Albany, NY -- (SBWIRE) -- 12/20/2018 -- A recent report by ResearchMoz.us, titled, "Artificial Intelligence: Applications and Global Markets," presents thorough insight into it by factoring in the growth drivers and restraints. The report also segments the market based on different parameters and examines which segments hold out maximum potential. It also glances at the competitive dynamics and the opportunities and pitfalls awaiting players.
The potential and power of artificial intelligence (AI) is already being felt in various domains. From voice-enabled personal assistants such as Alexa and Siri to the more complicated behavioral algorithms and autonomous self-driving vehicles powered by predictive capabilities, AI is making its way into our lives gradually. However, the market is still in its early stages with both independent research bodies and other companies investing heavily in honing the technology further and trying to explore new application areas.
Artificial intelligence mostly finds application in the end use sectors of automotive, aerospace and defense, BFSI, agriculture, healthcare and life sciences, energy and utilities, IT and telecom, retail, media, manufacturing, and entertainment. Among these, the BFSI segment is driving most of the demand in the market at present. Going forward too the segment is predicted to generate most of the demand owing to the increasing usage of artificial intelligence in fraud detection, customer service, cybersecurity, and algorithmic trading. The report states that the humongous data collected by financial firms can be processed using machine learning and deep learning to gain insights and productivity.
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Another segment that could be disrupted big time by artificial intelligence is the healthcare and lifesciences. At present AI is being used in disease detection, delivery of health services, tackling chronic conditions, and drug delivery.
The global artificial intelligence market can be segmented on the basis of technology computer vision and expert systems, machine learning, and natural language processing (NLP). The growth in the artificial intelligence market has largely been a result of the gradually increasing computing power and the development of better, smarter algorithms. Posing a challenge to the global artificial intelligence market, on the other hand, is the dearth of skilled labor and data privacy issues among consumers.
Depending upon the mode of deployment, the global artificial intelligence market can be segmented into cloud and on-premise. Currently, the cloud deployment is seeing maximum uptake in the market. Based on the size of organizations again, the market is classified into small and medium-sized organizations (SMEs) and large enterprises.
Geographically, North America at present leads the global artificial intelligence market. This is because of the presence of many leading tech companies in the region who are investing heavily into cutting edge research and development. Some of them are Amazon Inc., Alphabet Inc., Baidu, Hewlett Packard Enterprise Co., Intel Corp., and IBM.
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