective, and more targeted marketing strategies. Data plays a key role in the success of a business and by helping to analyze data in a better way, AI technologies can help drive business growth.
To boost the growth of the global AI technology ecosystem, hardware market players like ARM, Qualcomm, Intel, and Huawei have already started enhancing different hardware components such as more powerful AI processors and chipsets. As far as the different end-users are concerned, the automotive industry will be the major end-user for the AI technology market, followed by Telecom and Consumer Electronics.
However, AI is a complex system and hence, requires well-trained AI experts. Limited numbers of AI experts can, therefore, slow down the adoption of AI technologies and thus, restrain the growth of the global market. Growing concerns related to data privacy can be another major challenge for the global AI technologies ecosystem.
Apart from these, the global coronavirus pandemic is also expected to have some impacts on the global market. The pandemic has taken a toll on the global economy and several sectors of the economy. The implementation of AI technologies is also expected to be affected by the outbreak of the Covid-19 pandemic to some extent.
North America, especially the US is leading the global AI technology ecosystem in terms of funding, global reach, and the number of companies. The existence of a mature and thriving digital ecosystem is mainly responsible for the dominance of the US market. However, in the coming days, the Asia-Pacific region is expected to exhibit impressive growth. China is expected to become a giant in the AI technology market in the coming years.
The major players operating in the global AI technologies ecosystem are Google, IBM Corporation, Amazon, Inc., Intel, Facebook, NVIDIA, Baidu, Xilinx, Oracle, Salesforce, SAS, Siemens, Rockwell Automation, and SAP SE.
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