ALBANY, N.Y., May 3, 2021 /PRNewswire/ — Seeming relatively new, the conception of artificial intelligence (AI) dates back to 1955 which was founded as an academic discipline. Since then, course of the technology has been a like that of a rollercoaster, with a mix of waves of elevation and dip, nonetheless, in the more recent times has witnessed new approaches, success and renewed funding. Meanwhile, with strong basis, advocates of AI and experts say AI will amplify human capabilities and disrupt eons-old human activities. This, currently, is already being experienced for complex decision-making, visual acuity, reasoning and learning, speech recognition and language translation, and sophisticated analytics and pattern recognition tasks.
With such a wide expanse of capabilities, the optimism for AI to boost the efficiency and effectiveness of business processes in nearly every industry is well received. For example, the healthcare industry perceives AI and its many applications can improve patient care to a great extent, by way of diagnosing and treating patients or helping the elderly and disabled live fuller and healthier lives. Such deliberation from the high-value healthcare industry is immense promising for the triumph of artificial intelligence, reckoned for solid applications in other service industries too. Manufacturing, agriculture, and energy are some other industry sectors that look on AI to transform end-to-end business processes to commence in the near-term itself. Therefore, this validates outstanding `growth with ~29% CAGR of the artificial intelligence market from 2020-2030.
Artificial Intelligence Market – Key Findings of the Report
Sizeable use of AI-based Products, Mobile Apps amidst COVID-19 for Comprehensive Monitoring opens Unknown Opportunities
In the current crisis of COVID-19, big data and AI are being used extensively to monitor and handle the situation effectively. Health authorities, frontline workers, and health caregivers are leveraging AI to monitor cases, identify disease clusters, and analyze for future outbreaks. Taking a cue from the effectiveness of current AI systems, stakeholders in the AI market are making concerted efforts to develop early warning systems. Savvy players are reaching out to social platforms and news channels to obtain data and useful information, and use AI-based systems to extrapolate risk of occurrence in vulnerable regions. This creates immense opportunities in the AI market.
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Explore 350 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Artificial Intelligence Market (Component: Hardware, Software, and Services; Application: Virtual Assistants/Chatbots, Forecasts & Modelling, Text Analytics, Speech Analytics, Computer Vision, Predictive Maintenance, and Others; and End User: BFSI, IT & Telecom, Manufacturing, Retail & eCommerce, Healthcare, Government, Energy & Utilities, Media & Entertainment, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/artificial-intelligence-market.html
Solid Use for Tangible Advantages of Banking Security, Compliance extends Ample Growth Opportunities
The banking, financial services, and insurance sector reaps sizeable advantages with the deployment of AI for new customer-centric approaches and next-gen business processes. Chatbots or digital personal assistant are the most popular AI-based software used in the banking sector, which helps to answer FAQs of customers.
Besides this, to safeguard the goldmine of personal and confidential information of customers, companies in the AI market are providing AI-enhanced security software for banking processes.
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Furthermore, banking compliance and financial forecasting processes are creating value grab opportunities for players in the artificial intelligence market. For example, automation of manual compliances for Know Your Customer (KYC) and Anti-Money Laundering (AML) exercises are becoming customary in banking services.
Speculations of High worth of Computer Vision Technology in Self-driving Cars, Retail to create New Growth Vistas
Currently nascent, computer vision technology – a subset of AI is being used in self-driving automobiles. The self-driving car Tesla by Elon Musk is a recent and popular example of use of computer vision technology. However, the road ahead for self-driving cars to be established, negating the high risk of fatal accidents is quite long.
In the interim, keen players in the AI market are tapping into incremental opportunities in the retail sector, wherein Amazon Go checkout-free self-service retailing is an example.
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Artificial Intelligence Market – Growth Drivers
Availability of enormous amount of valuable data on the cloud for data scientists and research organizations to feed machine learning/artificial intelligence models for solving complex problems boosts AI market.
Consistent innovation in computing architecture and frameworks, which includes innovations in processors and adoption of bare metal servers underscores growth.
Artificial Intelligence Market – Key Players
Amazon Web Services
IntelliResponse Systems Inc.
Next IT Corporation
QlikTech International AB
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Automated Fingerprint Identification Systems Market – To maintain the confidentiality of information and ensure the security of officials, more and more government institutions are adopting automated fingerprint identification systems. As such, government and security agencies account for the highest revenue in the automated fingerprint identification systems market, with an estimated value of ~US$ 15 billion by the end of 2027.
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