There are lots of technologies that attract our attention – and money – these days. We're obsessed with blockchain, cryptocurrency, IOT, big data analytics, cybersecurity3-D printing and drones. We're excited about virtual reality, augmented reality and mixed reality. We love talking about driverless cars, ships and planes. We can't wait for 5G and Wi-Fi domes that solve all of our network access problems; and while we're getting a little worried about social media and privacy, we're still addicted to our ever-more-powerful smartphones.
Once upon a time, artificial intelligence was an idea that remained in our imaginations and was expressed in movies and art conversations surrounding the future of technology. Those ideas sounded really wild at the mere thought of them coming to existence and interacting with it in our daily lives. Generally, technology has seen an uncontrollable surge in applications over the last decade and it almost seems as though we woke up one morning only to find that our imaginations have become our reality. These technological advancements have been more beneficial than harmful. Think about how life has become less stressful and for the first time the world is really on our palms, and we can now get things done in record speed and efficiency.
A report by research firm IDC in September said global spending for AI systems will reach $97.9 billion in 2023, a staggering increase from the projected $37.5 billion that will be spent this year. That means the annual growth rate will be 28.4 percent over the next several years. That's not surprising as BigTech is primed to increase their monopoly status in the 2020s with AI leadership that will boost GDP via machine learning with the emergence of an automation economy. Over the last few years, we have seen an exponential upthrust in the number of platforms, applications, and tools based on machine learning and AI technologies. We are seeing greater mainstream impact of algorithms, and machine learning in regular jobs across a variety of industries.
Artificial Intelligence (AI) is not just a buzzword, but a crucial part of the technology landscape. AI is changing every industry and business function, which results in increased interest in its applications, subdomains and related fields. This makes AI companies the top leaders driving the technology swift. AI helps us to optimise and automate crucial business processes, gather essential data and transform the world, one step at a time. From Google and Amazon to Apple and Microsoft, every major tech company is dedicating resources to breakthroughs in artificial intelligence. As big enterprises are busy acquiring or merging with other emerging inventions, small AI companies are also working hard to develop their own intelligent technology and services. By leveraging artificial intelligence, organizations get an innovative edge in the digital age. AI consults are also working to provide companies with expertise that can help them grow. In this digital era, AI is also a significant place for investment. AI companies are constantly developing the latest products to provide the simplest solutions. Henceforth, Analytics Insight brings you the list of top 100 AI companies that are leading the technology drive towards a better tomorrow. AEye develops advanced vision hardware, software, and algorithms that act as the eyes and visual cortex of autonomous vehicles. AEye is an artificial perception pioneer and creator of iDAR, a new form of intelligent data collection that acts as the eyes and visual cortex of autonomous vehicles. Since its demonstration of its solid state LiDAR scanner in 2013, AEye has pioneered breakthroughs in intelligent sensing. Their mission was to acquire the most information with the fewest ones and zeros. This would allow AEye to drive the automotive industry into the next realm of autonomy. Algorithmia invented the AI Layer.
The major factors propelling the growth of the Global Artificial Intelligence (AI) market include the rise in the adoption of cloud-based applications and services and the growth of big data across the globe. The advanced AI technologies is continuously enhancing the performance of economies, businesses and different industries. The growing demand for intelligent virtual assistants across different verticals in several industries will have a positive impact on the Global Artificial Intelligence (AI) market during the forecast period. The increased integration of image recognition technology with optical character recognition, pattern matching and face recognition in various end-use applications such as drones, self-driving cars and robotics will propel the growth of the artificial intelligence market during the forecast period. Various multinational giants are largely focusing on mergers and acquisitions with emerging start-ups in order to capture the highest market share and gain a competitive advantage over the other market players.