When Artificial Intelligence (AI) became mainstream in the late 2000s, it was quite a revolution that gradually changed the way businesses operate. Today, AI is steadily transcending all the hurdles that were put to it to become the future of innovation. AI holds the potential to automate mundane tasks, create groundbreaking products, optimize processes, and develop insightful models, which will help organizations make smarter decisions.
It is no secret that we are living in the foothills of unprecedented disruption brought about by the rise of AI. To further spur this disruption, AI undergoing rapid advancements and entering into a period of deep innovation. Market analysts predict that the global AI market is expected to reach USD 77 billion by 2024, registering a CAGR of 38.2% from 2019 to 2024.
This forecasted growth is mainly being driven by the vast opportunities present in several key sectors such as healthcare, smart connectivity, automotive, autonomous cars, and industrial automation. According to the report, healthcare remains the most promising segment in terms of growth regarding AI. In 2020, AI-based healthcare products and services accounted for nearly 40% of the total market size. On the other hand, industrial automation and transportation are expected to show significant growth during the forecast period.
Other than the identified opportunities, various trends are going to shape the AI market in the future. These trends include increase in investment in AI, adoption of cloud AI, development of secure AI solutions, AI based smart wearables, emergence of AI-enabled smart robots, and growth of personal digital assistants.
In order to capitalize on these trends, companies need to enhance their capabilities and appropriately arm themselves with the right AI tools and solutions. Market participants need to keep an ear to the ground to listen to the needs of the consumer and proactively address the issues. To remain competitive, market participants need to ensure that their AI solutions are comprehensive and up to date to serve customer needs better.
Although the AI market may look promising with its prospect of enormous opportunities, market participants need to remain aware of the challenges that can affect the growth of the AI market. Organizations need to be careful while making an investment in AI solutions and ensure that they are compliant with necessary regulations. Furthermore, organizations should also ensure that suitable privacy and cybersecurity measures are in place to ensure that customers’ data remains protected and secure.
To sum up, with the right tools, strategies, and solutions in place, the global AI market is all set for a revolutionary growth between 2019 and 2024. AI will continue to revolutionize the way business and industries operate, and industry leaders need to stay ahead of the game by keeping their eyes on the emerging trends and staying up to date with the necessary regulations.
