According to the latest report by Grand View Research, the global artificial intelligence market size was valued at USD 62.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 40.2% from 2021 to 2028.
The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. Technology has always been an essential element for these industries, but Artificial Intelligence (AI) has brought technology to the centre of organisations.
From self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually into every apparatus and program. AI is proven to be the significant revolutionary element of the upcoming digital era. Tech giants like Amazon.com, Inc.; Google LLC; Apple Inc.; Facebook; International Business Machines Corporation; and Microsoft are investing significantly in the research and development of AI. These companies are working for making AI more accessible for enterprise use-cases.
The essential facet accelerating the rate of innovation in the field of AI is accessibility to historical datasets. Since data storage and recovery has become more economical, healthcare institutions and government agencies are building unstructured data accessible to the research domain. From historic rain trends to clinical imaging, researchers are getting access to rich datasets. The next-generation computing architectures, with access to rich datasets, are encouraging information scientists and researchers to innovate faster.
Furthermore, progress in profound learning and Artificial Neural Networks (ANN) has also fuelled the adoption of AI in several industries, such as aerospace, healthcare, manufacturing, and automotive. ANN is substituting conventional machine learning systems to evolve precise and accurate versions.
For instance, recent advancements in computer vision technology, such as Generative Adversarial Networks (GAN) and Single Shot Multi Box Detector (SSD), have led to digital image processing techniques. Images and videos which are taken in low light or low resolution can be transformed into HD quality by employing these techniques.
The continuous research in computer vision has built the foundation for digital image processing in security and surveillance, healthcare, and transportation, among other sectors. Such emerging machine learning methods are anticipated to alter the manner AI versions are trained and deployed.
The pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech giants and start-ups are working on preventing mitigating, and containing the virus. For instance, the Chinese tech giant Alibaba’s research institute Damo Academy has developed a diagnostic algorithm that can detect new coronavirus cases with the chest Computed Tomography (CT) scan. The AI model used in the system has been trained with the sample data from over 5,000 positive coronavirus cases. For another instance, in June 2020, Lunit developed an AI solution for x-ray analysis of the chest for simpler management of Covid-19 cases, and offer assistance in interpreting, monitoring, and patient trial.
The COVID-19 outbreak is expected to stimulate the market growth of next-generation tech domains, including artificial intelligence, owing to the mandated work-from-home (WFH) policy due to this pandemic.
Software solutions led the artificial intelligence market and accounted for more than 38.0% share of the global revenue in 2020. This high share is attributed to the prudent improvements in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end AI software in dynamic end-use verticals.
Artificial intelligence software solutions include libraries for designing and deploying artificial intelligence applications, such as those for primitives, linear algebra, inference, sparse matrices, video analytics, and multiple hardware communication capabilities. The need for enterprises to understand and analyze visual content to gain meaningful insights is expected to spur the adoption of artificial intelligence software over the forecast period.
Artificial intelligence services include installation, integration, and maintenance & support undertakings. The segment is projected to grow at a significant rate over the forecast period. AI hardware includes chipsets such as Graphics Processing Unit (GPU), CPU, application-specific integrated circuits (ASIC), and field-programmable gate array (FPGA).
Currently, the artificial intelligence hardware market is dominated by GPUs and CPUs due to their high computing capabilities required for AI frameworks. For instance, in September 2020, Atom wise partnered with GC Pharma to offer AI-based services to the former and help to develop more effective novel haemophilia therapies.