Artificial Intelligence Market to Rise at 36.1% CAGR between 2016 and 2024, Thanks to Growing Range of Applications
The market for artificial intelligence is growing due to the increasing focus of companies dominant in the market on a number of cutting-edge technologies and the expanding application base of artificial intelligence in numerous sectors. These sectors include BFSI, retail, health informatics, and E-commerce, among others. In these sectors, artificial intelligence is being used in a broad range of fields including stock trading, medical diagnosis, remote sensing, robot control, law, scientific discovery, and toys, among others.
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- Finance: The utilization of artificial intelligence in banking began a long time back. It was first employed by the Security Pacific National Bank in the U.S. for setting up a fraud prevention task force in order to counter unauthorized utilization of debit cards. A number of applications such as Moneystream and Kasisito have also been utilizing artificial intelligence in a number of financial services. In addition, banks utilize artificial intelligence systems for organizing operations, managing properties, and investing in stocks.
- Medicine and Hospitals: Artificial neural networks are utilized as clinical decision support systems in case of medical diagnosis, such as concept processing technology in EMR software. Other tasks within medicine that can be performed using artificial intelligence include computer-aided interpretation of medical images, heart sound analysis, and in companion robots for providing elderly care.
- Heavy Industry and Online Customer Service: Robots are being utilized in a number of industries and are often allotted jobs considered too dangerous to be done by human beings. These robots use artificial intelligence for carrying out these jobs. In addition, artificial intelligence is also implemented within automated online assistants, seen as avatars on web pages.
- Music and Aviation: By using artificial intelligence, scientists are now able to make computers emulate skillful musicians. A large part of research in artificial intelligence is focused on performance, composition, sound processing, and music theory. In addition, Air Operations Divisions (AOD) globally utilize artificial intelligence in surrogate operators for training and combat simulators, support systems for carrying on tactical decision making, and mission management aids.
- Writing, Publishing, and News: A number of companies utilize artificial intelligence for turning structured data into intelligent recommendations and comments. Companies also utilize artificial intelligence for writing executive summaries, financial reports, personalized marketing or sales documents, etc. at a speed of thousands of pages per second and that too in multiple languages.
- Miscellaneous Applications: A number of artificial intelligence tools have been utilized in text and speech recognition, homeland security, email spam filtering, and data mining. Numerous applications have also been developed for individual voice recognition, gesture recognition, facial expression recognition for interpreting nonverbal cues and emotions, and global voice recognition. In addition, artificial intelligence has also been recently employed in object recognition, robot navigation, and obstacle avoidance.
Thus, the increasing applications of artificial intelligence are predicted to propel the development of the market. However, the absence of skilled workers and the reduced access to funding globally are amongst the chief factors that may impede the development of the market in the coming years.
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