Artificial Intelligence Software Market Statistics: 2027
Artificial intelligence (AI) software is a mainframe program that duplicates human behavior by learning from different insights and data patterns. Various types of AI software include artificial intelligence platforms, chatbots, deep learning software, and machine learning software. Furthermore, AI software have number of features such as virtual assistant, voice and speech recognition, and machine learning. Various types of businesses use artificial intelligence software integrated with machine learning to streamline their business processes and structure their data to get better data insights. In addition, owing to rise in technology advancements, the AI software market is expected to witness exponential growth in the future.
COVID-19 Scenario Analysis:
- Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the artificial intelligence software market in 2020.
- Worldwide lockdowns have resulted into business shutdowns, however, AI software based chatbots help businesses to resolve their clients queries without letting them know to whom they are talking and help them to improve their efficiency.
- To stop the spread of COVID-19, all schools, colleges, and educational institutions are shut down. Thus, the education sector has adopted AI software, which helps institutions to get better data insights about their students to know how they are performing and where they need to improve.
- AI software also help in the healthcare sector by learning from data insights and use of predictive analysis for better patient monitoring and improved care.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in adoption of cloud-based applications and services and focus on improvement of operational efficiency in enterprises are the major factors that drive artificial intelligence software market growth. In addition, increase in demand for intelligent virtual assistants and growth in adoption of big data analytics among SMEs are expected to supplement the artificial intelligence software market growth. However, lack of technical expertise and management of complex software hamper the market growth. Furthermore, adoption of various technologies such as internet of things (IoT), machine learning, and industry 4.0. is expected to provide lucrative opportunities for the global artificial intelligence software market.
The market trends for artificial intelligence software market are as follows:
Growth in adoption of big data in enterprises:
Big data has a key role in data mining and handling enormous amount of data generated. It is considered among the emerging trends in the artificial intelligence market. In addition, rise in amount of structured and unstructured data in organizations creates demand for big data applications. AI and big data help in analyzing information by learning from patterns and helping companies to take smart decisions. Hence, enterprises are implementing big data enabled AI solutions.
Notable developments in AI Software:
Companies are adopting strategies a mergers, acquisitions and launching new products to sustain in the artificial intelligence software market and gain a competitive edge. For instance, in 2019, Apple Inc. acquired laser-like, a small Silicon-Valley based machine learning startup to strengthen its artificial intelligence efforts, including virtual assistance called Siri.
Key benefits of the report:
- This study presents analytical depiction of the artificial intelligence software market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the artificial intelligence software market share.
- The current market is quantitatively analyzed to highlight the artificial intelligence software market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the ai software market.
Artificial Intelligence Software Market Report Highlights
By Deployment Mode
By Organization Size
Key Market Players
Intel Corporation, Nvidia Corporation, Advanced Micro Devices, Inc., Oracle Corporation, Samsung Electronics Co. Ltd., Facebook, Inc., IBM Corporation, Amazon Web Services Inc., Microsoft Corporation, SAP SE