Latest Artificial Intelligence (AI) Market Research Report - Trends Must To Know

Posted by Loise Williams on October 4th, 2019

Artificial intelligence (AI) is a convergence of hardware, software, and services to carry out computing-based reasoning and understanding like that of the human brain. AI hardware consists of servers, storages, and AI chipsets and AI software majorly include general-purpose cognitive and conversational AI software platforms. Also, AI services include cloud stimulation and installation solutions. As per the latest market research report published by Technavio, the global artificial intelligence (AI) market size will grow by USD 75.54 billion during 2019-2023

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Artificial intelligence is expected to bring massive shifts in how people perceive and interact with technology. This has prompted companies to use AI technology for a wide variety of use cases. IBM offers multiple services under different categories.

IBM Watson offers different services for building and training AI models, data preparation, and analyzing the data. Google LLC’s cloud vision API can identify objects, logos, and landmarks within images, specific or explicit content, text within an image, can find similar images on the web, or detect faces and read expressions.

Microsoft launched Azure Internet of Things Edge Runtime in February 2019. This will allow developers to edit and customize applications at the edge. Hence, cloud-based AI services are much cheaper and viable option leading to an increasing adoption which is expected to be one of the key trends supporting the growth of artificial intelligence market at a CAGR of 33.41% during the forecast period. 

The rise in cloud-based AI services will also contribute to the growth of the global AI market that will register a CAGR of over 33% during the forecast period. There is an increase in the demand for cloud-based Al products and services as the adoption of Al technologies in the on-premises data center is expensive. This is inducing major public cloud players to leverage their technical expertise to offer different cloud-based Al products and services. Al-powered applications are used in a wide variety of use cases including recommendation engines, pricing optimization, lead generation, chatbots, and supply chain optimization.

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