In the last five-years, investments in Artificial Intelligence (AI) have grown ten-fold from $94M in 2011 to$1049M in 2016 as per the latest report by management consulting firm Zinnov.
The study on the Global Artificial Intelligence market, titled, ‘The AI Spring: Innovations for the next decade‘ sharing insights into a domain which has witnessed momentous growth and development in the last 20 years.
The released Zinnov study very significantly pointed out that Artificial Intelligence (AI) today is disrupting some of the oldest and disruption-immune verticals like Automotive, Manufacturing and Finance.
Divulging details on the geographical spread, the Zinnov study pointed out that with 2277 Artificial Intelligence (AI) startups globally and the current market of over $14.28Bn, U.S currently dominates the global Artificial Intelligence (AI) Startup landscape.
Europe’s Artificial Intelligence (AI) Startup ecosystem is also emerging and growing rapidly with a total of 441 startups currently and an overall investment of $1Bn across UK, France and Germany; with Fintech, Healthcare and Retail being the top verticals. Global organizations are also well leveraging the European startup ecosystem, it pointed out. It also stated that there are three kinds of companies that are investing into Artificial Intelligence (AI) today – Startups, Top 500 Global R&D spenders’ and World’s five largest software companies.
Talking about this fast growing segment, Pari Natarajan, CEO, Zinnov said, “Artificial Intelligence (AI) is the disruptive force of our time that will change industry structures drastically. The next-generation of products will be developed by Artificial Intelligence (AI). AI is just not enabling some new product features but is playing a role across the value chain of industries and is the fastest technology deployment to happen across industry verticals.”
And last but not the least, the study added that as Artificial Intelligence (AI) becomes a top priority in the innovation horizon of various global enterprises, its implementation comes with certain challenges.