The global artificial intelligence systems spending market is anticipated to soar with a staggering 46.1% CAGR throughout the projection period between 2017 and 2027. The coronavirus pandemic is benefit from the coronavirus outbreak as businesses are remodeling operations to allow employees to work from home. Further, increased spending on online communications and cloud technologies will generate lucrative opportunities during the pandemic.
“Automated shopping assistants, intelligent process automation, optimized purchase recommendations, and research and discovery initiatives in the pharmaceutical industry with AI-related technologies are highly popular applications that will support spending on AI systems for years to come,” states the FMI report.
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Artificial Intelligence Systems Spending Market – Key Takeaways
- Banking solutions for artificial intelligence systems are gaining strong demand, owing to automated customer service, and fraud analysis applications.
- Pharmaceutical research applications are likely to witness rapid growth aided by the recent spurt in growth of digital patient and formulation databases.
- Asia Pacific is displaying major growth in artificial intelligence system spending, supported by investments in hardware and infrastructure for artificial intelligence development.
Artificial Intelligence Systems Spending Market – Critical Driving Factors
- Growing use of artificial intelligence in ERP and manufacturing solutions and applications drive adoption rates.
- Sustained investments into automated transport and logistics is a key factor contributing to revenues.
Artificial Intelligence Systems Spending Market – Major Constraints
- Lack of adequate infrastructure to handle vast databases, setup processes, and manage workforce remains a key challenge to market players.
- High capital required for artificial intelligence system development holds back market growth.
The Anticipated Impact of Coronavirus
The covid-19 pandemic is likely to benefit the artificial intelligence systems spending market. This can be attributed to high investments in cloud and internet infrastructure, for remote working operations around the world during the pandemic. Centralization of corporate data during the crisis will help companies to build on AI capabilities. AI systems are being used to identify and track vulnerable populations, and generate warnings for potential outbreaks in the future. Further, these systems are proving useful in administration applications in healthcare facilities. Also, increased use of online shopping. However, concerns over privacy, bias and job loss will limit gains during this period.
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Competition Landscape
Prominent developers in the artificial intelligence systems spending market include but are not limited to IPsoft Inc., Google Inc., Salesforce.com Inc., Microsoft Corp., Wipro Ltd., Facebook Inc., Infosys Ltd., IBM Corp., Intel Corp., Apple Inc., and Amazon.com Inc.
Artificial intelligence systems spending market players are widely investing in strategic acquisitions to bolster their AI capabilities, and expertise in AI development workforce.
For instance, in early 2020, Apple Inc., announced the acquisition of Xnor.ai for AI-based image recognition tools. Further Amazon has announced the acquisition of Zoox, a startup focused on AI-based autonomous driving developments. Similarly, Snap has revealed its acquisition of Ukraine-based AI-Factory for developing augmented reality functionalities.
Market Taxonomy
By Industry Type
- BFSI
- Discrete & Process Manufacturing
- Healthcare
- Retail
- Wholesale
- Professional & Consumer
- Service
- Transportation
- Media & Entertainment
- Telecommunications & Utilities
- Government
- Education
- Others (Construction, Resource Industries)
By Technology
- Deep Learning
- Machine Learning
- Natural Language Processing
- Machine Vision
- AGI
- ASI
By Market
- Hardware
- Software
- Services
By Region
- North America
- Asia-Pacific excluding
- Japan
- Western Europe
- Eastern Europe
- Latin America
- Middle East and Africa
- Japan
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