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] Public cloud computing - a technology that's intertwined with AI and machine learning - is anticipated to exceed $330 billion in market value this year, with organizations' average yearly cloud budget exceeding $2.2 million.
• [New] Artificial Intelligence (AI) will be a mainstream customer experience investment in the next couple of years.
• [New] Solving problems, growing the economy and improving our quality of life outlines the importance of action for Australia to capture the benefits of artificial intelligence (AI), estimated to be worth AU$ 22.17 trillion to the global economy by 2030.
• [New] World Economic Forum technologists expect significant progress across robotics, wearable technology, 3D printing and artificial intelligence in the next decade..
• By 2021, AI augmentation will generate $US2.9 trillion in business value and recover 6.2 billion hours of worker productivity.
• The healthcare AI market will reach $6.6 billion in 2021, and 39% of healthcare provider executives say that they are investing in AI, machine learning and predictive analytics.
• By 2021, artificial intelligence augmentation will create US $ 2.9 trillion of business value and 6.2 billion hours of worker productivity globally.
• Global AI in Retail and e-Commerce Market 2019-2025: Market is expected to grow at a CAGR of +42%.
• The global artificial intelligence in agriculture market is witnessing a CAGR of 26.2% during the forecast period (2019-2024).
• Robotics and artificial intelligence (AI) in agriculture could export goods and services worth $10 billion to $25 billion a year by 2028.
• IDC predicts that by 2024, AI will be a core component of enterprise workloads with 20% of enterprise workloads to be AI-based or AI-enabled for 75% of enterprises.
• The cost savings achieved through AI applications across financial services - including banking, investment management and insurance - are expected to reach $1 trillion by 2023; $447 billion of which would be realised in the banking sector alone.
• The AI cybersecurity market is expected to rise to $35 billion by 2024, as businesses identify the dangers that are challenging to manage without advanced technology.
• The number of artificial intelligence (AI) systems in vehicles will jump from 7 million in 2015 to 122 million by 2025 due to the adoption of autonomous systems.
• Artificial Intelligence (AI) has the potential to deliver global economic activity of around $13 trillion by 2030.
• The Economist Intelligence Unit has revised downwards its global growth forecast for 2020 to 2.2%, from 2.3% previously, citing new risks that have emerged following the novel coronavirus outbreak in China.
• The White House will propose a big jump in U.S. government spending on artificial intelligence (AI) and quantum information sciences research and development in its 2021 budget proposal.
• Global AI market is expected to reach a revenue of $118.6 billion by 2025.
• Investment management Reg tech has advantages but increases the potential for online threats: Relying on artificial intelligence could reduce compliance costs not only through automation but also by alerting firms to regulatory hurdles.
• Global spending on AI systems will grow at a CAGR of 28 percent between 2018 and 2023, with spending by 2023 reaching $97.9 billion.
• In three years Seventy-five percent of Global 2000 companies will offer employees the opportunity to work with AI-powered career coaches that make personalized growth and training recommendations.
• The EBA expects the use of BD & AA (including machine learning) to increase and become more advanced over the next few years.

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Last updated: 31 March 2020