Advances in AI technology in recent years have changed various aspects of life, including business, government, and society in general. Recently, predictions indicated that the AI market would reach trillions of dollars in the next five years. In addition, the government is also considering issuing regulations related to the use of AI technology.
What do you think the prediction is?
The AI Market Becomes a Trillion Dollar
According to a Finbold report (16/5/23), AI will become a multi-trillion dollar market in the next five years. With artificial intelligence (AI) emerging as a game-changing technology with the potential to revolutionize almost any industry, the issue of trust in related systems is becoming increasingly important.
As AI continues to demonstrate its potential, levels of trust in these systems vary widely across jurisdictions, so their market share is projected to soar in the coming years. According to data obtained by Finbold recently, in 2023, the estimated market share of AI is $207.9 billion, and this value is projected to increase by 788.64% to reach $1.87 trillion in 2030.
Furthermore, AI market share is expected to cross the $1 trillion threshold for the first time in 2028, amounting to $1.06 trillion. Elsewhere, India ranks first among countries with the highest levels of trust in AI systems, with a score of 75%. China is in second place with a score of 67%, followed by South Africa in third place with a score of 57%.
Brazil is in fourth place with a score of 56%, while Singapore is in fifth place with a score of 45%. The United States is in sixth place with a score of 40%. Quoting the Finbold report, regardless of the varying trust scores of AI systems, the market share of this technology is projected to continue to soar in the coming years, driven by various factors. In particular, the increasing demand for automation is likely to increase the need for AI services.
As many businesses seek to automate their processes to reduce costs and increase efficiency, AI-powered automation tools can help achieve this goal. In addition, the increasing availability of data from multiple sources can be leveraged to develop more sophisticated AI algorithms, thus driving growth.
Furthermore, as AI becomes more widespread and accessible, this technology is also expected to expand into new industries and use cases. Government investment in AI research and development and regulations to ensure the ethical and responsible use of AI can also drive the growth of the AI market
Government Regulation on AI
On the other hand, the government is also considering issuing regulations regarding the use of AI technology. For example, in the UK, the Competition and Markets Authority (CMA) is conducting a review of the AI sector to evaluate its impact on competition and consumers. The results of the review may influence future regulations and government policies towards AI.
Government regulation of AI can affect the use of this technology in various sectors, including finance and health. In the United States, the FDA has issued regulatory guidance regarding the use of AI in health product development. This kind of regulation could influence the development and use of AI technology in the future.
The AI market is predicted to reach trillions of dollars in the next five years. This growth in the AI market is being driven by the increasing use of this technology in various business sectors, including healthcare, finance, and manufacturing.
