ENTERPRISE ARTIFICIAL INTELLIGENCE (AI) MARKET ANALYSIS

Market Challenges And Opportunities

Global Enterprise Artificial Intelligence (AI) Market Drivers:

Increase in customer satisfaction and adoption of reliable cloud applications

In the past few years, machines have surpassed humans at recognizing speech, images, and faces. AI is being deployed across varied industry Industry Verticals to reduce costs, improve efficiency, and boost customer satisfaction by enhancing key areas of customer experience. Sooner or later, employees at call centers are expected to be replaced by AI machines widely to respond to enquiries and requests in every possible environment, whether online or offline. Moreover, rapid developments in powerful and affordable cloud computing infrastructures are also expected to have a strong impact on the growth potential of the global enterprise artificial intelligence (AI) market.

Increase in investment in AI technologies

The ability of the AI technology to analyze the collected data efficiently and forecast decisions through crucial algorithms helps in productivity improvement; for instance, Netflix suggests movies on the basis of users’ previous viewing experiences. In the current business scenario, AI has revolutionized the way of business management  through  integration  of  workflow  management  tools,  brand  purchase  advertising,  trend predictions, and other tools. These are the major factors that increase investment in AI technologies. Moreover, many small startups and tech companies have been investing in the adoption of open-source AI platforms to achieve higher efficiencies in their value chains. Moreover, the rise in availability of low-cost quality AI technologies is expected to also contribute toward the growth of the market.

Global Enterprise Artificial Intelligence (AI) Market Opportunities:

Recent developments in the emerging economies, such as China, Japan, and India, in various industry Industry Verticals, such as media & advertising, finance, retail, healthcare, automotive & transportation, and others, have created a major growth potential for AI in such regions. The long-term time and cost benefits provided by AI and enhanced investment in AI are the major growth factors, which have resulted in increased adoption of this technology in the developing regions.

Many players have been building better robot brains, which are anticipated to enable machines to operate autonomously; for instance, Rethink Robotics’ Baxter is a research robot, which is trained accordingly. Similarly, human-like robots are invented by Hanson Robotics, which can execute a peculiar conversation and recall personal history. Furthermore, development of smarter virtual assistants is also opportunistic for the overall market. A notable illustration is Jarvis Corp, a start-up in the conceptual phases, to build a virtual assistant that answers questions by accessing the internet acts as an internet server and as a control for connected devices.

Global Enterprise Artificial Intelligence (AI) Market Restraints:

Lack of trained and experienced staff

Development of AI is possible after handling complex algorithms. Further, management of AI and automated systems is sometimes difficult. This requires exceptional software engineering skills and a notable experience of addressing distributed and concurrent programming or debugging with communication protocols. However, many regions, particularly the emerging economies, lack people with such skills. Hence, lack of skilled workforce is a prominent restraining force for the market.