Artificial Intelligence (AI) is bringing revolutionary changes in technological fields ranging from deep learning to advanced computer vision. It is implemented to automate a system to deliver better efficiency and performance, and to support decision-making. Artificial intelligence is making devices smarter, data more valuable, and cloud-based tools more efficient. Increasing demand for virtual assistance to enable easy accessibility of services, along with growing adoption of cloud-based technology, is driving the artificial intelligence market.
The artificial intelligence market is divided into several segments, such as machine learning, natural learning processing, and others. Key players in the artificial intelligence market include Google, Siemens AG, Apple Inc., Samsung, and Amazon. These have been working on different strategies to drive sales using highly influential marketing approaches; however, as we examine the challenges and opportunities ahead in this market, companies can benefit from the strategy of conversational AI and AIOT, along with the key target market trends we have identified. Lucintel predicts that the global artificial intelligence market will be valued at $70 billion by 2025, with an expected CAGR of 20% to 22% between 2020 and 2025.
Lucintel identifies five trends set to influence the global artificial intelligence market. Most of the industry players and experts agree that these five trends will accelerate developments in the artificial intelligence industry in the near future. In terms of the widespread knowledge about the artificial intelligence market already on the horizon, there is still a lack of unified perspective on the direction the industry is moving to proactively address developments. To help bring more clarity to this gap, our study aims to provide insights concerning the direction that changes are taking and how these changes will impact the artificial intelligence market.
1. Growing Adoption of Conversational AI