Increasing Applications of Artificial Intelligence Creates Huge Demand in Overall Market

Published Date : Apr 19, 2016

Artificial intelligence is a booming technology as it is becoming an indispensible part of everyday lives.  It majorly deals with building and developing intelligent software and machines to make difficult tasks relatively easy. The global artificial intelligence market is undergoing a massive transformation as several players in the market are using multiple benefits of this technology to position their products better and to reach out a wider customer base. This market is also receiving a remarkable boost from several industrial applications. The only restraint in this market is the lack of funding and poor investments for allocating skilled resources towards research and development. 

Components of Global Artificial Intelligence Market 
The global artificial intelligence market is segmented on the basis of type, end user, and geography. The types of artificial intelligence available in the market are artificial neural network, digital assistance system, embedded system, and automated robotic system. The end-users industries of artificial intelligence are deep learning, smart robots, image recognition, digital personal assistant, querying method, language processing, gesture control, video analysis, speech recognition, context aware processing, and cyber security. 

Benefits of Artificial Intelligence
According to a research report, the artificial intelligence software is used across various applications such as at manufacturing plants, for medical research, and in speech recognition systems. The prime advantage of this software is that it enables a machine to act like a human, which translates to the device collecting, analyzing data, reasoning, talking, and making decisions to act a certain way.

Expert System Emerges as the Leading Segment
Out of all the types of artificial intelligence, the expert system segment gained maximum popularity in 2015. This was attributable to the widening usage of artificial intelligence in areas of diagnosis, design, process control, scheduling and planning, and monitoring.

Image Recognition to be the Fastest Growing Segment
According to research analysts, the image recognition segment amongst all the applications is likely to be the fastest growing segment in the overall market.  This growth is will due to a high demand for improved computing technology to enable advanced study of systems that will analyze, recognize, process, and simulate human behavior.