Overview
DARQ technology market has generated a revenue of $640 million in 2019 and expected to rise at a CAGR 16.5% during 2020-2025. Artificial intelligence, a part of DARQ technology has the highest market growth due to its wider applications adoption. AI Technology is associated with human intelligence with similar characteristics such as language comprehension, reasoning, learning, problem solving, and so on. Moreover, technological advancements leads to wider application of DARQ thereby boosting the market growth.
Key Takeaways
AI Software, one of DARQ's software, held the highest market share due to increasing data, increasing the growth of cloud-based applications and services, demand for virtual technical assistants in 2019.
Healthcare segment is anticipated to deploy the DARQ Technology in treatment innovations, drug discovery, DNA data and others consequently impelling the market growth during the forecast period.
North America region dominated the AI Technology market that was valued at US $269 billion in 2019 and is projected to reach US $x billion by 2025. Technological advancements, rapid pace of digitalization and increasing adoption of advanced services that are more reliable, secure and safe is propelling the growth of DARQ Technology Market.
Technology Type- segment analysis
AI Technology accounts for highest market share during the forecast period 2020-2025 owing to the benefits such as reasoning, problem-solving, planning, optimal decision making, sensory perceptions and others. These capabilities of artificial intelligence technologies outstrip human actions in terms of knowledge discovery has acquired the attention of business all over the world. AI comprises of different fields such as machine learning, robotic vision, natural language processing, autonomous vehicles and others having wider application in healthcare, banking and finance, education, agriculture, automotive and others which are consequently boosting the market growth.
Application Type-segment analysis
Healthcare has highest market share in DARQ technology market in 2019 at 16%. Distributed ledger technology, such as block -chain, will be an important part of healthcare payments and identity management. By using Distributed Ledger Technology to build a reliable set of data, healthcare companies can reduce waste, save costs and increase quality of care. This will make it easier for people to act on the details, rather than return to the source of truth to check its authenticity. AI technology has greatest number of emerging uses in healthcare including payment operations, medical chart updates in contact centers and assisting patients indulge in self-service events. Healthcare organizations are deploying the full collection of AI technologies to enhance patient and doctor interaction as AI technology helps to diagnose by detecting facial disorders, retina scans, X-Rays thereby increasing the market for these DARQ technologies.
Geography Type-segment analysis
North America dominated the market for DARQ Technology. As of 2019, the region accounted for a leading market share in the DARQ Technology market of around 48%. In october2018 to address the social and economic problems google raised a fund of $25million for artificial intelligence research, which in turn will create more opportunities for DARQ technology market during the forecast period 2020-2025. Key factors DARQ Technology market growth in this region are rising technological advancements in the field of natural language processing, machine learning, and analytical tools. Moreover, growing penetration rate of advanced technologies in several industries including media and entertainment, real estate, retail and e-commerce, transportation, information technology and communication and others propel the growth of DARQ Technology market.
Drivers
Abundant data
The significant penetration of digital systems in various industries results in the large databases. Both offline and online activities are recorded and shared in data form, forming huge datasets which include structured and unstructured data from disparate sources. In addition, the availability of cloud infrastructure has made data access easy, with governments, educational institutes, and companies now storing massive cloud datasets and easily accessing them to extract insights using AI, ML, or DL technology. We also use these datasets to train new AI models, which will lead to the development of next-generation AI solutions and enhance the market growth.
Advances in Deep Learning
Deep learning is analyzed to drive the market owing to its superiority when equipped with huge amounts of data in terms of precision. Deep learning (DL) is deployed in many fields, such as speech recognition, image recognition and natural language processing (NLP) and many others, which are majorly deployed in robot navigation systems, self-driving cars and others. In addition, deep learning is majorly deployed in the fraud detection as the algorithms used in this are capable of detecting the fraud in all the transaction processes occurring on the digital platform. Collectively these all benefits are boosting its market growth.
Challenges
Lack of training among personnel
DARQ technology is highly advanced and is not comprehensible by non-technical employees. Many data scientists aren't very interested in how others will use the models they create in real life. Moreover, limited number of AI experts are present who know how to apply the software to a given business issue.
Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the DARQ Technology Market. As of 2019, the market for AI Technology is consolidated with the top 10 players accounting for approximately x% of the market share. The 10 major players in the DARQ Technology Market include IBM Corporation, Accenture PLC, Chain Inc., Apple Inc., Baidu, Qualcomm Technologies Inc., Northern Digital Inc., D-Wave Systems Inc., Google Inc., and Cambridge Quantum Computing Limited among others.
Acquisitions/Technology/Launches
In December 2019, to build and deploy artificial intelligence solutions across the full range of its upstream workflows within the DELFI cognitive E&P framework Schlumberger and Dataiku made technological collaboration. Petrochemical domain experts are majorly benefited through this collaboration owing to the AI applications in this sector.
As part of a global partnership between Atos and Google Cloud to provide consumers and companies with access to the latest analytics innovations, Atos, a global leader in digital transformation, unveiled its Artificial Intelligence (AI) Lab at its North American headquarters in Irving, Texas, October 4, 2019.
Bright Apps and ID Qu-antique (IDQ) signed an agreement in February 2020 to bring Quantum innovations in the US market. The collaboration with Bright Apps IDQ will provide consumers with easier access to IDQ's new and critical quantum technologies thereby boosting the ongoing R&D activity at NIWC, Navy Warfare Centre.
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