The artificial intelligence (AI) market will register a CAGR of over 33% by 2023

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LONDON, March 19, 2019 — About this market

The cybersecurity industry has recorded a growing number of fraud and malicious attacks, ranging from stealing personal data to important organizational information, in the past few years. Companies are looking to apply Al technologies to combat these threats more effectively. Al technology help in threat detection, pattern recognition, and response time reduction. It also helps in combating threats such as distributed denial-of-service (DDoS) attacks. Organizations are looking to generate and collect data about user behavior and key trends to generate insights that will help in enhancing their product offerings, which, in turn, will help them with business growth. However, this also presents the risk that cybercriminals can bypass security mechanisms and access important organizational information. Analysts have predicted that the artificial intelligence (AI) market will register a CAGR of over 33% by 2023.

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Market Overview

Chatbots in Al

A chatbot is a program that tries to imitate human conversation. The idea is for people to think that they are conversing with an actual human, when in fact they are talking to a chatbot. Casper is a chatbot that is designed to help insomniacs. MedWhat is a chatbot that aims at making medical diagnoses faster, easier, and more transparent for both patients and physicians.

Shortage of Al experts

The lack of experts is slowing down the development of strong Al technology. The expertise currently is toward the development of narrow Al. This will result in the lower adoption of Al in some of the major sectors such as the government. Furthermore, the development of Al has created many jobs, and there are institutions globally that have courses designed to train iniduals. However, this has not been beneficial for the expert base of strong Al developers. Thus, this is one of the potential challenges.

For the detailed list of factors that will drive and challenge the growth of the artificial intelligence (AI) market during the 2019-2023, view our report.

Competitive Landscape

The market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.

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