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The global artificial intelligence market size is projected to reach USD 266.92 billion by 2027 on account of rising adoption of AI-based tools in the healthcare sector, according to Fortune Business Insights™ in its report, titled “Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2020-2027”. As per the report findings, the market value stood at USD 27.23 billion in 2019 and is expected to display a CAGR of 33.2% from 2020 to 2027.
The COVID-19 pandemic is creating unique opportunities for the AI market. Researchers and scientists are extensively utilizing AI-powered tools and devices to track and test patients, procure patient records, and provide doctors with cloud-based devices to deliver precision medication.
Apple Acquires Inductiv, Strengthens Its Machine Learning Portfolio
In May 2020, Apple took over the Ontario-domiciled AI start-up Inductiv to work on Apple’s renowned intelligent assistant, Siri. The acquisition of Inductiv is continuation of Apple’s strategy of expanding its artificial intelligence-related technologies portfolio and advancing its Machine Learning (ML) capabilities. Inductiv gained fame for designing AI-based software for identifying and rectifying errors in data. With enhanced ML capacity, Apple is aiming at deepening and broadening its AI services and products for customers. Acquisitions such as these which fall under companies’ broader strategies are becoming a hallmark feature of this market.
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Concerns Surrounding Privacy of Data May Quell Market Growth
The artificial intelligence market growth projections are extremely promising as technologies associated with AI such as Internet of Things (IoT) and Machine Learning (ML) are experiencing extensive applicability in diverse areas. However, with digitalization of data, privacy and security concerns have been mounting worldwide. Survey by Brookings Institution found that 49% of people believe that AI will compromise privacy. Moreover, according to research done by Cornell University, deep neural networks that are embedded in AI software can store and remember faces through the face recognition algorithms used in training programs, making it easy for attackers to extract personal data using facial information. While companies and developers are working continuously to AI systems watertight, prevention of breaches may not always be possible. These issues, therefore, may hinder the adoption of AI-based technologies.
Introduction of Multi-Applicability Solutions by Players to Boost Competition
Young companies in this market are undertaking constant measures to improve, enhance, advance, and diversify their range of product & services offerings. As a result, many of these players are designing, developing, and launching innovative AI-powered solutions which have multi-sectorial applicability. This is emerging as the mainstay strategy for novice companies in the AI market as they are exploring ways and means to establish their presence and create a niche space for themselves in the market.
List of Companies Profiled in the Artificial Intelligence Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD billion)