Knowledge Sourcing Intelligence announces the publication of a new analysis report on the “AI-based forecasting market” – which is forecasted from 2023 to 2028.
The prime factors propelling the growth of the AI-based forecasting market are the increasing amount of data generated by companies on their business operations and customers, which can be effectively utilized by AI forecasting tools to predict demand, and growth rates, and properly manage stock and supply chains.
As per the report, the AI-based forecasting market is expected to grow rapidly during the forecast period.
The AI-based forecasting market is experiencing significant growth due to the increasing amount of data being generated by companies. Due to the rapid digitization of company operations, modern businesses can generate significantly more data about their different business operations and customers than was previously possible. This data can be effectively utilized with the help of AI forecasting tools to detect areas where costs, errors, and duplicity can be lowered to save the company vital resources, and also to determine future trends in demand and supply, and manage stock levels as well. AI forecasting is not being fully utilized by most companies, however, optimal data utilization for AI forecasting can help companies save time, money, and effort.
The AI-based forecasting market has been categorized based on technology, end-users, and geography.
By technology, the market has been classified into Bayesian networks, evolutionary algorithms, and deep learning. The Bayesian network AI-based forecasting segment is anticipated to witness significant growth in the coming years due to its ability to predict outcomes of events using graphical models without all the certain knowledge, and also due to its ability to predict joint probabilities for multiple connected or disjointed outputs. The evolutionary algorithms AI-based forecasting segment is also expected to grow due to its ability to solve problems by employing processes that are generally associated with biological evolution and its benefits of providing extra flexibility and unlimited solutions. The deep learning AI-based forecasting segment is also expected to experience moderate growth due to its nature of solving complex problems by training computer systems to process data like human brains and recognize patterns to provide forecasting insights.
By end-users, the AI-based forecasting market has been classified into manufacturing, healthcare, retail, agriculture, and others. The manufacturing segment is expected to witness positive growth in the AI-based forecasting market, owing to the numerous applications of AI forecasting in such industries as forecasting demand patterns, optimizing supply chains, and ensuring inventory levels are sufficient to fulfill demand. The healthcare segment is also anticipated to experience steady growth due to the applications of AI forecasting in the sector to predict and analyze historical patient treatment data for further research on diseases and their possible cures. The retail segment of the AI-based forecasting market is anticipated to grow steadily due to its ability to help retailers in forecasting future demand trends with some precision, account for variable changes in demand, and manage inventories accordingly. The agricultural AI-based forecasting segment is also expected to grow significantly due to the presence of multiple variables involved in agricultural activities, which can be predicted with a degree of confidence using AI forecasting tools.
Geographically, the market is classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The Asia Pacific region is witnessing significant investments in the manufacturing sector and has a presence in large retail and agricultural sectors. This, in turn, is driving the demand for AI-based forecasting tools in these industries to help streamline and optimize their operations. On the other hand, the North American market is characterized by the presence of large manufacturers and mature markets, with a higher adoption rate of modern technologies to enhance their workings such as the use of AI-based forecasting techniques to analyze the huge amount of data being generated internally for improving efficiency and effectiveness.
As a part of the report, the major players operating in the AI-based forecasting market that have been covered are H20.ai, Neptune Labs, DataRobot Inc, Obviously AI Inc, Sage Group PLC, Pecan, QlickTech International AB, Dataiku, Anodot Ltd, and Salesforce Inc.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/ai-based-forecasting-market
This analytics report segments the AI-based forecasting market on the following basis
- By Technology
- Bayesian Network
- Evolutionary Algorithms
- Deep Learning
- By Application
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America