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Abstract: Global Artificial Intelligence (AI) Market to Reach US$291. 5 Billion by the Year 2026 . Artificial Intelligence (AI) is emerging as one of the promising technologies, against the backdrop of fast paced digitalization and rapidly evolving technology landscape globally.

New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Artificial Intelligence (AI) Industry" - https://www.reportlinker.com/p05478480/?utm_source=GNW AI technology is associated with making machines and related processes intelligent through the use of advanced computer programming solutions. The AI technology market is poised to grow at a robust pace driven by its increasing adoption in an expanding range of applications in varied industries. The growing need to analyze and interpret burgeoning volumes of data and the escalating demand for advanced AI solutions to improve customer services are expected to fuel growth in the AI market. With significant improvements being seen in data storage capacity, computing power and parallel processing capabilities, the adoption of AI technology in various end-use sectors is on the rise. The rising adoption of cloud-based services and applications, rapid growth of big data, and the increasing need for intelligent virtual assistants are also contributing to the rapid growth of AI market. The advent of face, image, and voice recognition technologies is further favoring growth in the global market.

Amid the COVID-19 crisis, the global market for Artificial Intelligence (AI) estimated at US$47.1 Billion in the year 2020, is projected to reach a revised size of US$291.5 Billion by 2026, growing at a CAGR of 34.3% over the analysis period. Services, one of the segments analyzed in the report, is projected to grow at a 34.1% CAGR to reach US$154.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 31.7% CAGR for the next 7-year period. This segment currently accounts for a 37.9% share of the global Artificial Intelligence (AI) market. The increasing penetration of chatbots or virtual assistants for providing customer assistance in various end-use industries including e-commerce and banking is expected to further enhance demand for AI-based software and systems.

The U.S. Market is Estimated at $28.9 Billion in 2021, While China is Forecast to Reach $53.6 Billion by 2026

The Artificial Intelligence (AI) market in the U.S. is estimated at US$28.9 Billion in the year 2021. The country currently accounts for a 41.4% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$53.6 Billion in the year 2026 trailing a CAGR of 40.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 28.8% and 30.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 32.5% CAGR while Rest of European market (as defined in the study) will reach US$70.9 Billion by the end of the analysis period. The dominant share of the US is mainly attributed to the widespread adoption of AI technology in several end-use industries including media, e-commerce and manufacturing. Increased funding for developing and advancing AI technology and applications, and a robust technical adoption base are also favoring growth. Europe, is the second largest regional AI market. Europe is expected to witness a significant increase in the deployments of cloud-based AI solutions, driven by the growing consumer demand for on-demand and faster access to data and relatively easy document control. Europe`s AI market is likely to benefit from the European Commission`s plans to invest 20 billion for AI research during the period 2018-2020 in order to fuel R&D initiatives for businesses and government. Growth in Asia-Pacific including China is propelled by the increasing adoption of natural language processing (NLP) and deep learning technologies in sectors such as marketing, finance, law, and agriculture. The market also benefits from the rapid pace of improvements being seen in computing power, data storage capacity and processing capabilities, which facilitate adoption of AI technology in sectors such as healthcare and automotive.

Hardware Segment to Reach $71.2 Billion by 2026

The constant decline in hardware costs is fueling growth in the hardware segment. By type of hardware, processor captures the largest share of the AI chipsets market, due mainly to the rising demand for high computing processors for running AI algorithms in servers and for the development of edge devices. In the global Hardware segment, USA, Canada, Japan, China and Europe will drive the 38.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.8 Billion in the year 2020 will reach a projected size of US$74.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.8 Billion by the year 2026. Select Competitors (Total 300 Featured)

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Accenture

AIBrain, Inc.

Amazon Web Services

Baidu, Inc.

BIGO Technology

ByteDance Ltd

Cisco Systems, Inc.

CloudMinds

Dell Technologies

eGain Corporation

Esri

Facebook, Inc.

General Electric Company

Google, Inc.

Habana Labs Ltd

Inspur

Intel Corporation

International Business Machines Corporation (IBM)

IPsoft Inc

Micron Technology, Inc.

Microsoft Corporation

Mobileye, an Intel Company

NetEase Fuxi Lab

NetEase, Inc

Next IT Corporation

NICE inContact

Nuance Communications, Inc.

NVIDIA Corporation

Omron Robotics and Safety Technologies, Inc

Oracle Corporation

Rockwell Automation, Inc.

Salesforce.com, inc.

Samsung Electronics Co., Ltd.

SAP SE

SAS Institute Inc.

Siemens AG

Smartron India Private Limited

The Hewlett-Packard Company

Trifo

Xilinx, Inc.

Read the full report: https://www.reportlinker.com/p05478480/?utm_source=GNW

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW Impact of Covid-19 and a Looming Global Recession 2020: A Year of Disruption & Transformation As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021? EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022 Artificial Intelligence Gains Interest during COVID-19 Pandemic Artificial Intelligence Makes Significant Contribution in War against COVID-19 Machine Learning Benefits Healthcare Organizations AI-Powered Sentiment Analysis Scales & Shapes Vaccination Programs in US Industrial and Commercial Applications Take a Hit as COVID-19 Evolves Into an Economic Crisis EXHIBIT 2: Global PMI Index Points for the Years 2018, 2019 & 2020 EXHIBIT 3: Business Confidence Index (BCI) Points for 3Q 2019, 4Q 2019, 1Q 2020, & 2Q 2020 COVID-19-Led Budgetary Reticence Dampens Spending, but AI Enjoys Resilient Interest in Banking Sector Retailers Rely on AI during COVID-19 to Stay Afloat & Embrace New Normal Emphasis on Technology Adoption Elicits AI Implementation in Manufacturing Industry AI & Machine Learning to Redefine Manufacturing Operations Artificial Intelligence (AI): A Prelude Technologies Enabling AI Outlook Advances in Real World AI Applications Bolster Growth Inherent Advantages of AI Technology to Accelerate Adoption in Varied Applications Banking Sector Shows Unwavering Interest in AI AI Reshapes the Future of Manufacturing Industry AI-based Services Segment Captures Major Share of Global AI Market Developed Markets Dominate, Asia-Pacific to Spearhead Future Growth Deep Learning and Digital Assistant Technologies Present Significant Growth Potential Major Challenges Faced in AI Implementation Competition AI Marketplace Characterized by Intense Competition EXHIBIT 4: Global Artificial Intelligence Market by Leading Vendors for 2020 Growing Focus on AI by Leading Tech Companies with Huge Financial Resources Investments in AI Startups on Rise EXHIBIT 5: Global AI Startup Funding (in US$ Million) for the Years 2014 through Q12020 EXHIBIT 6: Number of AI Startups with $1 Billion Valuations for the Years 2014-2020 EXHIBIT 7: AI Cumulative Funding (in US$ Billion) by Category (As of 2020) AI Applications and Major Startups Select Companies Raising AI Investments in 2020 EXHIBIT 8: Total Number of Investments in AI by Investor Type: April 2021 World Brands Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS AI Breakthroughs with Significant Potential to Radically Transform Future Machine Learning and AI-Assisted Platforms to Personalize Customer Experiences in Marketing Applications EXHIBIT 9: Ranking of Business Outcomes Realized through AI Application in Marketing Ecommerce Attracts Strong Growth Detailed Insight into how e-commerce makes use of AI 3x Faster Acceleration in E-Commerce Induced by the Pandemic Brings Out Automated Fulfilment of E-Commerce Orders as a Major Growth Driver EXHIBIT 10: Global B2C e-Commerce Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 through 2025 EXHIBIT 11: Retail M-Commerce Sales as % of Retail E-commerce Sales Worldwide for the Years 2016, 2018, 2020 & 2022 AI Hosting at Edge to Drive Growth EXHIBIT 12: Global Edge Computing Market in US$ Billion: 2020, 2024, and 2026 AI-enabled Analysis and Forecasts Aid Organizations Make Profitable Decisions AI-Powered Biometric Security Solutions Gain Momentum EXHIBIT 13: Global Biometrics Market in US$ Billion: 2016, 2020, and 2025 New and Improved Concepts in ML and AI take Stage IIoT & AI Convergence Brings in Improved Efficiencies EXHIBIT 14: Global Breakdown of Investments in Manufacturing IoT (in US$ Billion) for the Years 2016, 2018, 2020 and 2025 Increasing Adoption of AI Technology to Boost AI Chipsets Market Combination of Robotics and AI Set to Cause Significant Disruption in Various Industries AI in Customer-Centric Operations Gain Momentum AI Innovations Widen Prospects Blockchain & Artificial Intelligence (AI): A Powerful Combination Notable Trends in the Artificial Intelligence Market Big Data Trends to Shape Future of Artificial Intelligence AI Exudes Potential to Mitigate Adversities Amid COVID-19 AI in Retail Market: Multi-Channel Retailing and e-Commerce Favor Segment Growth AI for a Competitive Edge for Retail Organizations Online Retailers Eye on Artificial Intelligence to Boost Business in Post-COVID-19 Era AI & Analytics Help Retailers Survive Economic & Operational Implications of COVID-19 AI for Fashion Retail and Beauty AI for Grocery, Electronics, and Home & Furniture Financial Sector: AI and Machine Learning Offer Numerous Gains Fintech Deploys AI to Target Millennials AI in Media & Advertising: Targeting Customers with Right Marketing Content COVID-19 Impacts Advertising Industry, Affects AI Investments EXHIBIT 15: COVID-19 Impact on Global Ad Spending: March 2020 Possibilities Galore for AI in Digital Marketing Marketing Functions Where AI is Yet Impossible to Deploy AI-Enabled CRM Market: Promising Growth Opportunities in Store Artificial Intelligence to Transform Delivery of Healthcare Services Healthcare AI Market to Experience Remarkable Expansion EXHIBIT 16: Global Healthcare AI Market - Percentage Breakdown by Application for 2020 EXHIBIT 17: Worldwide Current & Required Healthcare Spending as % of GDP AI in Medical Diagnostics and Pharmaceutical Sectors COVID-19 Spurs New Developments and Expedites AI Adoption in Healthcare Industry Developments Impacting AI in Healthcare Domain Artificial Intelligence Holds Potential to Accelerate Detection & Treatment of COVID-19 Detecting Personalized Therapeutic Targets Rising Prevalence of Diabetes to Drive AI Adoption in Diabetes Management Market EXHIBIT 18: World Diabetes Prevalence (2000-2045P) Barriers Restraining AI Adoption in Healthcare Sector Automotive AI Market: Need to Enhance Customer Experience and Increasing Focus on Autonomous Vehicles Propels Growth EXHIBIT 19: Automotive AI Market By Segment Slowdown in Automobile Production Hit AI Investments in Auto Sector EXHIBIT 20: Automobile Production % YoY Change Across Select Countries: 2020 Vs 2019 EXHIBIT 21: Reduction in Automotive Demand in 2020 (In Million Vehicles) EXHIBIT 22: World Automobile Production in Million Units: 2008 -2022 COVID-19 Outbreak to Speed up Digitalization & Automation in Automotive Sector Driverless Cars: The Ultimate Future of AI in Auto industry Automakers Focus on Integrating AI-Powered Driver Assist Features in Vehicles AI to Enhance Connectivity, Provide Infotainment and Enhance Safety in Vehicles AI for Smart Insurance Risk Assessment of Vehicles Artificial Intelligence Steps into Manufacturing Space to Transform Diverse Aspects Industrial IoT, Robotics and Big Data to Stimulate AI Implementations EXHIBIT 23: Global Investments on Industry 4.0 Technologies (in US$ Billion) for the Years 2017, 2020, & 2023 AI Moves from Factory Floor to Supply Chain and Beyond Machine Learning: Growing Role in Smart Manufacturing AI as a Service Market: Obviating the Need to Make Huge Initial Investments AI in Education Market to Exhibit Strong Growth EXHIBIT 24: Global Market for AI in Healthcare Sector (2019): Percentage Breakdown of Revenues by End-Use - Higher Education and K-12 Sectors Focus on ITS, IAL and Chatbots Favors Market Growth Agriculture Sector: A Promising Market for AI Implementations AI Technologies Used in Agricultural Activities - A Review AI Poised to Create Smarter Agriculture Practices in Post- COVID-19 Period Food & Beverage Industry to Leverage AI Capabilities to Resolve Production Issues and Match Up to Customer Expectations AI Adoption Gains Acceptance in Modern Warfare Systems in the Defense Sector Energy & Utilities: Complex Landscape and High Risk of Malfunctions Enhances Need for AI-based Systems COVID-19 Raises Demand for AI Technologies in Oil & Gas Sector AI in Construction Sector: Need for Cost Reduction and Safety at Construction Sites Drive Focus onto the Use of AI-based Solutions AI Contributing in Sustaining Critical Infrastructure Amid COVID-19

4. GLOBAL MARKET PERSPECTIVE Table 1: World Current & Future Analysis for Artificial Intelligence (AI) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 2: World Historic Review for Artificial Intelligence (AI) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 3: World 12-Year Perspective for Artificial Intelligence (AI) by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2015, 2021 & 2027

Table 4: World Current & Future Analysis for Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 5: World Historic Review for Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 6: World 12-Year Perspective for Services by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 7: World Current & Future Analysis for Software by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 8: World Historic Review for Software by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 9: World 12-Year Perspective for Software by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 10: World Current & Future Analysis for Hardware by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 11: World Historic Review for Hardware by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 12: World 12-Year Perspective for Hardware by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 13: World Current & Future Analysis for Computer Vision by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 14: World Historic Review for Computer Vision by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 15: World 12-Year Perspective for Computer Vision by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 16: World Current & Future Analysis for Machine Learning by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 17: World Historic Review for Machine Learning by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 18: World 12-Year Perspective for Machine Learning by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 19: World Current & Future Analysis for Context Aware Computing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 20: World Historic Review for Context Aware Computing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 21: World 12-Year Perspective for Context Aware Computing by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 22: World Current & Future Analysis for Natural Language Processing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 23: World Historic Review for Natural Language Processing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 24: World 12-Year Perspective for Natural Language Processing by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 25: World Current & Future Analysis for Advertising & Media by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 26: World Historic Review for Advertising & Media by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 27: World 12-Year Perspective for Advertising & Media by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 28: World Current & Future Analysis for BFSI by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 29: World Historic Review for BFSI by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 30: World 12-Year Perspective for BFSI by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 31: World Current & Future Analysis for Healthcare by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 32: World Historic Review for Healthcare by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 33: World 12-Year Perspective for Healthcare by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 34: World Current & Future Analysis for Retail by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 35: World Historic Review for Retail by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 36: World 12-Year Perspective for Retail by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 37: World Current & Future Analysis for Automotive & Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 38: World Historic Review for Automotive & Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 39: World 12-Year Perspective for Automotive & Transportation by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 40: World Current & Future Analysis for Manufacturing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 41: World Historic Review for Manufacturing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 42: World 12-Year Perspective for Manufacturing by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 43: World Current & Future Analysis for Agriculture by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

Table 44: World Historic Review for Agriculture by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2015 through 2019 and % CAGR

Table 45: World 12-Year Perspective for Agriculture by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027

Table 46: World Current & Future Analysis for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2020 through 2027 and % CAGR

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Global Artificial Intelligence (AI) Market to Reach US$291.5 Billion by the Year 2026 - Yahoo Finance

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We are sailing through the year 2021, and technology is the default way of operations for businesses of all sizes. New-age technologies such as Artificial Intelligence (AI) have disrupted the business environment of both big and small organisations, enabling them to operate intelligently and efficiently in the hyper-competitive era.

Interestingly, the use of AI is no longer only limited to large, established enterprises. In fact, it is the small mushrooming startups that are harnessing its potential more to scale up, innovate, and remain competitive in the current times.

As per a recent report from PwC, the use of AI will lead to 14 percent increase in global GDP by 2030, with startups contributing significantly towards this growth.

Lets delve deep into how AI is driving value and advantage for new-age startups and making them more agile.

Scaling up operations is deemed critically important for early-stage companies. However, too many manual processes along with an unclear view of the evolving customer needs and industry behaviour keeps the team tied up in the day-to-day mundane operations and limits the companys future growth prospects.

With AI taking the centre stage, the road to advancement for these emerging companies becomes bright and less lofty.

Implementation of highly competent business intelligence tools such as machine learning algorithms, predictive analysis, advanced computing, etc, showers valuable data-driven insights, empowering startups to act and operate intelligently. Small businesses are able to well optimise their resources, improve productivity and impart quick and effective customer experiences in the most timely and cost-effective manner.

With too many new companies emerging every now and then, constant innovation and differentiation becomes a key to their survival. Unless there is something unique to offer to the ever-demanding consumers, startups face a constant risk of losing the battle and becoming extinct.

Thus, these next-gen intelligent solutions are a key requisite for start-ups to innovate at scale and remain competitive at all times.

Needless to say, AIs adoption is increasing tremendously for all enterprises, big or small, alike. Of course, technology is not a magical wand which can avert the difficult situations that start-ups might face in their growth journey.

However, it can certainly and surely equip these organisations to overcome such situations with greater power, by putting the necessary control measures in place. Also, the pandemic has driven companies to a point, where integrating with new-age technologies is no longer a choice but a key necessity.

Clearly, the smarter startups that are able to embrace AI-led innovation will be able to respond to future events in a timely and efficient manner without hindering their growth process. So, are you one of them?

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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How artificial intelligence is driving the growth of startups - YourStory

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A new report shows AI will power personal customer experiences in the digital financial revolution.

Artificial intelligence will deliver personalised experiences and reshape the world of banking as we know it, according to a new report from SaaS banking platform Mambu and Google Cloud.

The Bank of the Future whitepaper identifies ubiquitous banking as the next frontier in the digital financial revolution and reveals three building blocks that will enable the future of banking:

Driving this change is a combination of disruptive forces in the market. The report shows the pandemic has increased consumer demand for always-on, personalised digital and mobile-first financial services. Unlike 20 years ago, traditional banks are no longer the go-to for those looking to move or manage their money.

With better access to cloud services and increasing competition from a new wave of fintech and non-traditional players, incumbent banks are under threat as consumers turn to neo banks and digital challengers in search of a better customer experience and utility-led services, according to the report.

"The report shows the world banks were originally created to serve no longer exists," says Mambu CEO, Eugene Danilkis.

"Historically built to last, today banks need to be built to change. If traditional players want to reposition themselves as lifestyle partners, in tune with the modern banking needs of their customers, then they must evolve rapidly - and without fear," he says.

Key to this will be their embrace of AI technology that has broad applications from fraud prevention and risk management to delivering personalised customer experiences and driving efficiencies through greater automation. But banks must act fast if they want to avoid getting left behind. Only by leveraging the capabilities of AI and cloud technologies will they be able to reimagine the customer experience and tap into new revenue streams in a competitive market.

"As the financial services industry continues to digitally transform, there is an increased need for solutions that help businesses deliver personalised experiences to customers," adds Joachim Wuest, director, Financial Services Industry, Google Cloud.

"We look forward to partnering with groups like Mambu to bring AI-powered solutions to banking organisations as they move along their digital transformation journeys."

Myles Bertrand, Managing Director APAC at Mambu, says, "In Asia Pacific, we are seeing changing consumer demands for more personalised services driving innovation in financial services.

"What this report highlights is that it's vital for banks and financial services looking to compete in the digital era to understand the value of different technologies like AI, utilise cloud-based core banking software to ensure maximum flexibility, and build their products and services based on what their customers actually want and need," he says.

The report points to changing regulations, such as the introduction of open banking and PSD2, as forces accelerating the disintermediation of traditional banking providers. With dedicated regulation now emerging for fintech and digital banks in some jurisdictions, it's a case of adapt or die for incumbent players.

But banks have one asset on their side - data. With around a billion credit card transactions every day, banks have access to one of the most significant volumes of customer data of any industry. Using AI, banks can harness this information to unlock unparalleled insights and growth.

McKinsey estimates that AI technologies could deliver up to $1 trillion of additional value each year for the global banking industry, combining a deep understanding of customer needs with the composable cloud architecture to roll out hyper-personalised services at scale.

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Artificial intelligence to power the banks of the Future - Google - IT Brief New Zealand

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There is nothing remotely artificial about the Special Relationship that exists between the United States and the United Kingdom. The shared history, common language, and close relations have resulted in a partnership that has existed for more than a century. Now the two nations could be working together in the fields of autonomy and artificial intelligence, and how it can be best utilized by their respective militaries.

The United States Air Force Research Laboratory, in partnership with the United Kingdoms Defence Science and Technology Laboratory (Dstl), recently demonstrated for the first time the ability for the two nations to jointly develop, select, train, and deploy state-of-the-art machine learning algorithms in support of the armed forces of each of the two nations.

According to the United States Research Laboratory, this research was developed and devised to support adjacent, collaborating U.S. and U.K. brigades with enduring wide-area situational awareness, which aims to improve decision-making, increase operational tempo, reduce risk to life and reduce manpower burden.

The technology was demonstrated via an in-person and virtual event hosted jointly at AFRLs Information Directorate in Rome and Dstl at its site near Salisbury in the U.K. on Oct. 18. It highlighted integrated artificial intelligence (AI) technologies being developed by the two partner nations, and showcased the ability of the partners to share data and algorithms through a common development and deployment platform. The goal of this program is to enable the rapid selection, testing and deployment of AI capabilities.

The event was made possible by a U.K. and U.S. partnership agreement concerning autonomy and AI collaboration that was established last December. It was also just the first of a rotational series of events to be hosted by the joint and international signatories of the Autonomy and Artificial Intelligence Collaboration (AAIC) Partnership Agreement and effort led by the United States Department of the Air Force, with AFRL as the lead agency for the Air Force, and in partnership with United States Office of the Under Secretary of Defense for Research and Engineering (OUSDR&E), as well as the U.S. Navy and Army, and the U.K.s Dstl.

The event was attended in-person by leadership participants from both nations, and was virtually attended by participants from all services and the OUSDR&E.

We are dedicated to getting robotics and autonomous systems capability into the hands of the warfighters, said Dr. Robert W. Sadowski, U.S. Army Combat Capabilities Development Command. Advances in robotics and autonomy will make our formations more capable and mission-ready while providing protection to our warfighters through unprecedented stand-off while enabling enhanced lethality on the battlefield.

The current four-year partnership agreement has noted several objectives that include efforts to accelerate joint U.K./U.S. development and sharing of AI technology and capabilities, with the agreement spanning from foundational research in test verification and validation to AI algorithm research and development, to joint experiments advancing Joint All Domain Command and Control capabilities of both nations.

The event demonstrated how the U.K. and U.S. can integrate AI technology to create the first end-to-end machine learning research, development and deployment ecosystem enabling rapid data sharing, algorithm development, evaluation and deployment, explained Dr. Lee M. Seversky, AFRL lead for the demonstration and the U.S. Project Agreement. AI will play a critical role in accelerating decision making to meet the pace and scale of the future battlespace.

During the demonstration, a simulated scenario focused on how the U.K. and U.S. could both cooperate and share AI capabilities to support the close fight, while both countries operated in adjacent areas and shared data and AI algorithms during the virtual mission execution.

The demonstration further brought together key technologies from the U.K. in the form of Model Cards, which were used to provide a commander with the ability to quickly understand, explore and select appropriate machine-learning models that could be deployed in a mission; while the U.S. showed its streamlined machine learning. That is a government-owned, extensible, open platform to quickly build machine learning workflows, train and evaluate machine learning models, and deploy them regardless of the source or machine learning software stack use. It can take advantage of the best of breed machine learning technology spanning commercial, academia and government.

The collaboration between the U.S. and UK military research labs aims to come up with answers to challenges inherent to modern warfare, namely enhancing decision making in what are likely to be highly complicated engagements with increasingly automated weaponry, explained Charles King, principal analyst at Pund-IT.

At this point, the labs involved are working on development efforts that should lead to autonomous, AI-enabled tools and systems that will help commanders make faster, more informed decisions leading to better outcomes while also minimizing risks to troops engaged in a battle or stationed nearby, King told ClearanceJobs.

Those are laudable goals but the effort also highlights the importance and value of the alliance between the United States and the United Kingdom, King added. Following the turmoil of the past couple of years, it is heartening to see the two countries working so well and closely together.

The emphasis on AI is crucial to future warfighting abilities, and this partnership highlights the role that the technology could play. The British Ministry of Defence has already invested heavily in AI, which could be employed with the Royal Navy on unmanned vessels, while the British Army has considered how AI could help the service overcome a shortage of manpower.

Future wars will likely be defined by AIs which can act and react faster than humans, and the only viable defense for an artificial intelligence weapon is an AI defense, suggested technology industry analyst Rob Enderle of the Enderle Group.

Collaboration is critical to the speed of advancement, but it also increases the risk of IP theft and sabotages it will increase external, from the development teams perspective communications, Enderle told ClearanceJobs. However, the development speed and economies of scale advantages may exceed the increased security risks. And having a significant competitive advantage here could not only make the difference between winning and losing the war but also keep a hostile nation from attacking you in the first place.

The U.S. military has seen how AI could be utilized as a force multiplier for pilots, sailors and ground troops alike.

Given AI will increasingly control all major weapons systems, it has the potential, both in offense and defense, to significantly outperform conventional weapons while severely limiting collateral damage, added Enderle. AI can act far more surgically than humans.

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U.S. and UK Form Real Bond Over Artificial Intelligence Capabilities - ClearanceJobs

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