AI Growth Report: Asia-Pacific AI Market Will Grow at 46.9% In 2016-2021

Artificial intelligence

Research and Markets, the world’s largest market research store has added its latest report on Artificial Intelligence (AI) to their offering. According to the “Asia-Pacific Artificial Intelligence Market (2016 – 2022)” report, the Asia-Pacific AI market is estimated to grow at a CAGR of 46.9% between 2016 and 2021.

Big Data and AI: Doing the Balancing Act

The Big Data industry continues to generate magnanimous volume of information every hour, it is imperative for digital enterprises to rely on this valuable asset to stay in the competition. In recent months, AI-based platforms like chatbots, machine learning software suites and wearable devices have stolen the limelight from Big Data.

Undoubtedly, it is still an era of the Big Data, but AI too has grown by leaps and bounds from its nascent stage to an intermediate phase in less than a decade. A majority of the high-tech organizations catering to web-centric, data-driven market like Microsoft, IBM, Intel, Apple, and Google have managed to integrate big data analytics (BDA) with AI platforms to drive productivity, effectiveness, and efficiency. In order to succeed beyond 2017, marketers have to balance their resources between BDA and AI.

The report by Research and Markets is about the expanding horizon of AI market in Asia Pacific region. It highlights the marketing opportunities that the technology offers to various business groups. On the basis of AI application, the report segregates the impact of the technology on  Government & Defense, BFSI, Consumer Goods & Retail, IT & Telecom, Healthcare, Energy & Utilities, Manufacturing, Education, Transportation and Others segment. The study covers the growth of AI market in China, India, South-East Asia and Japan.

Martech Accelerating Towards AI-based Platforms

The findings in the report exemplify the recent shift in martech landscape towards autonomous machine learning computing capabilities. The goal of AI scientists is to build intelligent autonomous machines like humanoid robots. Innovators are working on building robots with human-like reasoning capabilities based on market. This report shows how Asia-Pacific market has adopted Artificial Intelligence. Depending on the technology used, AI market is classified into Speech recognition, Image processing, Natural language processing and Machine learning.

Currently, there are more than 1000 start-ups with an average evaluation of $5.4 million working exclusively on AI. AI bots will interact with more than 85% of the customers by 2020. Marketers are expecting 6 billion connected devices would rely on AI-support to cater to customers by 2018.

From self-driving cars to smart homes, the growth of martech, hereon, depends on how digital enterprises tap into AI capabilities.

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