AI

• Worldwide spending on artificial intelligence (AI) is forecast to double over the coming for years to hit $110 billion by 2024.
• Artificial intelligence, machine learning and virtual assistants, chatbots: Gartner analysts forecast an increase from 25% to 37% (2020).
• The global AI software market is forecast to experience massive growth in the coming years, with revenues predicted to increase from around $10 billion U.S. dollars in 2018 to $126 billion in 2025.
• 71% of businesses intend to bring back workers furloughed during the COVID-19 pandemic, but 64% predict their organizations will replace 31% of their employees with artificial intelligence or positions in service to AI in the next two years.
• Artificial intelligence and robotics alone could create almost 60 million new jobs worldwide in the next 5 years.
• The treasury department cites Beijing's public plan to be the global leader in artificial intelligence by 2030 as being one of the drivers for their concern and rightly so.
• China has committed to build a domestic AI industry worth nearly $150 billion in the next few years with an aim to become the leading AI power by 2030.
• Global spending on artificial intelligence (AI) is forecast to double over the next four years, growing from $50.1 billion in 2020 to more than $110 billion in 2024.
• Computing, Computer Vision), End-User Industry, and Geography-Global Forecast to 2025, the Artificial Intelligence Market is expected to be valued at USD 21.5 billion in 2019 and is likely to reach USD 190.6 billion by 2025, at a CAGR of 36.6% during the forecast period.
• Ten years ago, China's goal of becoming the global leader in AI by 2030 would have seemed fanciful; today, it's a real possibility.
• The global artificial intelligence (AI) in healthcare diagnosis market was valued at US$ 3,639.02 million in 2019 and is projected to reach US$ 66,811.97 million by 2027; it is expected to grow at a CAGR of 44% during 2020-2027.
• 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.
• The global RPA market is expected to reach $25.56 billion by 2027, and the AI market is forecast to reach a monumental $390.9 billion by 2025.
• Regarded as the latest trend in artificial intelligence, AI-Enabled chips are expected to reach a revenue of $91,185 million in 2025, compared to $6,638 million in 2018.
• 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.
• 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.
• 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.
• The industries that will see the fastest growth in AI spending over the 2020-2024 forecast are Media, Federal / Central Government, and Professional Services.
• 120 million people worldwide will need retraining within three years, to be able to work with automation and AI.
• The global Artificial Intelligence in agriculture market is witnessing a CAGR of 26.2% during the period 2019-2024.
• 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.
• The largest share of software spending will go to AI applications ($14.1 billion) (€11.9 billion) while the largest category of services spending will be IT services ($14.5 billion) (€12.2 billion).
• 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.

Last updated: 30 September 2020