Why Artificial Intelligence Technology Solutions Inc Stock Is Likely to Soar in 2021
The stock market is a highly unpredictable and volatile space, but with the rise of artificial intelligence (AI) technology, investors are keeping a close eye on AI companies. One such company that has been gaining traction is Artificial Intelligence Technology Solutions Inc (OTC:AITX).
Introduction
Artificial Intelligence Technology Solutions Inc is a technology company that focuses on the development and deployment of AI technologies for surveillance, safety, and autonomous vehicles. The company’s primary focus is to provide AI solutions to law enforcement agencies, schools, and other public and private organizations. The company’s stock price has been on a rollercoaster ride since its inception, but there are several reasons why AITX is likely to soar in 2021.
Increasing demand for AI-based solutions
Artificial intelligence is taking over the world, and every industry is looking to integrate AI into their products and services. The demand for AI-based solutions has been steadily increasing, and companies like AITX are in a prime position to capitalize on this trend. According to Market Research Future, the AI market is expected to grow at a CAGR of 52.59% between 2020 and 2023.
Strong financial performance
AITX has been generating strong revenues, with its Q3 2020 revenues increasing by over 300% compared to the previous year. The company’s gross profit margin has also been consistently increasing, indicating the company’s ability to generate profits.
Strategic partnerships and acquisitions
AITX has been actively seeking strategic partnerships and acquisitions to enhance its capabilities and expand its reach. In November 2020, the company acquired self-driving vehicle technology company, DTG. This acquisition will allow AITX to expand into the autonomous vehicle market, which is expected to be a major growth area for AI technology.
Deploying AI solutions in the public sector
AITX has been working closely with law enforcement agencies to develop and deploy AI-based solutions for surveillance and safety. The company has already deployed its “RoboCop” autonomous security robot in several cities and has received positive feedback from law enforcement agencies. This success has led to further collaborations with law enforcement agencies and other public institutions.
Conclusion
Artificial Intelligence Technology Solutions Inc is a promising AI company that has been making impressive strides in the AI technology space. With increasing demand for AI-based solutions, strong financial performance, strategic partnerships and acquisitions, and a successful deployment of AI solutions in the public sector, AITX is in a prime position to soar in 2021. Investors looking for a promising AI stock should definitely keep an eye on AITX.
