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Have you ever wondered how Artificial Intelligence and Machine Learning could help your business?
Would you wish to know the growth drivers of the AI and ML market in different industry verticals?
Well, this blog can be of great help to you.
Artificial intelligence or AI is a computer technology that is used for simulating human intelligence through computer systems and machines. Artificial intelligence is becoming a disruptive force in this modern age responsible for driving exponential digital transformation. Along with AI, its subcategory i.e., machine learning is also rapidly becoming popular in global industries such as healthcare, fintech, energy, etc. In the energy and utility sector, the Artificial Intelligence Market is expected to reach $4.5 billion by 2026 with a CAGR of 32.75% during 2021-2026.
Both AI and ML are allowing machines and computer systems to work and react like humans. Due to this, they are bringing more favorable changes to the different businesses for staying ahead of the competition. Different factors are driving the current growth in the machine learning and artificial intelligence space in different sectors as follows:
Current Growth Drivers of AI and ML in Energy
Artificial Intelligence and Machine Learning have resulted in drastic changes in the energy sector from the transmogrification of energy to source distribution. Some of the factors that are driving the growth of AI and ML space in Energy are as follows:
- AI and ML systems in the energy sector are capable of analyzing and predicting power failures. Due to this, these two technologies are used by organizations such as Duke Energy, NextEra Energy, etc. to prevent power fluctuations. Another firm i.e., Southern Company is using AI and ML technologies to save energy consumption in specific areas.
- The concept of Smart cities is rapidly gaining traction and so is microgrid adoption. AI and ML with emerging technologies such as Blockchain have the potential to balance demands, and grids and assist the development of new products and services. For example, Siemens in Finland is working on a self-sufficient smart autonomous microgrid system that will boost the Artificial Intelligence market.
Current Growth Drivers of AI and ML in Utilities
AI and ML technologies are hugely contributing to new innovations in the utility sector.
- The rapid increase in the demand for visual analytics and data integration to handle huge chunks of information is one of the major driving forces for the growth of the Artificial Intelligence market in the energy sector.
- AI and ML bring synthesized data on a real-time basis for quick decision-making. This real-time decision-making allows businesses to transform, monitor and deliver the data properly for closing the gaps between IT and other business units. Artificial Intelligence market in energy and utilities is booming and expected to rise steadily.
Current Growth Drivers of AI and ML in Healthcare
Healthcare is one of the most crucial industries for humankind that ensures the treatment of different health issues and diseases. Companies such as AliveCor, GE Healthcare Camden Group, etc. are investing a lot of effort and resources to leverage the power of AI and ML in the healthcare segment. Some of the factors driving current growth in the machine learning and artificial intelligence (AI) space of healthcare are as follows:
- Critical health information of patients including medical history, reports, personal history, etc. has been used for designing digital systems and tools that can virtually monitor the condition of patients after a follow-up with the doctor. Heartlander is one such robotic system designed to ease invasive surgical procedures to sense, map and treat the entire surface of the human heart.
- AI and ML are also assisting medical practitioners and institutions in body scans, findings diseases, predicting health issues, etc. to ensure timely intervention. For example, AliveCor developed a mobile device that is useful in capturing the rhythms of the heart through an electrocardiogram to determine whether a patient needs immediate medical attention or not. AI and ML are significantly shaping the growth of Artificial Intelligence market in healthcare.
These are some of the major forces that are driving the current growth in the machine learning and artificial intelligence (AI) space across different verticals. Apart from these, there are other driving factors also which are equally contributing to the growth of the artificial intelligence market such as increasing investments, technological advancements, new innovations, focus on R&D, etc.
Stay tuned for more research and tech blogs to consistently enhance your knowledge base.