Artificial Intelligence Market to be Valued at $380 Billion by 2025

by October 26, 2018 0 comments

Artificial Intelligence

Artificial Intelligence (AI), Machine Learning, Deep Learning etc. are not new terms. AI has been around for a decade now and Gartner predicts it will be a top five investment priority by 2020. AI’s primary way of personalizing each stage of consumer journey has overwhelmed the world and has opened new doors for marketing and advertising. Siri, Alexa, Google assistant are making it easy for people to search anything with just a voice command or with the press of a button. Recommender systems is now things of the past and a primary platform for online shopping sites to earn more revenue.

In the following four years, we expect AI’s industry development will begin to blow up and its effect on business and society will start to rise. Before the end of this decade, we trust the ongoing fast advances in AI will in the end plant breakthrough solidly into the AGI stage –a genuine autonomy will start. AI-managed machines and programs will probably begin to untether from human supervision, setting out on their decisive way as aware creatures. However, this will happen substantially later in the future.

The global AI market by 2025 is expected to grow to $380 billion and enterprise market will contribute 90% of it, said a Huawei official in Shanghai. On the second day of the Huawei Connect 2018, William Xu, Director of the Board and Chief Strategy Marketing Officer, believes that industry applications will be a major contributor for the growth of AI over the next decade. Moreover, Huawei will be supporting 1 million AI partners and developers over the next three years.

AI industry was valued at $5 billion by revenue in 2015, a good size for such a growing segment. By 2020, exponential upgrades and widespread adoption will dramatically increase income to $12.5 billion industry. This nearly accounts for 20% growth annually.

Software enterprises will take up the responsibility and march ahead, pushing the limits of automation and social media. Named as machine’s mind, AI will probably manage automation in the areas like crewless drones and autonomous vehicles. Furthermore, AI will create huge business opportunities with social value. For instance, chatbots or virtual assistants will provide expert service. Smart automated robots in the fields of insurance, finance, journalism and media will offer momentary research and discoveries. Talking about the healthcare field, AI programs will help in medical assistance and diagnosis. Some other benefits comprise of upgrading transport and supply chain channels and by improved decision-making, AI will enhance the efficiencies of the governance.

There are a lot of systems in place like, there are programs that can scan and provide outlines of legal documents from past court decisions with attorneys within seconds, sparing money and valuable time. Autonomous driving is in its early stage but has made exceptional progress. Not to forget, self-driving taxis were launched in Singapore much recently. Let’s just say that AI is assuring unavoidable power into our daily lives.

Further, Huawei is expanding the company’s strategy wherein Huawei has developed a platform named GIO that would bring together organisations and industries all across the world. The ultimate objective of this platform is to enhance coordinated efforts and communication between industry associations with the aim of helping enterprises to go digital faster and better. According to Xu, the ultimate vision and goal of Huawei is to get every individual, enterprise and home on digital. Combining the ability of technology and insights from industries, we all can make many advancements in AI.

Huawei is doing an excellent progress in this field by consolidating AI in most of their products and services. Recently, they have started using AI at Shenzhen Bao’an International Airport systems and infrastructure. With the adoption of AI, the airport no longer uses Gantt charts to arrange flights schedules manually. Moreover, instead of using remote staircases, 80% of the flights at this airport now use jet bridges. It doesn’t end here. They also use facial recognition software in order to have hurdle free clearance at the customs. This has gradually reduced the wait time of passengers by 15%. With over 1000 flight departures and arrivals at this airport, AI is helping a lot in terms of the entire functionality of the airport.

AI’s growth is as of now being controlled by the exponential development in the processing power with powerful cloud and savvy gadget biological community setup. Encouraging supply factors, like low storage and computing costs along with powerful algorithms and easy availability of talent with AI skills, are supporting the vital conditions of advancement.

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