Artificial Intelligence Engineering Market
Artificial intelligence engineering is a process of designing and developing various Artificial Intelligence (AI)-based solutions. The use of AI-based applications helps manufacturers integrate advanced technology solutions into various products and solutions. Key market players are focusing on using a range of AI-based technology solutions and products, such as intelligent automation and AI-specialized chips, to offer improved customer experience.
Leading market players are developing AI-based solutions to provide improved treatment and manufacturing processes. Key companies are using intelligent automation solutions to develop robot-assisted surgery solutions to provide accuracy in various treatment procedures. In addition, prominent companies are integrating a range of AI-specialized chips to offer automated features in various consumer electronic products. Developers are offering customized AI solutions and software that can help companies speed up their workflows and processes with intelligent operational features.
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However, companies across industries are investing in alternative technology solutions due to various factors. The use and implementation process of AI-based systems and solutions are comparatively costly. Moreover, AI-based products and solutions are adaptable but limit creativity. Adoption of alternative technology solutions is declining demand for artificial intelligence engineering solutions. These factors are influencing the adoption of artificial intelligence engineering products and solutions across industries.
Key market players are focusing on undertaking various strategies to gain a competitive edge in the market. Leading companies are adopting marketing strategies, such as technology innovation, product launch, product differentiation, collaborations, and partnerships. In June 2021, Google LLC announced that it is investing in the development of artificial intelligence software, which can design various computer chips comparatively faster than conventional methods.
This software has been used in designing the next generation Google Tensor Processing Unit (TPU) and can be used in designing the floorplan of the chip, including component plotting such as silicon chip memory, CPUs, and Graphic Processing Unit (GPU). Through this strategy, the company focuses on offering improved processing speed and power consumption using these computer chips.
The global Artificial Intelligence (AI) engineering market size reached USD 8.05 Billion in 2020 and is expected to register a revenue CAGR of 41.2% during the forecast period, according to the latest analysis by Emergent Research. The rapid adoption of automation in various sectors is expected to support market revenue growth during the forecast period. Moreover, an increase in private investment in the R&D of AI is expected to boost market growth.
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