SMART THINKING
The global AI market was valued at approximately $426 billion in 2023 and is projected to grow significantly. By 2025, the market is expected to exceed $800 billion. Projections for 2030 suggest the market could surpass $1.5 trillion. The AI market is growing at a compound annual growth rate (CAGR) of around 35-40%. This robust growth rate reflects the increasing adoption of AI technologies across various industries.
The advancement in the rise of robotics and their rate of deployment in developing economies has had a large impact in the artificial intelligence market. North America dominates the artificial intelligence market, which is driven by high government funding and prominent companies in the region. This trend is expected to continue over the next decade. APAC (Asian Pacific) is presumed to be the fastest growing market.
New artificial intelligence concepts are popping up everywhere and concepts are what drives this market. AI use lags in many areas which could benefit from incorporating new technology. The agriculture market is one example. While many farmers use new technologies, there are vast chasms that need technology to gain that extra edge.
Our team looks for ways for drones, robotics and AI to work together for specific tasks that require decision making. Making quick and effective decisions saves time, lowers costs and in some cases protects human life. For example, agricultural surveillance drones can look for stunted crops, pest damage, drought and other variables that create challenges in farming. By collecting all of this data, farmers can enhance their production and improve the efficiency of their land.
Artificial intelligence and machine learning are making it possible to supplement human intelligence with machine smarts, enabling many tasks to be offloaded to silicon.
Coming Up Next
Machine learning is just starting to feel like a regular business word, as opposed to a vague and abstract concept. But this buzzword represents huge changes in much of the technology we deal with both today and in the future. Some of those changes have been for the better, making our interaction with machines and information more natural and more powerful. Others have helped companies tap into consumers’ relationships, behaviors, locations and innermost thoughts in powerful ways. These technologies have left a mark on everything from our highways to our homes.
It’s no surprise that the concept of “information is about everything” is being aggressively applied in manufacturing contexts. AI transformed basic consumer goods into ‘smart’ devices over the last decade. Simultaneously, smart, cheap, sensor-laden devices paired with powerful analytics and algorithms have changed the industrial world. Machine learning is growing rapidly with positive market acceptance.
