Integration of artificial intelligence
is skyrocketing, as the global industries are inclining towards
employing advanced technologies. Large number of industries are
employing artificial intelligence to draw systematically analyzed
information. Growing progression need in the question acknowledgment,
zones of machine interpretation, and protest observation has further
increased the need for artificial intelligence. Moreover, rapidly
growing information generation and its storage capacity,
parallelization, and high computing power has increased the need for
artificial intelligence. The need for gaining meaningful insights
understanding and analyzing visual contents is likely to provide
traction to the industry over the projected tenure.
However,
lack of technical expertise related to newer techniques and slow
adoption rate are likely to deter the demand in the global artificial
intelligence market. In addition, high installation and development cost
of artificial intelligence systems is also expected to hamper the
growth prospects in this market. But with increasing data stockpiling
limit and advanced parallel handling capacities the effect of these
restraints might reduce over the period of time and the market might
grow efficiently.
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Increasing Competition among key Players to Expand Market Performance
Players
operating in this market are experiencing high degree of competition.
To name some of the prominent players in the market are Google Inc.,
Next IT Corporation, IBM Corporation, Brighterion Inc., and
IntelliResponse Systems Inc. who have higher share in the global
artificial intelligence market. Leading players in the market are
engaged in high research and development activities to bring products
with the most advanced technique. Moreover, these players are also
diversifying their product lines and to offer technologically advanced
products. They are also engaged in different business development
strategies such as mergers and acquisition, expansion, collaboration and
partnership. Use of these strategies will help in gaining large share
in the market and expand their business at the global level.
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