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] With Artificial Intelligence continually progressing and developing, it's unsurprising that many companies are aiming to lead in the AI technology market - especially given that the global AI market is on track to be worth over $118 billion by 2022.
• [New] Around 37% of all organizations surveyed are leveraging some form of AI in their business and it is predicted that about 80% of modern technologies will be based on AI and ML by 2022.
• [New] Global revenue from artificial-intelligence hardware, software, and services will climb roughly 12% annually to reach $156.5 billion in 2020, and spending is expected to accelerate as coronavirus-related pressures ease.
• [New] Increasing adoption of IoT, AI, big data, machine learning, among others in the healthcare industry is further expected to foster the market growth over next few years.
• [New] The global Artificial Intelligence in agriculture market is witnessing a CAGR of 26.2% during the period 2019-2024.
• [New] The Global Artificial Intelligence in Diagnostics Market size is expected to reach $1.3 billion by 2026, rising at a market growth of 27.4% CAGR during the forecast period.
• [New] Spending on AI systems will accelerate over the next several years as organisations deploy artificial intelligence as part of their digital transformation efforts and to remain competitive in the digital economy.
• [New] The industries that will see the fastest growth in AI spending over the 2020-2024 forecast are Media, Federal / Central Government, and Professional Services.
• [New] 120 million people worldwide will need retraining within three years, to be able to work with automation and AI.
• [New] Over the next 10 years, we are expecting explosive market growth around the integration of VR and AI technologies.
• Data analysts have predicted a rising rate of growth for the Indian car insurance industry in the year 2020.
• Pay-as-you-go insurer Cuvva estimates that the UK insurance industry will make an extra £1bn profit if car insurance claims drop by 50% over a three-month lockdown.
• The automotive usage-based insurance market and is poised to grow by USD 37.25 mn units during 2020-2024, progressing at a CAGR of 7% during the forecast period.
• In terms of revenue, the global automotive usage based insurance market accounted for US$ 15.62 Bn in 2018 and is expected to grow at a CAGR of 23.6% over the forecast period 2019-2027, to account for US$ 105.12 Bn in 2027.
• By 2035, the rollout of autonomous vehicles could make car insurance premiums drop by 12.5% of the total market, or US$25 billion.
• Whether offering home insurance, product insurance, or car insurance, Amazon could use its size as an e-commerce retailer and its huge member base to become a major distributor in the United States.
• In terms of revenue, the global automotive usage based insurance market is expected to grow to US$105.12 billion in 2027 from US$15.62 billion in 2018.
• The growing market for connected cars services, increasing regular vehicle insurance, and increased customer acceptance of connected services will drive the market for usage-based insurance.
• While motor insurance will still be compulsory, driverless cars are likely to totally transform how car insurance is calculated - removing the need for personal data and to assess individual driver risk.
• The increasing number of vehicles with telematics and connected car services and a reduction in insurance premiums as compared to regular insurance are projected to drive the usage-based insurance market.
• Changes will begin affecting car insurance firms as of 2025: As a result, the car insurance industry will suffer a loss of $25 billion.
• Despite the promise of autonomous vehicles dramatically reducing car accidents, insurance rates are expected to remain high until at least 2025.

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Last updated: 15 September 2020