Artificial intelligence (AI) has undergone great development in recent years, causing a spike in both interest and adoption around the globe.
Data acquired by BanklessTimes.com has revealed that the current value of the global AI market is estimated at $119.78 billion but is expected to grow at a 38.1% CAGR, to reach $1,591.03 billion by the end of 2030.
Some regions of the world are anticipated to grow at a faster rate than others, with the Asia-Pacific growing at 42% CAGR – a faster rate than the global average. Baidu Incorporation, a China-based tech giant is the key driver in the Asia-Pacific’s rapid growth in AI. However, at present North America still reigns as the largest holder of market share in AI, holding a staggering 43%. This large market share can be attributed to the tech giants Google, IBM, and Microsoft located within its borders
A large volume of companies spanning a variety of sectors are on board
The use of AI in business is evidently popular, with more than a third of businesses around the world having adopted AI technologies and 75% of businesses citing that they expect to adopt AI tech in some form over the next five years. The biggest obstacles businesses are facing when weighing the integration of AI is lack of expertise (34%) and the price (29%).
The most popular use case of the technology is to automate IT processes, which is done by over a third of organizations. However not far behind are organizations using it for both security and threat detection (29%) and automation of their business processes (28%). Whilst AI aids technological processes, its intelligence is not limited to the technological sector. In fact, the advertising and media industry is the biggest user of AI solutions, accounting for 21% of the global AI market. Although, future trends show that the healthcare sector is expected to take its place by the end of the decade.
Whilst Companies seek to reap the benefits, many employees are fearful
Whilst large corporations benefit from the adoption of AI with both improved efficiency and increased profit margins, employees approach the topic of AI with a sentiment of fear. At the root of this fear is the displacement of careers as a result of AI advancement as it has been uncovered that 26 million jobs will be eliminated by AI in the next five years. Although employees can be assured with the knowledge that in fact 60% of employees in occupations that did not exist 60 years ago and thus it stands to reason that while many jobs will be lost, many new ones will be created as well.
The concerns surrounding AI are more representative of certain demographic groups than others. Of US adults, those aged 65+ are more concerned with AI development. For example whilst only 29% of younger adults are concerned about using AI to diagnose medical problems, whilst 41% of adults aged 65+ are concerned about this issue. This trend extends to education, with those educated to a higher level are less concerned. Politics also plays a role in attitudes and approach towards the technology, with 59% of Republican-leaning US citizens believing the government will overregulate AI, such as the use of driverless passenger vehicles. Conversely, 69% of Democrats believe it will not go far enough.
At present 45% of the public are equally excited as they are worried about AI and thus governing bodies should look to implement appropriate regulations and reassure workforces of a secure future in order to aid the adoption of the technology.
Read the full story with statistics here: https://www.banklesstimes.com/artificial-intelligence-statistics/
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