Adoption of various technologies such as 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 improving operational efficiency in enterprises are the major factors driving 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.
Key market players – 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 enormous amount of data generated. It is considered among the emerging trends in the artificial intelligence market. In addition, rise in 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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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.
The report offers key drivers that propel the growth in the global market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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