Increased application of advanced analytics in manufacturing, high volume of structured and unstructured production and shop floor data, integration of machine learning with big data and other AI technologies, rising importance of predictive and preventive maintenance are few factors propelling the market growth.
Rising demand for data-driven solutions, increasing digital banking trends, fast-changing regulatory & compliance laws, fraud detection, and enhancing customer experience are expected to drive the market growth. The AI technologies such as Machine Learning, Deep Learning, Natural Language Processing, Image and video processing are expected to boost the AI implementation in the BFSI industry.
Increasing cost of healthcare, technological advancement, ageing population, and rising chronic diseases are driving the growth of artificial intelligence in healthcare. The leading technology segment - Natural Language Processing - is expected to grow at a CAGR of 61.6% and reach $487.7 million by 2022.