Artificial Intelligence (AI) Global Market Projected to Exceed $200 Billion by 2026

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Nov 14, 2019, 08:45 ET

PALM BEACH, Florida, Nov. 14, 2019 /PRNewswire/ -- The Artificial Intelligence (AI) Market in North America has been rapidly growing over the past few years and is projected to continue to exhibit increasing growth through 2026. The North American market was valued at US$ 9.72 Billion in 2018 and the global market was valued at US$ 20.67 billion in 2018 and is projected to reach US$ 202.57 billion by 2026, exhibiting a CAGR of 33.1% through that date. According to a recent report from Fortune Business Insights said the growth witnessed in this region is attributed to the ongoing technological advancements in the field of natural language processing, machine learning, and analytical tools. Active companies in the markets this week include Hawkeye Systems, Inc. (OTCQB: HWKE), NVIDIA Corporation (NASDAQ: NVDA), Intel Corporation (NASDAQ: INTC), International Business Machines Corporation (NYSE: IBM), Oracle Corporation (NYSE: ORCL).

Another source after reviewing the report said: "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. However, at present, the number of experts working in the field of AI technology is very limited. This is why, Artificial Intelligence (AI) Market is facing numerous challenges in the recent years. Unreliability of AI algorithms and data privacy are two of the most concerning factors affecting the AI market. There is a huge potential of improvements in customer service in the retail sector. Combined with this, improvements in efficiency in the manufacturing industry will also occur. 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."

Hawkeye Systems, Inc. (OTCQB: HWKE) NEWS: Hawkeye's Radiant Images has been crowned leading innovator in 360 image analysis solution for the coveted 2019 Artificial Intelligence Awards by AI Global's Wealth & Finance International for their AXA Volumetric Stage and its development of holographic video technology.

The Artificial Intelligence Awards were launched to acknowledge exemplary performance and innovation to those companies and key individuals involved within this rapidly evolving market. From streamlining operations to informing better decision making, technology clearly has the potential to revolutionize the future. With technology developments, AI can be applied to nearly every sector.

"We are truly honored to be recognized as leading innovator in 360 image analysis solutions for our technical achievements driving the industry forward," said Michael Mansouri, co-founder of Radiant Images. "Our AXA Volumetric Light Field stages are an important part of all forms of holographic capture for the current and upcoming smart displays and spatial computers. What was previously available for only a glimpse in science fiction movies and futuristic predictions are now a reality with Radiants' AXA Volumetric Light Field stages."

With the AXA Stage, Radiant created the world's most accurate and adaptive volumetric and light field stage. The system supports 100+ cameras with the ability to add additional camera density anywhere inside the sphere. AXA's highly accurate camera positioning is the key to automation and algorithms for all volumetric and light field capture, placing the system squarely on the cutting edge of this technology.

Radiant is at the forefront of precision imaging, optics, machine learning, and AI to create volumetric videos. Immediately gaining traction with its holographic technology, Sony Pictures recently purchased Radiants' AXA Volumetric Stages for its next-generation movie studios.

Radiants' reach extends beyond the entertainment industry as well. Radiants' systems providing live streaming and real-time image analysis of immersive 360-degree video can be applied to a variety of industries and use cases, from the battlefield to the factory floor. Read this full press release and more news for HWKE here

Other recent developments in the tech industry markets this week include:

NVIDIA Corporation (NASDAQ: NVDA) recently posted the fastest results on new benchmarks measuring the performance of AI inference workloads in data centers and at the edge — building on the company's equally strong position in recent benchmark measuring AI training.

The results of the industry's first independent suite of AI benchmarks for inference, called MLPerf Inference 0.5, demonstrate the performance of NVIDIA Turing™ GPUs for data centers and NVIDIA Xavier™ system-on-a chip for edge computing.

Intel Corporation (NASDAQ: INTC) - Recently at a gathering of industry influencers, Intel welcomed the next wave of artificial intelligence (AI) with updates on new products designed to accelerate AI system development and deployment from cloud to edge. Intel demonstrated its Intel® Nervana™ Neural Network Processors (NNP) for training (NNP-T1000) and inference (NNP-I1000) — Intel's first purpose-built ASICs for complex deep learning with incredible scale and efficiency for cloud and data center customers. Intel also revealed its next-generation Intel® Movidius™ Myriad™ Vision Processing Unit (VPU) for edge media, computer vision and inference applications.

"With this next phase of AI, we're reaching a breaking point in terms of computational hardware and memory. Purpose-built hardware like Intel Nervana NNPs and Movidius Myriad VPUs are necessary to continue the incredible progress in AI. Using more advanced forms of system-level AI will help us move from the conversion of data into information toward the transformation of information into knowledge." said Naveen Rao, Intel corporate vice president and general manager of the Intel Artificial Intelligence Products Group

International Business Machines Corporation (NYSE: IBM) recently announced Maximo Asset Monitor, a new AI-powered monitoring solution designed to help maintenance and operations leaders better understand and improve the performance of their high-value physical assets. An extension of IBM's market-leading IBM Maximo capabilities, this new solution will help unlock essential insights with AI-powered anomaly detection and provide enterprise-wide visibility into critical equipment performance. The result is faster problem identification that can inform better decisions and reduce downtime.

According to a 2016 report by analyst firm Aberdeen Research, unplanned downtime can cost a company as much as $260,000 an hour. A comprehensive view of asset performance across operations may help reduce downtime, but that visibility has been difficult to achieve due to fragmented legacy systems, data silos and geographic barriers. With Maximo Asset Monitor, organizations can now aggregate data from across the enterprise and combine it with advanced predictive analytics and AI to identify operational patterns. Capabilities like AI-powered anomaly detection can help organizations identify the most important alerts among the hundreds generated daily from critical assets. This can help teams respond quickly to the most critical anomalies and gain greater insights into root cause variables that lead to asset failure.

Oracle Corporation (NYSE: ORCL) recently reported that a large majority (71 percent) of utilities now use cloud software, up from just 45 percent three years ago according to a new Oracle survey. Improving customer experience was noted as the key driver for increased cloud investment. But while progress has been made, 85 percent of respondents still cite security as a top concern and noted that regulatory acceptance remains a barrier to cloud adoption.

"Just a few years ago, utilities looked at cloud computing with skepticism at best. Today, many realize it's essential to their survival," said Brian Bradford, vice president, industry solutions, Oracle. "Utilities are increasingly seeing cloud as a fundamental asset in meeting ever-evolving expectations, mitigating security concerns, and turning data into an opportunity to modernize and evolve their operations to better serve constituents and customers."

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