San Francisco, California, March 27, 2018: A recent report by TMR Research, titled, “Artificial Intelligence Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” projects this market to bode well in terms of depicting a magnificent growth thanks to the world of technology growing with leaps and bounds.
Technology in every field is mostly progressing towards attaining not only high efficiency, but also a need to simplify processes. These two crucial driving factors are highly responsible for the global artificial intelligence market to grow rapidly in forthcoming years. A bright future for this market has been predicted to occur owing to a high demand for artificial intelligence in several sectors such as BFSI, retail, health informatics, E-Commerce, and others.
The global artificial intelligence market covers North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America, from a regional perspective. From these, North America has accounted for a spectacular revenue valuation, which is further expected to continue in the near future. This is mainly due to a large uptake and adoption of artificial intelligence systems and their requirements in different work sectors. Presence of several renowned players dealing with research and development of new artificial intelligence has also been responsible for this region to hold a leading stance.
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The global artificial intelligence market showcases a relatively nascent competitive landscape, as many players are finding it difficult to develop prototypes for their underlying technology. Thus, the vendor landscape is highly consolidated due to the presence of very few players in the global artificial intelligence market. Most companies focus at gaining maximum funding from various private as well as governmental organizations as a prime strategy. IBM Corporation, QlikTech International AB, Next IT Corporation, Nuance Communications, Microsoft Corporation, IntelliResponse Systems Inc., Google Inc., Brighterion Inc., and eGain Corporation are key players operating in this market.