The artificial intelligence (AI) market is forecast to grow at a CAGR of 21.4 percent from $81.3 billion in 2022 to reach $383.3 billion in 2030, according to GlobalData.
The explosion in the volume of sensor data, coupled with the increased sophistication of advanced deep learning models, the emergence of generative AI, and the availability of chips created specifically for AI processes, will all drive growth in AI over the coming years, the report said.
AI is capable of interacting with humans, motion, and making decisions. For example, OpenAI’s GPT-3 and ChatGPT models can write original prose and chat with human fluency, DeepMind’s algorithms can beat the best human chess players, and Boston Dynamics’ Atlas robots can somersault.
Using AI for facial recognition will lead to conflict in standards and regulatory approaches. This will lead to the break-up of the global supply chain in the AI segment.
The ongoing trade dispute between China and the US has negative implications for the global progress of AI technologies. However, China will play a leading role in AI due to its leadership in AI software and IoT technology and its progress in low-end chip manufacturing.