Artificial intelligence is among the most fascinating ideas of our time. It has captured the imagination of visionaries, science fiction writers, engineers and wall street analysts alike. In fact, artificial intelligence is in many ways a catalyst for the data revolution – something that has disrupted every aspect of modern life. As with all new technologies, some are faster to embrace them, and others are much slower. Is automotive manufacturing one of the faster ones or would it be among the last?
The shape-shifting, artificial intelligence (AI)-powered cars seen in futuristic films aren't appearing anytime soon but AI technology certainly exists today in the auto market and will be increasingly visible in the future. Industry observers are saying that AI and machine learning have reached a tipping point and will cause enormous advances through the next few years in many markets. In the automotive sector, these technologies will be transformative. Analysis firm IHS Markit predicted that the installation rate of AI-based systems in new vehicles would rise by 109% in 2025, compared to a modest 8% adoption rate in 2015. In February 2017, Ford paid $1 billion for artificial intelligence start-up Argo AI.
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.
Almost all the industries including manufacturing, healthcare, construction, online retail, etc. Machine learning technology is constantly evolving and the current trends in the field promise that every enterprise will be data driven and will have the capacity of using machine learning in the cloud to incorporate artificial intelligence apps. The three newest machine learning trends that will make this possible are Data Flywheels, The Algorithm Economy, and Cloud Hosted Intelligence. The coming age of artificial intelligence will include mining of medical records to provide better and faster health services.