For instance, in early 2020, Apple Inc., announced the acquisition of Xnor.ai for AI-based image recognition tools.
In the forecast period between 2017 and 2027, the artificial intelligence systems spending market is expected to grow at an astounding 46.1% CAGR. The coronavirus outbreak helps the coronavirus pandemic because companies are reorganising their operations to enable employees to work from home. Additionally, greater investments in cloud computing and online communications will create lucrative opportunities throughout the epidemic.
Artificial Intelligence Systems Spending Market – Key Takeaways
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Artificial Intelligence Systems Spending Market – Critical Driving Factors
Artificial Intelligence Systems Spending Market – Major Constraints
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The Anticipated Impact of Coronavirus
The covid-19 pandemic is likely to benefit the artificial intelligence systems spending market. This can be attributed to high investments in cloud and internet infrastructure, for remote working operations around the world during the pandemic. Centralization of corporate data during the crisis will help companies to build on AI capabilities. AI systems are being used to identify and track vulnerable populations, and generate warnings for potential outbreaks in the future. Further, these systems are proving useful in administration applications in healthcare facilities. Also, increased use of online shopping. However, concerns over privacy, bias and job loss will limit gains during this period.
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Competition Landscape
Prominent developers in the artificial intelligence systems spending market include but are not limited to IPsoft Inc., Google Inc., Salesforce.com Inc., Microsoft Corp., Wipro Ltd., Facebook Inc., Infosys Ltd., IBM Corp., Intel Corp., Apple Inc., and Amazon.com Inc.
Artificial intelligence systems spending market players are widely investing in strategic acquisitions to bolster their AI capabilities, and expertise in AI development workforce.
Further Amazon has announced the acquisition of Zoox, a startup focused on AI-based autonomous driving developments. Similarly, Snap has revealed its acquisition of Ukraine-based AI-Factory for developing augmented reality functionalities.
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Jan 31, 2023