The global market for Artificial Intelligence is expected to observe an outstanding growth over the years to come due to base application expansion of Information Technology. Organizations have started to capitalize on the benefits of innovative technology. This is being done for effective positioning of technology offerings and customer reach worldwide. The increasing expenditure on Information Technology (IT) is meant to provide better advancements in both products as well as services.
The implication of Artificial Intelligence on day to day activities may make ease the life of consumers and this factor is predicted to increase the growth and demand for the market. To support this statement we may site the example of Stanford Scientists of Boston. They developed an AI camera that have the capacity to recognize objects faster and this feature could be used to help autonomous vehicles to navigate safely through vehicles.
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The Artificial Intelligence market is being utilized in a number of regions like Latin America, Asia Pacific, Middle East and Africa and Europe. As of 2015 reports, North America was seen to contribute a major revenue of 38.0% of the overall market. In contrast, Middle East and Africa is anticipated to manifest a remarkable CAGR of 38.2% during the forecast period. Aggressive technological innovations like robotic automation and increasing application of smart city concepts are boosting the uptake of AI in the area.
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Leading players are adopting various combination of strategies to stay ahead of others in the market. Most of the players are investing enormously in research and development activities with the aim to develop innovative products. This factor has lowered the chances of small vendors to enter the market. In spite of that, comparatively small players are extending their footprint in the market giving a tough competition to the leading ones.