LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global artificial intelligence (AI) market to grow at a CAGR of close to 51% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global artificial intelligence market for 2017-2021. The report also lists healthcare, media and entertainment, manufacturing, automotive, and retail as the five major end-user segments for the AI market.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global artificial intelligence market:
- Growing adoption of deep learning technology
- Increasing deployment of robots
- Growing number of AI start-ups
Growing adoption of deep learning technology
The deep learning technology is one of the advanced versions of AI technologies, which is attempts to mimic the functioning and activity of the human brain. It is capable of learning to recognize patterns of sounds, images, and other data.
With the availability of advanced mathematical formulas and powerful computing systems, computer scientists can model several layers of virtual neurons and multiple neural networks. The growing development of the deep learning technology has enabled the execution of complex functions such as high-speed data processing, image recognition, and voice recognition.
“Google has used this technology to build speech recognition software in its latest Android mobile. The technology has a high growth potential during the forecast period. Currently, it is used in the development of industrial robots to provide them learning ability and the ability to train other robots,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
Increasing deployment of robots
Companies can save a large amount of the operational expense by deploying robots on the factory floor. Though the development of robots requires high initial investments, the efficiency of robots is much higher than human counterparts. With the growing popularity of the AI technology, numerous companies in the manufacturing, healthcare, automation, and Finance sectors are laying off employees and replacing them with AI systems.
Several big companies such as Siemens, IBM, and Amazon Web Services are funding start-ups or merging with small AI companies. They are planning to come up with better versions of human-derived AI technologies that can increase work efficiency and bring operational excellence to companies.
Growing number of AI start-ups
The rising number of AI start-ups have attracted significant investment and are advancing in innovation. Most AI start-ups specialize in developing AI solutions for critical industrial processes, especially in major industries like oil and gas. Start-ups such as Kepler/Oquant are using the AI-based geo-tracking technology to monitor the transportation of oil and gas through ships. This is an important strategy that facilitates remote monitoring, oil spill prevention, and environment protection.
Other start-ups such as Sentient Technologies target the pharmaceutical and healthcare industry. The company is currently developing AI nurses that can diagnose critical conditions such as sepsis.
“The success of AI start-ups has attracted several major OEMs to acquire these companies and strengthen their position in the industrial sector of the global AI market,” says Ujjwal.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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