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 market for smart robots will surpass $16 billion by 2025, and the market for AI in healthcare alone will exceed $6 billion by next year.
• [New] The global business intelligence market is expected to witness high growth during the forecast period.
• [New] By the end of this decade, the total positive impact of artificial intelligence (AI) on the global economy could be above $15 trillion, driven mostly by enhancements in consumer products.
• [New] The North American artificial intelligence (AI) in drug discovery market is expected to grow by 29.5% annually in the forecast period and reach $894.1 million by 2026 despite the COVID-19 impact.
• [New] 74% of respondents whose companies have adopted or plan to adopt AI say their organizations will increase their AI investment in the next three years.
• [New] The global AI in medical imaging market was worth the US $ 384.7 million in 2019 and is expected to reach US $ 7.4 billion by the end of 2027 at a CAGR of 45%.
• [New] The AI market in North American region with market share of 47%, is expected to grow from US$ 20.0 billion in 2019 to US$ 71.9 billion in 2023 with a CAGR of 29.2% during the forecast period of 2019-2023.
• [New] The AI market is expected to grow at a compound annual growth rate of 52% from 2017 to 2025.
• The global AI in Fintech market was estimated at USD 6.67 billion in 2019 and is expected to reach USD 22.6 billion by 2025.
• With industries investing aggressively in projects that utilize AI software, IDC forecasts AI systems will more than double from 2018 to 2022 to $79.2 billion, with a CAGR of 38.0%.
• The global artificial intelligence (AI) in the drug discovery market is expected to grow from $1.60 billion in 2019 to $40.36 billion by 2027.
• China began developing regulations for the next generation of AI in 2016, estimating a 2020 completion date in efforts to become the global leader for artificial intelligence by 2030.
• Artificial Intelligence in Supply Chain Market is expected to reach USD 10,787.2 million by 2025 from USD 21.21 million in 2017 and is projected to grow at a CAGR of 8.1% in the forecast period of 2018 to 2025.
• Global spending on AI will reach 57.6 billion dollars by 2020 and 51% of companies will embark on the transition to AI with blockchain integration.
• The global artificial intelligence (AI) market in manufacturing industry is poised to grow by USD 7.22 billion during 2019-2023, progressing at a CAGR of about 31% during the forecast period.
• The value of AI to the global banking industry will reach $300 billion by 2030, with North America holding the largest market of $79 billion.
• The Australian Defence Force unveiled that it plans to exploit virtual reality (VR) and gaming technologies, machine learning and artificial intelligence across Defence to enhance learning.
• The market for specialised AI chips is already worth around $10bn, and could reach $80bn by 2025.
• Scalability among existing businesses is one of the reasons that the AI market is expected to reach $390.9 billion by 2025.
• Technologies like artificial intelligence and machine learning will have a major impact on global banking in the next five years.
• The global Artificial Intelligence (AI) in Drug Discovery Market size is estimated to reach USD 3,932.87 million by 2027, exhibiting a CAGR of 40.5% from 2020 to 2027.
• The global AI in cybersecurity market is projected to reach $38.2 billion by 2026 from $8.8 billion in 2019, at the highest CAGR of 23.3%.
• Telefonica will use Google Cloud services to boost its own digital capabilities - in areas such as machine learning, artificial intelligence (AI), data analytics, and application development - to continue to provide new services and tools to its global customer base.

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Last updated: 07 July 2020