Artificial Intelligence (AI) is one of the essential aspects of business nowadays. It is a virtual ability used extensively by companies to accomplish tasks without much human interference. Nowadays, many companies use this technique and, hence, are gaining better results day by day.
Many business categories like healthcare, FMCG, eCommerce, manufacturing, services industry, financial services, retail, and many more growing industrial spaces make use of AI. Hence, you can say the Artificial Intelligence Market is growing more and more.
Key Market Insight
During the COVID-19 pandemic, Artificial Intelligence (AI) has been tremendously used to cure patients and detect the results. The global AI market in the year 2019 was US 27.23 billion. Further, it is ever-growing, and therefore, it is expected to reach US 266.92 billion by the year 2027.
Moreover, many tech giants are planning to invest a considerable amount into AI for strengthening it at the global level.
Key Trends for AI
AI is a hot topic for all, and interestingly, 77% of the world’s people are using this technology to get faster results. Likewise, there has been continuous development in this field, you must know.
1. AI-enabled chips
Yes, you read it right. Chips are the latest trends in this technology. The AI-enabled chips are responsible for boosting the performance of AI-based applications. Further, the businesses will perform other tasks such as natural language processing, computer vision, facial recognition, detecting an object, and lots more. These chips may boost the revenue in the next five years to US $ 91,185 Million. That is a staggering figure.
2. AI and Internet of Things
This match is made in heaven. IoT devices help to generate a lot of data, and AI algorithms need data before making any conclusions.
3. Automated Machine Learning
Automated Machine Learning helps a business to solve real-time corporate problems in subsequent time. It enables processes to run smoothly, and this has attracted many people to make use of this technology.
4. AI and Cloud Computing Artificial Intelligence Market
It has a vast potential to revolutionize businesses’ overall working. Prominent cloud companies such as Oracle, Google, and Amazon Web Services are making use of cloud computing to automate the regular workflow.
5. AI Cybersecurity
Many businesses make use of AI to prevent cybercrime in their companies. It helps them to analyze, understand, and avoid the crucial data and works of the market.
What are the significant challenges and risks in the Artificial Intelligence Market or Industry?
As AI is growing more ubiquitously and sophisticatedly, it can gradually show the risks and significant challenges to businesses. Some of them include:
- Job Automation AI is good, but these types of technologies can reduce human interference at work. According to reports, AI might perform the jobs of millions of people right from sales to market research to analysis.
- Privacy and Security of Data Though this is one of the best technologies, there is still a higher risk involved related to the security of data.
- Autonomous Smart Weapons Other nations may use AI to make ferocious weapons to create destruction on the planet.
How is the Artificial Intelligence Market/Industry Performing?
During the COVID-19 situation, the usage of AI has tremendously increased. AI technology has supported the healthcare industry in clinical processes and diagnoses. With the assistance of AI, there has been an overall improvement in treatments, diagnostics, accuracy in tests, and symptoms predictions. It is ever-growing.
Am I working with the Right Supplier?
Make sure your preferred AI organization is a real-time problem solver. It is one of the leading procurements of intelligent service providers. They have served several industries like banking, financial services, mining, FMCG, beauty products, chemical industry, and lots more.
The company has partnered with 50,000+ clientele across the globe. Some of the prestigious clients include Amazon, IBM, FedEx, Tesco, Apple, Nordstrom, Philips, 3M, and lots more.
Read More: How Can Technology Help Students Today?
Am I Paying the Right Price?
So, look for the best and most prestigious companies in the Artificial intelligence Market and procurement services industry. A company should follow the latest technology trends, best supplier analysis, best research about the supply market, and best profiling.
There are packages that are affordable, and you need not worry about the quality of services as professionals do not compromise these things for you.