AI engineering market is taking shape as a discipline already across various organizations and sectors including healthcare, retail, IT and telecom, education, and others. Artificial intelligence has been advancing as one of the most disruptive technology categories in the current era. This can be attributed to the developments in computing power, speed, capacity, and data diversity, in line with the further evolution of deep neural networks.
The growth is probably fueling demand for talent in related disciplines, including artificial intelligence engineering. For the record, AI engineering market is the use of computer programming, algorithms, neural networks, and other technologies to create AI systems in accordance with human needs for mission outcomes. Moreover, industry provides organizations with a framework to address the bottlenecks.
To illustrate, in July 2021, the U.S. Department of Agriculture’s National Institute of Food and Agriculture and the U.S. NSF declared a USD 220 million investment in 11 new Artificial Intelligence Research Institutes. This capital would enable the organizations to pursue transformational advances in a range of science and engineering fields and economic sectors, right from food system security to next-gen edge networks.
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The demand for AI engineering market in the retail sector has just skyrocketed. As per credible reports, the retail use of AI grew by 600% in two years. Besides, almost 15% of the companies have reported spearheading the adoption and investment in AI, while 1 in 4 large retailers have claimed to use their IT budgets to invest 10% on AI systems.
These investments come in line with the benefits AI has to offer to the retail industry. Ways in which AI has transformed the retail experience include:
Improving in-store experiences
Increased productivity
Customer engagement and personalization
Guided discovery
Improvements in customer service
Demand forecasting
There is great optimism that the use of AI engineering market can deliver significant improvements in all areas of healthcare from diagnosis to treatment. The approach is also able to aid in drug design, drug repurposing, chemical synthesis, and drug screening. AI has made a big step forward for several healthcare organizations by allowing them to predict which treatment options would be best suited for patients based on their characteristics and the treatment framework.
AI engineering market has already depicted excellent results in the healthcare field for analyzing medical images or correlating symptoms from EMRs. Additionally, the healthcare ecosystem is also realizing the importance of AI tools in next-gen healthcare technology.
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The advent of technology has revolutionized the banking sector enabling the clients’ expectations to grow. A massive transition to online platforms has raised contention for a more satisfactory user interface. In lieu of these transformations, AI in banking and financial services is gaining increased traction as banking institutions can now understand the importance of automation for critical operations.
Benefits that AI engineering market can have on the banking sector:
Enhances productivity
Offers proper data insights and analysis
Delivers savings or cost benefits
Also, nearly 85% of industry analysts believe that AI in banking could add some advantages and meaning to their organizations and enterprise processes in the ensuing years.
The strategic landscape of the AI engineering market is foreseen to witness rigorous R&D projects for product development, along with collaboration among market players with end-users, to gain a competitive edge in the market. Some of the key companies profiled in the AI engineering market report include Salesforce.com Inc., Alphabet Inc., IBM Corp., Intel Corp., Baidu Inc., Oracle Corp., Meta Platforms Inc., Siemens AG, Cisco Systems, Inc., and Nvidia Corp., among others.
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