AI enables computer systems to execute tasks traditionally necessitating human involvement and assistance, including speech recognition, decision-making, visual perception, and language translation. People's perspectives on Artificial Intelligence (AI) can vary.
AI enables computer systems to perform tasks traditionally requiring human involvement, from speech recognition to decision-making and language translation. Perspectives on Artificial Intelligence (AI) vary; it now encompasses personalised bots, cancer detection, and self-driving cars.
The global enterprise Artificial Intelligence market thrives on the need to analyse vast data, heighten customer satisfaction, adopt reliable cloud applications, and invest in AI technologies. Yet, the scarcity of trained staff impedes growth. However, emerging economies embracing AI and developing smarter virtual assistants create fresh opportunities.
Reportedly, the industry accrued $4.68 billion in 2018, set to reach $53.06 billion by 2026. Early adopters possess insights, but new entrants can utilise centres of excellence (CoEs) and recruit analytics leaders and data scientists for an advantage.
Challenges persist for manufacturers in refining AI technology. Despite driving factors like increased productivity, diversified applications, and big data integration, obstacles such as a skills shortage and ethical concerns exist. Nonetheless, the introduction of new technologies is expected to mitigate these concerns.
The IT & telecom sector anticipates leading the enterprise AI market, fuelled by increased investments from startups. Similarly, industries like automotive and transportation embrace AI, driven by consumer demand for smart and connected vehicles.
Deployment-wise, on-premise solutions dominated in 2018, due to data privacy concerns among large organisations. However, cloud-based solutions are poised for rapid growth owing to accessibility and scrutiny over internal AI components.
Machine Learning spearheads AI technology applications, while Natural Language Processing is projected to grow rapidly, bridging the human-computer communication gap.
Geographically, North America leads, with significant market players and technological adoptions. Meanwhile, Asia-Pacific, driven by startup investments, is forecasted for the highest growth.
Notable industry frontrunners include :
- MicroStrategy Incorporated
- Apple Inc
- Amazon Web Services, Inc
- IBM Corporation
- Wipro Limited
- NVIDIA Corporation
- Alphabet Inc. (Google Inc.)
- IPsoft Inc
- SAP
- Verint
