- Increasing adoption of cloud-based applications and services to boost the market growth, says new report.
- However, it says, the number of experts working in the field of AI technology is very limited.
The global Artificial Intelligence (AI) market is projected to reach US$ 202.57 Bn by 2026, exhibiting a CAGR of 33.1 percent during the forecast period from 2019 – 2026, according to a report by Fortune Business Insights.
The global market was valued at US$ 20.67 Bn in 2018.
The report suggests that a rise in the demand for intelligent virtual assistants is likely to boost the global artificial intelligence (AI) market growth. Additionally, expansion of connected device market, increasing investments in 5G technology, and rising adoption of cloud-based services and applications will contribute to the growth.
There is also a rise in the number of personalized and high-quality AI-enhanced products in the market which will also contribute to the overall global market growth, the report says.
However, the market has been facing numerous challenges in the recent years due to lack of experts working in the field of AI technology.
Unreliability of AI algorithms and data privacy are two of the most concerning factors affecting the AI market, as per the report.
Google, Amazon and other prominent market players are anticipated to gain competitive edge through innovative product launches and strategic partnerships.
In terms of technology, the natural language processing segment is expected to gain the highest share of global artificial intelligence (AI) market during the forecast period. This will occur because of the application of AI techniques in analyzing natural language in spoken as well as written forms, the report adds.