The Unprecedented Growth Statistics of Artificial Intelligence: A Game-Changer for the Tech Industry
Introduction
Artificial Intelligence (AI) has been a buzzword in the tech industry for the past few years. But what exactly makes it so special? Well, AI is not just a mere technology, it is the outcome of years of scientific research aimed at developing machines that can imitate human intelligence. AI technology has already made tremendous impacts across various sectors including medicine, finance, and entertainment; and its growth statistics are nothing short of remarkable.
AI goes Mainstream
According to the International Data Corporation (IDC), global AI spending is expected to reach $110 billion by 2024, with an annual growth rate of 29.3%. The IDC also projects that Asia-Pacific region will be responsible for more than half of AI spending by that time. Furthermore, Gartner predicts that by 2022, 70% of customer interactions will involve some form of AI technology, up from 15% in 2018.
AI in Healthcare
AI has a massive potential to revolutionize the healthcare industry. The healthcare AI market is expected to grow at a compounded annual growth rate (CAGR) of 43.5% between 2018 and 2025, according to ReportLinker’s market research. AI is already being used to help doctors make diagnoses, monitor patient progress and develop personalized treatment plans. Furthermore, medical experts are exploring how AI can help with drug discovery, genomics research, and clinical trial optimization.
AI in Finance
The finance industry has also benefited from the AI revolution. In 2020, the global AI in the financial market was valued at $2.24 billion and is expected to grow at a CAGR of 37.2% from 2021 to 2028. AI-powered fraud detection, chatbots, and personalized investment recommendations are being used by financial institutions to improve customer experience and efficiency.
The Future of AI
The use of AI is not just restricted to a few industries. AI is already being used in self-driving cars, drones, and robots. According to McKinsey, the use of smart machines, including robots and AI, could contribute between $3.5 trillion and $5.8 trillion to the global economy by 2025.
Conclusion
The statistics and growth projections about the AI industry are incredibly optimistic, and with good reason. AI has enormous potential, and its impact is already being recognized across multiple industries. By 2025, AI will be ubiquitous in everyday life, and the possibilities will become limitless. It’s an exciting time to be a part of the tech industry, and with AI on the rise, the future looks very bright indeed.
