Intelligence

WHAT'S NEXT?: There will be an increased demand for software and services that deliver intelligence, personalization, and specialization. Artificial intelligence could become a $15+ bn opportunity by 2025. Combining human and machine cognition for engagement decisions could yield the precision and reliability of automation without sacrificing the robustness and flexibility that humans bring. The first effect of machine intelligence will be to lower the cost of goods and services that rely on prediction.

• [New] The global spending on AI (Artificial Intelligence) is expected to hit $97.9 billion by 2023, up from $37.5 billion in 2019.
• [New] The global revenue for edge devices and edge networks deployed for AI will reach $827.6 billion by 2025, up from $127.5 billion in 2019, with revenue expanding at a compound annual growth rate of approximately 37%.
• [New] The artificial intelligence (AI) chips market and it is poised to grow by USD 54.03 billion during 2020-2024, progressing at a CAGR of over 42% during the forecast period.
• [New] By 2030 the whole gross home product of the world will likely be 14% greater due to one factor: extra use of artificial intelligence or AI.
• [New] The global artificial intelligence in retail market is expected to grow at a CAGR of 34.4% from 2020 to reach $19.9 billion by 2027.
• [New] Informatics and artificial intelligence (AI) solutions addressing workflow automation and operational analytics will witness 100% growth in 2020.
• [New] Personalized learning will boom in 2020, thanks to the ability of artificial intelligence (AI) and machine learning to assess a learner's needs and offer customized learning content..
• [New] The full value of geospatial in the future knowledge economy is difficult to predict but its potential growth is seen in the Location Analytics and Business Intelligence market, where the market size is expected to double between 2018 and 2023.
• Augmenting human capabilities with artificial intelligence will create $2.9 trillion in business value and add 6.2 billion hours of worker productivity in 2021.
• The Chinese government recently outspent the U.S. government 200-to - 1 in artificial intelligence, in keeping with China's plan to become the world leader in AI by 2030 (the U.S., meanwhile, has reduced science funding).
• The cognitive computing market, including machine learning and AI systems, is expected to be worth USD 49.3 billion by 2025.
• AI will add $15.7 trillion to the world economy by 2030, more than the current output of China and India combined.
• The Global Artificial Intelligence in Marketing Market is expected to grow from USD 5,939.98 Million in 2019 to USD 15,901.80 Million by the end of 2025 at a Compound Annual Growth Rate of 17.83%.
• The adoption rate of ARTIFICIAL intelligence in important market segments such as smartphones, PCS / tablets, extended reality (XR), cars and the Internet of Things will increase from less than 10% last year to 100% by 2025.
• Spending on AI systems is projected to reach $97.9 billion in 2023, bringing the compound annual growth rate for the 2018-2023 forecast period to 28.4%.
• The market for AI tools used in healthcare is expected to exceed $34 billion by the mid 2020s.
• Artificial intelligence in the retail market generated a revenue of $2306.8 million in 2018 and it is predicted to value at $23,426.3 million by 2026, surging at CAGR of 33.7%.
• Global spending on AI systems is projected to reach $98 billion in 2023, over 2.5 x the amount spent in 2019, with financial services, retail, and automotive leading the way.
• The Artificial Intelligence in Healthcare Market is expected to reach $1,139.2 million by 2022, growing at a CAGR of around 62.2% during the forecast period 2016-2022.
• The biggest advance will be the use of artificial intelligence to fight disinformation, deepfakes and the like.
• In the next 10 years, up to 50% of organizations will have HR technology that provides daily recommendations and workforce insights based on AI and machine learning.
• Led by countries such as Australia, India, and South Korea, the Artificial Intelligence market in Asia-Pacific is forecast to reach US$ 62 Billion by the year 2027, while Latin America will expand at a 46.7% CAGR through the analysis period.
• There are plenty of AI companies in Europe so establishing compliance regimes for them, as part of the European Commission's ethical guidelines, could help spread EU norms on AI development and use.

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Last updated: 11 August 2020