Artificial intelligence (AI) has an impact on our everyday lives; nearly every critical sector or industry relies on AI to perform specific tasks that are difficult for humans to complete.
This technology is revolutionizing how everyday world works, which includes applications from streamlining operations to informing better decision making. By using this technology companies in all sectors are optimizing and automating their processes to increase profitability.
Major drivers for the market are growing big data, the increasing adoption of cloud-based applications and services, and an increase in demand for intelligent virtual assistants. However, there is a limited number of AI technology experts, and this is proving to be a restraint to market growth.
“Critical challenges facing the AI market include concerns regarding data privacy and the unreliability of AI algorithms. Underlying opportunities in the artificial intelligence market include improving operational efficiency in the manufacturing industry and the adoption of AI to improve customer service,” said Sachin Garg – Associate Vice President, MarketsandMarkets.
According to a report from MarketsandMarkets, a global research firm, the Artificial Intelligence market is expected to reach USD 190 Billion by 2025, growing at a CAGR of 36% between 2018 and 2025.
Artificial Intelligence is also driving the market for semiconductor industry as AI chipsets have been the key enabler for this market.
MarketsandMarkets has identified ten major industries using different AI applications where the market is expected to have a major impact for 2019 and beyond.
The AI market for healthcare is used in various applications, such as patient data and risk analysis, medical imaging & diagnostics, precision medicine, lifestyle management and monitoring, drug discovery, inpatient care & hospital management, virtual assistant, wearables, and research. Growth in patient data owing to the increasing adoption of EMRs (Electronic Medical Records) and various advantages, such as predictive analytics and risk management, offered by AI systems to healthcare providers and payers are supporting the growth of the patient data & risk analysis segment.
The AI market for manufacturing is classified into various applications, such as material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control. Increasing demand to reduce operational costs caused by early-life failure of machines is driving the growth of predictive maintenance and machinery inspection in the AI market.
Machine Learning (ML), Natural Language Processing (NLP), and image processing are the major AI technologies that are used in automotive sector. The automotive AI market is divided into multiple applications, such as autonomous driving, human–machine interface (HMI), and semiautonomous driving. Moreover, intelligent car concept, which gives users an experience of advanced technology with effective vehicle controls such as advanced cruise control and self-parking, is further elevating the growth of HMI in the AI market.
AI provides the status of crop water, along with soil water holding capacity. ML technology, along with computer vision technology, is a key element in the field of agriculture. The combination of IoT and advanced analytics with AI further allows farmers to analyze real-time data of weather conditions, temperature, soil moisture, plant health, and crop prices in the AI in agriculture market. Other applications include smart greenhouse management, soil management, and fish farming management.
AI is being extensively used in the retail sector to make the shopping experience similar to what the customers are accustomed to in real life. In the retail AI market, various applications are product recommendation and planning, customer relationship management, visual search, virtual assistant, price optimization, payment services management, supply chain management, demand planning, and others (website and content optimization, space planning, fraud detection, and franchise management).
The cybersecurity ecosystem is rapidly changing as new types of cyberattacks are constantly being found, and organizations have to keep up with these threats to protect their critical assets. The AI market for security has multiple applications, such as identity and access management (IAM), risk and compliance management, encryption, data loss prevention (DLP), unified threat management (UTM), antivirus/anti-malware, intrusion detection/prevention system (IDS/IPS), and others.
7. Human Resource
AI is reshaping the way companies manage their HR pool/policies/practices. AI applications used in the HR sector are virtual assistant, personalized learning and development, applicant tracking and assessment, HR analytics, job recommendation, and sentiment analysis.
AI in the field of marketing is one of the largest applications, mainly for media and advertising purposes. Analytics, consumer behavior prediction, digital assistants, and automation are the major applications of AI in advertising. AI helps identify the relevance—whether it refers to personalizing online content and other recommendations or to targeted advertising.
AI technologies, especially ML and NLP, are being deployed to increase productivity, improve margins, and provide innovative and efficient legal advice. Some of the major applications of AI in the sector are eDiscovery, legal research, contract analysis, case prediction, compliance, and others (intellectual property, e-billing, and knowledge management). It is eve predicted that AI Robots will be employed for advisory and legal processing in the future.
AI in fintech refers to the theory and development of computer systems capable of performing finance-related tasks that usually require human intelligence.
Various applications of AI in fintech are virtual assistant, business analytics and reporting, customer behavior analytics, and others (market research and capital optimization). Virtual assistants (chatbots) are widely used by financial institutions as they are changing the way banks interact with their customers. Overall, it depends on what type of AI Infrastructure have you adopted for your company.
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