As AI assistants flourish and generative AI gains prominence, these are the notable trends poised for expansion in the years ahead
The AI market has experienced an explosive growth trajectory in recent years, propelled by widely adopted consumer-ready products like ChatGPT, Google Bard, and IBM Watson. These AI innovations are now commonplace worldwide.
Global management consulting firm McKinsey estimates that between 50% and 60% of all organizations have already incorporated AI-centric tools into their operations, with this adoption rate expected to surge in the near future.
Furthermore, according to Forbes, AI stands out as one of the fastest-growing industries globally. The total market capitalization of the AI sector is projected to expand at a compound annual growth rate (CAGR) of 37.3% until the end of this decade, ultimately reaching a cumulative valuation of $1.81 trillion during that period.
This remarkable ascent is substantiated by technological trends such as generative AI and natural language processing (NLP). These advancements have led experts to forecast that AI’s contribution to the global economy will soar to $15.7 trillion by 2030, surpassing the combined current GDP of India and China, two economic giants.
With the escalating significance of AI, market and technology observers have identified several noteworthy trends impacting or propelled by the AI sector.
Increased Utilisation of AI Assistants
As technology continues its expansion, AI assistants are poised to automate and digitize various service sectors. Paweł Andruszkiewicz, COO of VAIOT, an AI-powered digital services developer, envisions transformation in domains like legal services, public administration, and citizen services.
AI assistants offer enhanced availability, cost-efficiency, and user-friendliness. For instance, they can streamline legal documentation, process digital signatures, offer case outcome predictions, draft custom agreements, and aid in corporate compliance.
Public administration tasks, such as company setup, visa applications, property registration, and licensing, can also be simplified through AI assistants.
Additionally, these assistants simplify complex technologies like blockchain and smart contracts, enabling users to achieve their goals without extensive technical knowledge.
Greater Adoption Among Fortune 500 Companies
Miguel Machado, CEO and co-founder of Keenfolks, an AI consulting firm, anticipates rapid innovation and scaling of AI products in the near future. Notably, OpenAI’s ChatGPT, launched in March 2022, now boasts over 100 million users.
The ease of piloting AI solutions will promote innovation, empowering Fortune 500 companies to refine their AI-driven strategies swiftly.
Communities will play a crucial role by harnessing language models to facilitate collaborative learning and skill development. C-suite executives are expected to embrace AI across various sectors, such as law, HR, and finance, and the emergence of no-code solutions will democratize AI adoption, allowing brands to integrate advanced technologies without extensive technical expertise.
The ease of piloting AI solutions will promote innovation, empowering Fortune 500 companies to refine their AI-driven strategies swiftly.
Continued Ascendancy of Generative AI
While AI applications have primarily relied on predictive models in recent years, generative AI, which produces original information independently, has gained prominence. Generative AI employs machine learning and deep learning to create novel content based on new patterns built atop existing training data.
This technology has been widely used to generate text, images, audio, and video content. Henry Ajder, a generative AI expert and tech advisor, envisions a future where synthetic media powered by generative AI becomes ubiquitous, driving advances in entertainment, education, and accessibility.
AI in Healthcare
Forbes anticipates substantial AI adoption in healthcare, especially for diagnosis, treatment, and medical research. In diagnosis, AI can analyze medical scans to detect abnormalities earlier than human clinicians. For treatment, AI can parse patient records to recommend optimal interventions. In drug discovery, AI speeds up research by predicting promising compounds.
It also enables personalized medicine based on genetics. While AI holds immense potential to enhance patient outcomes, responsible implementation requires sound ethics and governance to ensure safety, equity and trust.
