Computing power increases, image recognition driving AI market

Market news | February 6, 2020

By Rich Pell

Data Acquisition Artificial Intelligence MPUs/MCUs Memory & Data Storage IoT Sensing / Conditioning Automotive Software & Embedded tools Optoelectronics PLDs/FPGAs/ASICs Digital Signal Processing Medical Electronics

One of the key factors driving this market, says the report, is its integration across a host of applications.

“Rapid improvements in high computing power have contributed to the rising adoption of AI and robotics in end-use industries like IT, automotive, healthcare, and manufacturing,” says the report. “Furthermore, the need for recognizing and scrutinizing visual content in order to gain deeper insights is expected to boost the uptake of artificial intelligence technologies over the forecast period.”

Advances in image and voice recognition are driving the growth of the regional market, and improved image recognition technology is critical in enhanced drones, self-driving cars, and robotics.

Key takeaways from the report include the following:

Growth in the volume of data being generated from different end-use industries is expected to provide traction to the technology adoption
Increasing adoption of image and pattern recognition in Asia Pacific is expected to provide new growth opportunities over the forecast period
North America is one of the early adopters of advanced technologies and allows organizations to adopt artificial intelligence capabilities at a faster pace
Increasing amount of digital data in the form of speech, videos, and images, from different social media sources such as IoT and consumer analytics is driving the need for data mining and analytics.
AI is extensively used by several media and online services such as Google Assistant, dialogue and voice recognition of Siri, Microsoft Cortana, image classification in Facebook & Google Photo, and Amazon’s Alexa
Key players in the Artificial Intelligence market include Atomwise, Lifegraph, Sense.ly, Zebra Medical Vision, Baidu, H2O ai, IBM Watson Health, NVIDIA, Enlitic, Google, Intel Corporation, and Microsoft Corporation.

North America held the dominant share in the global AI market in 2018 thanks to the availability of high government funding, presence of leading players, and strong technical base. Asia Pacific, however, is anticipated to overtake North America to emerge as the leading regional market by 2025. This can be attributed to rapid improvements in information storage capacity, high computing power, and parallel processing, all of which have contributed to the swift uptake of Artificial Intelligence technology in end-use industries such as automotive and healthcare.

The report segments the AI market by solution type: hardware, software, and services. AI hardware solutions including chipsets such as graphics processing units (GPUs), central processing units (CPUs), application-specific integrated circuits (ASICs), and field-programmable gate arrays (FPGAs) are projected to grow at a significant rate over the forecast period. AI software solutions include libraries for deploying and designing artificial intelligence applications, such as those for primitives, inference, video analytics, linear algebra, and sparse matrices, and multiple hardware communication capabilities.

Artificial intelligence services include installation, integration, and maintenance and support undertakings. AI service solutions are expected to register the fastest growth rate over the forecast period.

The report segments the AI market by core technologies into natural language processing (NLP), machine learning, deep learning, and machine vision archetype. The deep learning technology segment is anticipated to dominate the market in terms of revenue.

The markets for artificial intelligence include end-use verticals such as healthcare, advertising, and media, law, financial, retail, automotive and transportation, manufacturing, agriculture, and others. The advertising and media segment dominated the overall market for AI in 2018. However, the healthcare sector is anticipated to gain the leading share by 2025.

For more, see the full report: “Artificial Intelligence Market Size, Share & Trends Analysis Report By Solution, By Technology (Deep Learning, Machine Learning), By End Use (Advertising & Media, Law, Healthcare), And Segment Forecasts, 2019 – 2025.”