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Artificial Intelligence, technology enabling machines to “think” and function intelligently has a variety of applications and multiple benefits – e.g. enhanced accuracy, performing monotonous jobs, faster decision-making and risk-taking on behalf of humans.
The global Artificial Intelligence market is expected to grow by as much as 50%+ in the next 5-8 years, reaching approximately $60 billion by 2025.
The AI market includes end-use verticals such as healthcare, BSFI, retail, advertising & media, automotive and transportation, agriculture, manufacturing, and others.
AI applications within the Manufacturing sector are expected to show high growth in the next 3-5 years. Spending on Artificial Intelligence (AI) in this sector is expected to grow from $0.3 billion in 2016 to $5.0 billion by 2023, at a CAGR of 50%+.
The Healthcare segment uses AI applications in many ways such as – Robot assisted surgery, Virtual nursing assistants, Automated imaging diagnosis, etc. The AI healthcare market is expected to see explosive growth with 40% CAGR through 2021, and reaching $8 billion by 2022.
According to Google, robots will achieve human intelligence level by 2029. The cognitive solutions global market is expected to reach near $15 billion by 2020.
IBM’s Watson and Microsoft’s InnerEye are the most popular AI applications in the healthcare sector. IBM Watson health announces plans to acquire Truven Health Analytics for $2.6B. Project InnerEye is a machine learning tool that helps radiologists identify and analyze 3-D images of cancerous tumors and comparative analysis.
Baidu is a leading investors in AI, more than 14% of revenue invested in R&D and Microsoft Ventures launched a new fund for AI startups.
Amazon’s Alexa uses neural networks for natural language processing to analyze the human voice and return the appropriate responses.
More than 65% of U.S. radiologists use NVIDIA’s deep learning platform to create an AI Marketplace for Diagnostic Imaging.
Google’s DeepMind has been used for subway routing and improved healthcare through agreements with the NHS.
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