Many observers equate the rise/appearance of artificial intelligence (AI) with a prophetical statement made in 1969 to paraphrase, AI is “a giant leap for Mankind”! A Grandview report proffered that Artificial Intelligence: ” (should be) considered to be the next stupendous technological development, alike past developments such as the revolution of industries, the computer era, and the emergence of smartphone technology.” And the U.S. is again going to be the ‘home base’ for these new voyages into the unknown. Grandview felt that the North American region is expected to dominate the industry due to the availability of high government funding, the presence of leading players, and a strong technical base. They also said: “Advances in image and voice recognition are driving the growth of the AI market as improved image recognition technology is critical to offer enhanced drones, self-driving cars, and robotics.” Active companies in the markets this week include Hawkeye Systems, Inc., NVIDIA Corporation, International Business Machines Corporation, Intel Corporation, Twilio Inc.
Another industry source, “Markets and Markets”, in a new report has projected that the revenues will skyrocket within the next few years, saying: “The artificial intelligence market is expected to be valued at USD 21.5 billion in 2018 and is likely to reach USD $190.6 billion by 2025, at a CAGR of 36.6% during the forecast period. Major drivers for the market are growing big data, the increasing adoption of cloud-based applications and services, and an increase in demand for intelligent virtual assistants. The major restraint for the market is the limited number of AI technology experts… ” They went on to describe some of the key reasons for the growth to come about. “The increasing use of deep learning in applications such as image recognition, speech recognition, and data mining is the prime factor resulting in its growth. In addition, the rising adoption of deep learning algorithms to derive vital information generated from wearables and electronic health record (EHR) systems and its use in drug discovery applications are the key factors driving the market growth.