Key Highlights
- Grand View Research highlight that AI is expected to expand at a CAGR of 42.2% between 2020-2027
- The company’s growth increased by 40% because of AI.
- Amazon Web Services is the leader in the AI market in 2021.
Growth of AI in the market
According to a study published in 2020 by Grand View Research, the global AI market was worth $39.9 billion in 2019. It is expected to expand at a CAGR of 42.2 percent between 2020 and 2027. Artificial intelligence (AI) is a concept that refers to the creation of intelligent software or hardware that can learn and solve problems. A lot of challenges has been faced due to pandemic. Artificial intelligence applications played a critical role in saving lives and promoting economic resilience as a COVID-19 spread. Following are the prediction related to the growth of AI.
- According to the G2 Crowd, 63% of people prefer to communicate with a chatbot rather than talking to humans.
- By 2023, AI-powered voice assistants are expected to hit a market size of $8 billion.
- By 2025, the global AI market is expected to hit $60 billion.
- Company growth increased by 40% as a result of AI.
Advancement in AI
Detecting drones– Countries, including the United States, are currently testing the use of drones to track whether social distancing guidelines are being followed. Research is going on to use the drone capable of detecting COVID symptoms.
Paddle Quantum-It is a quantum machine learning software toolkit. Paddle Quantum can assist scientists and developers in quickly creating and training quantum neural network models. And it can also help in providing advanced quantum computing applications
GPT-3 – It is the most sophisticated and efficient AI computing model capable of speaking and writing like a person (Generative Pre-Training-3). It’s a next-generation algorithm that’s free and open-source. The model’s inputs are half a trillion words and 175 billion parameters scattered throughout the internet.
With the advancement in the AI.Companies are investing more in the AI technologies for more growth and profit.
Related: Artificial Intelligence Technology Solutions launches SCOT 2.0 to Accelerate the Sales Cycle
LG is investing in the advancement of AI
LG Group announced that it would spend more than $100 million over the next three years. Investment is to build a vast high-performance computing system for advanced artificial intelligence (AI) research. LG AI Research is working on a “hyper-mega AI”. The device will be able to perform detailed and autonomous learning, decision-making, and behavior. It will be done by processing vast quantities of data, similar to a human brain. LG will construct a top-of-the-line computing infrastructure capable of performing 95.7 quadrillion calculations per second.
Companies investing heavily in AI
Leading companies in AI in 2021
Amazon Web Services- AWS, the pioneer of cloud computing, provides both customer and business-oriented AI products and services. Many of its specialist AI services are based on consumer-oriented AI services. Alexa, Amazon’s intelligent voice server, brings artificial intelligence into the home. AWS’s key AI offerings include Lex, a business version of Alexa; Polly, a virtual assistant; and Machine Learning.
Google Cloud Platform– Google, a leader in AI and data analytics. It has been on a major AI acquisition spree in recent years, acquiring a host of AI startups. Google is putting a lot of effort into improving its artificial intelligence capabilities. Google Cloud provides AI and machine learning software to companies in addition to using AI to develop its services.
Read More: The 10 Innovative Artificial Intelligence Solution Providers of 2020
