Global Artificial Intelligence (AI) Industry

The World is Moving Towards Truly Intelligent Machines & Systems. Artificial Intelligence to Reach $312.4 Billion

November 23, 2020

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NEW YORK, Nov. 23, 2020 /PRNewswire/ —

The global market for Artificial Intelligence (AI) is projected to reach US$312.4 billion by the year 2027, trailing a post COVID-19 CAGR of 32.7% over the analysis period 2020 through 2027. Globally, over 567 AI start-up companies received investments in the first five months of the year 2020. Use of AI in myriad fields has skyrocketed during the pandemic, with the unpreceded crisis driving desperate search for new tools to manage and survive the pandemic. AI is being used for early detection, diagnosis of the infection; development of drugs, vaccines; and for reducing workload of healthcare workers. Artificial intelligence (AI) has emerged as a powerful tool in the war against COVID-19. The predictive technology is being exploited by governments and other stakeholders to determine the way the COVID-19 virus is spreading, identify vulnerable people and finding mutation patterns. Various universities and institutions are deploying AI systems and expediting their finalization for tapping them as crucial tool for handling the pandemic. In addition, several local and national governments have announced dedicated teams for assessing AI-powered anti-COVID-19 projects. The rapid spread of the virus has expedited AI-based initiatives intended to track patients along with potentially affected individuals. While the approach requires localization data of citizens to assess their infection risk, it compromises the right to privacy and freedom. These initiatives also focus on detecting symptoms along with primary care for patients.

Questionnaires completed by people can be analyzed by AI systems to reduce the workload on healthcare system. The main approaches under the initiative include interactive voice response tools, chat bots for self-triage of patients, image-driven medical diagnosis, forecast of the virus’ impact on the basis of symptoms, and monitoring of transportation means and public areas for non-compliance to public rules. The technology is also used to hinder fake news and predict the spread of the pandemic over space and time. While AI tools are expected to play an important role during the pandemic, they may result in privacy issues, requiring authorities to come up with measures for mitigating these concerns. Machine learning (ML) algorithms and artificial intelligence (AI) have been in use in healthcare and clinical settings for years rendering support to various processes and procedures, and the ongoing novel coronavirus (COVID-19) pandemic has further stressed the importance of ML and AI technologies in healthcare sector. Both ML and AI are gaining traction in processes and procedures being implemented to combat and control COVID-19 pandemic. The World Health Organization (WHO) has already acknowledged the relevance of AI and big data in aiding healthcare professionals responding to the COVID-19 outbreak in China and other parts of the world. Data processing platforms, mobile apps, thermal cameras, and robotic equipment are some of the areas where AI-enabled technologies are gaining importance in COVID-19 programs.

AI is also helping companies carryout remote working, operations and management while simultaneously improving operational efficiency. Rapid improvements in AI technology are driving increased adoption of AI-based customer service systems. AI coupled with predictive analytics is set to help retailers identify buying trends and quickly launch automated campaigns that will inspire highly targeted customers to act. Most of the healthcare organizations are relying on AI-based software for their day-to-day tasks. These tasks vary from patient diagnosis to hospital data management. Since the amount of data generated by the healthcare industry is 44 trillion gigabytes per day, there emerges a need for AI-based advanced processors that can extract meaningful insights from this data. With COVID-19 becoming a global crisis, AI became the first line of defense in using it to keep track of virus transmission. In this unprecedented situation, AI helps to reduce the work of clinicians and medical attendants. Many banks have already adopted AI-based systems to provide customer support, detect anomalies and credit card frauds. AI solutions can be used to trace card usage and endpoint access to effectively prevent fraud and save millions of dollars. Organizations rely on AI to trace those steps by analyzing the behaviors of transactions. For instance, major companies such as MasterCard and RBS World Pay have relied on AI and Deep Learning to detect fraudulent transaction patterns and prevent card fraud for years. In the age of ultra-high-frequency trading, financial organizations are turning to AI to improve their stock trading performance and boost profit. Advances in the autonomous vehicle segment such as long-range radar, cameras, and LIDAR leverage AI to provide actionable insights.

Competitors identified in this market include, among others,