Adoption of various technologies such as the internet of things (IoT), machine learning, and industry 4.0. is expected to provide lucrative opportunities for the global artificial intelligence software market. The rise in adoption of cloud-based applications and services and focus on improvement of operational efficiency in enterprises are the major factors that drive artificial intelligence software market growth. In addition, an increase in demand for intelligent virtual assistants and growth in adoption of big data analytics among SMEs are expected to supplement the artificial intelligence software market growth.
Companies are adopting strategies a mergers, acquisitions, and launching new products to sustain in the artificial intelligence software market and gain a competitive edge. For instance, in 2019, Apple Inc. acquired laser-like, a small Silicon-Valley based machine learning startup to strengthen its artificial intelligence efforts, including virtual assistance called Siri.
Major market players such as – Amazon Web Services (U.S), Baidu, Inc. (China), Cisco (U.S), Facebook (U.S), Google Inc (U.S), General Electric (U.S), IBM Corporation (U.S), Intel Corporation (U.S), Micron Technology (U.S), Microsoft Corporation (U.S), NVIDIA (U.S), Oracle Corporation (U.S), Rockwell Automation (U.S), Samsung Electronics (South Korea), Salesforce (U.S), SAS (US), SAP SE (Germany), Siemens AG (Germany), and Xilinx, Inc. (U.S)
Big data has a key role in data mining and handling an enormous amount of data generated. It is considered among the emerging trends in the artificial intelligence market. In addition, the rise in the amount of structured and unstructured data in organizations creates demand for big data applications. AI and big data help in analyzing information by learning from patterns and helping companies to take smart decisions. Hence, enterprises are implementing big data-enabled AI solutions.
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Regions covered – North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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