Several companies have focused on a subset of AI use cases, including sentiment analysis, automated vehicle and fleet development, and machine translation. AI-enabled computer systems are being used to automate various business processes and are becoming an integral part of the workplace. However, many companies are hesitant to adopt AI because of the high cost and expertise required. If the company is unable to adapt this technology to its workforce, it will be left behind by its competitors.
The artificial intelligence market is segmented into different applications and offerings. For example, machine learning covers the technological solutions for deep learning and artificial neural networks. The AI platform includes cognitive applications like tagging, clustering, hypothesis generation, alerting, filtering, navigation, visualization, and analytics. The software also enables businesses to develop advisory solutions. Cloud-based computing is driving the growth of the AI services market. Moreover, the increasing adoption of artificial intelligent applications in different verticals has created opportunities for new companies and SMEs.
The artificial intelligence market is characterized by geographical segmentation. North America is expected to account for the largest share over the forecast period. The AI market in APAC is expected to grow at the highest CAGR during the forecast period, with the rise of AI in industries such as automotive, healthcare, and consumer goods. It is a global industry, and each region has its own unique characteristics and unique advantages. There are various startups and established companies that are investing in this emerging technology.
The artificial intelligence market is split into Hardware, Software, and Services. Software solutions are expected to dominate the market by 2020, thanks to improvements in information storage and parallel processing capability. In addition, artificial-intelligence services include maintenance and support services and integration services. While hardware solutions comprise graphics processors and application-specific integrated circuits, the future of this technology is bright. In addition to software solutions, there are other technologies that will help the market grow.
While AI vendors have focused on the development of AI platforms and cognitive applications, they are also investing in various startups. In addition, the leading manufacturers have focused on partnership, collaboration, and exceptional product offerings. They have incorporated a number of new technologies and products, and are focusing on product launches, R&D, and acquisitions to expand their markets. And, with the increasing investments in AI, more companies will start implementing this technology.
The artificial-intelligence market is segmented by use-case. The AI services market is segmented by vertical. For example, IBM, Accenture, and Infosys led the IT services segment, with combined market shares of 28%. There are other AI-powered software vendors. They specialize in developing software and systems for the AI sector. The AI-enabled marketplace is currently split into five major regions and countries. Each of these verticals uses artificial intelligence in unique ways.
The artificial-intelligence market is primarily driven by the IT industry, which is a fast-growing sector. The cloud-based AI market is thriving. This technology provides businesses with real-time insights that can help them make better decisions. It is also crucial for a company’s overall performance. It has the potential to improve operational efficiencies and create a more productive workplace. For instance, AI software is used in manufacturing, research, and development.
In addition to data-driven analytics, AI is becoming increasingly important in business and industry. With so many benefits, AI can improve customer experience, increase productivity, and decrease costs. The AI market is estimated to grow to $554 billion by 2024. The demand for artificial intelligence is fueled by the increasing adoption of machine learning. Further, it can detect threats in real-time and improve customer experience. It is also essential in cybersecurity and is a critical component of cybersecurity.
The artificial intelligence market is segmented by end-use and technology. In 2018, software solutions dominated the market due to the parallel processing capabilities and improved information storage capacity. Hardware solutions include AI algorithms and application-specific integrated circuits. Google’s Product Discovery Solutions for retail is one of the most widely-used AI solutions. For example, Amazon Alexa, the Amazon Web Service platform will be used in shopping. In the healthcare industry, the AI market is divided by type of device.