The global data science market was valued at around 3.93 billion in 2019. The market is expected to expand at a compound annual growth rate (CAGR) of 26% from 2020 to 2027. In today’s scenario, one out of 10 enterprises uses more than 10 AI applications ranging from a chatbot, Fraud detector, security, and more. Machine learning’s increased adoption across the industries has proved how it’s algorithms and techniques are efficiently solving complex real-world problems.
From Google and Amazon to Apple and Microsoft, every major tech company is dedicating resources to breakthroughs in artificial intelligence. Personal assistants like Siri and Alexa have made AI a part of our daily lives. Meanwhile, revolutionary breakthroughs like self-driving cars may not be the norm, but are certainly within reach.
Artificial Intelligence – AI – is currently among the most disruptive technologies, and a great means for startups to achieve their hyper-growth targets. With a number of applications in big data, computer vision, natural language processing, and more, AI is revolutionizing businesses, industries, and people’s lives.
AI technology startups are attracting the attention of multiple investors across the globe, and particularly so in the US and China. In the very best-funded and most promising independent startups, most AI companies hail either from the US or China, with a few more countries represented. In both of these key countries, the benefits of AI are clear in a number of industries, but the focus of each country seems to be slightly different.
The largest American AI startups are particularly present in the fields of big data analytics and process automation for business, autonomous driving, and biotechnology. However, the largest Chinese AI startups tend to be more developed in computer vision, AI for the internet of things and hardware, and facial recognition for applications in public security, financial security, and payments.