Artificial Intelligence Software Market to witness Future Growth over 2020–2027, Says Allied Market Research
Growth of data-based AI and advancement in deep learning drive the market growth.
PORTLAND, PORTLAND, OR , UNITED STATES, October 6, 2021 /EINPresswire.com/ — Rise in adoption of cloud-based applications and services and focus on improvement of operational efficiency in enterprises are the major factors that drive artificial intelligence software market growth. In addition, increase in demand for intelligent virtual assistants and growth in adoption of big data analytics among SMEs are expected to supplement the artificial intelligence software market growth. However, lack of technical expertise and management of complex software hamper the market growth. Furthermore, adoption of various technologies such as internet of things (IoT), machine learning, and industry 4.0. is expected to provide lucrative opportunities for the global artificial intelligence software market.
Big data has a key role in data mining and handling the enormous amounts of data generated. It is considered among the emerging trends in the artificial intelligence market. In addition, the rise in amount of structured and unstructured data in organizations creates demand for big data applications. AI and big data help in analyzing information by learning from patterns and helping companies to take smart decisions. Hence, enterprises are implementing big data enabled AI solutions.
Companies are adopting strategies a mergers, acquisitions and launching new products to sustain in the artificial intelligence software market and gain a competitive edge. For instance, in 2019, Apple Inc. acquired laser-like, a small Silicon-Valley based machine learning startup to strengthen its artificial intelligence efforts, including virtual assistance called Siri.
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Major Industry Players – Amazon Web Services, Baidu, Inc, Cisco, Facebook, Google Inc, General Electric, IBM Corporation, Intel Corporation, Micron Technology, Microsoft Corporation, NVIDIA, Oracle Corporation, Rockwell Automation, Samsung Electronics, Salesforce, SAS , SAP SE, Siemens AG, and Xilinx, Inc.
COVID-19 Scenario Analysis:
• Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt and expected to significantly affect the artificial intelligence software market in 2020.
• Worldwide lockdowns have resulted in business shutdowns, however, AI software-based chatbots help businesses to resolve their client’s queries without letting them know to whom they are talking and help them to improve their efficiency.
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