How COVID’19 pandemic has boosted the market growth of Artificial Intelligence for the future

0
314

The Artificial Intelligence market within the retail segment is forecasted to emerge by US dollar, 14.05 billion from 2019 through 2023. The report additionally gives the market impact and new opportunities made due to the COVID-19 pandemic. The effect is often relied upon to be critical within the half-moon yet step by step diminish in quite while with a restricted affect on the full-year economic growth, as per the foremost recent marketing research report by Technavio.

China’s tech giants are quickening their endeavors within the field of healthcare technology using cloud computing and AI because the nation hopes to contain the fast-spreading new coronavirus. While tech giants in the US from Microsoft to Apple have spoken publicly about their drive into health tech, China’s organizations are discreetly understanding of sight.

Formerly when the first cases of the deadly virus, Covid-19 developed in India in February 2019, among the patients were medical students from the southern state of Kerala who had come back from colleges in China.

With the virus, COVID-19 spreading to more areas, state governments are closing down educational institutions as a precautionary measure, bringing about the disruption of studies. A massive shutdown of schools and universities is likewise on the cards in nations like Australia. In the evoke of this crisis, educational institutions around the globe are moving to online learning. 

An enormous bunch of India’s education system is cracked, and graduating students can’t meet the talent requirement set forth by India Inc. Attempting to fill this void are ed-tech players that have begun to lead the emerging academic areas, for instance, artificial intelligence (AI), data analytics, and blockchain.

An education technology, ed-tech revolution is preparing in India, along these lines. Organizations working within the retail segment are progressively adopting AI solutions to enhance the efficiency and productivity of operations through real-time problem-solving. For instance, the merge of AI with inventory management encourages retailers to viably scheme their inventories as for increased demand. Artificial intelligence likewise causes retailers to acknowledge gaps in their online product offerings and deliver a customized experience to their users. Numerous such benefits offered by the incorporation of AI are essential in the expansion of the market in the current scenario.

E-Commerce organizations are progressively incorporating AI in several applications to realize a whip hand within the market. The adoption of AI-powered tools encourages them to look at the catalog in real-time to serve clients with comparative and significant products. This improves both sales and consumer satisfaction. E-commerce organizations are likewise incorporating AI with different areas, for instance, planning and procurement, production, supply chain management, in-store operations, and marketing to enhance overall efficiency. Along these lines, the increasing application areas of AI in e-commerce are relied upon to assist the event of the market during the forecast period.

Given that the web education technology market is required to evolve at a compound annual rate of growth (CAGR) expected at 44% between financial years 2019-2024, these patterns are relied upon to disrupt the industry going forward. It will be beneficial to perceive how investors rejig their portfolios during a highly-regulated yet largest education market, and the way they shall structure their wagers going ahead. The truth will surface eventually how educational technology will give the much-needed push for the K-20 education system in India.

Follow and connect with us on FacebookLinkedIn & Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here