Integration of artificial intelligence is skyrocketing, as the global industries are inclining towards employing advanced technologies. Large number of industries are employing artificial intelligence to draw systematically analyzed information. Growing progression need in the question acknowledgment, zones of machine interpretation, and protest observation has further increased the need for artificial intelligence.
Moreover, rapidly growing information generation and its storage capacity, parallelization, and high computing power has increased the need for artificial intelligence. The need for gaining meaningful insights understanding and analyzing visual contents is likely to provide traction to the industry over the projected tenure.
However, lack of technical expertise related to newer techniques and slow adoption rate are likely to deter the demand in the global artificial intelligence market. In addition, high installation and development cost of artificial intelligence systems is also expected to hamper the growth prospects in this market. But with increasing data stockpiling limit and advanced parallel handling capacities the effect of these restraints might reduce over the period of time and the market might grow efficiently.
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Players operating in this market are experiencing high degree of competition. To name some of the prominent players in the market are Google Inc., Next IT Corporation, IBM Corporation, Brighterion Inc., and IntelliResponse Systems Inc. who have higher share in the global artificial intelligence market. Leading players in the market are engaged in high research and development activities to bring products with the most advanced technique.
Moreover, these players are also diversifying their product lines and to offer technologically advanced products. They are also engaged in different business development strategies such as mergers and acquisition, expansion, collaboration and partnership. Use of these strategies will help in gaining large share in the market and expand their business at the global level.