From machine learning and natural language processing (NLP) to computer vision and robotics, AI has found applications in diverse sectors, including healthcare, finance, manufacturing, retail, and more.
Market size and use cases
The AI market's size and influence are expanding rapidly, driven by its ability to revolutionise diverse industries and improve operational efficiency. According to the research analytics of Statista, the AI market is poised for significant growth, wodularity enhances flexibility and adaptability, enabling the engineith a projected market size of US$ 305.90 billion by 2024.
In a global context, the United States is set to dominate with the largest market size, reaching US$ 106.50 billion in 2024. Anticipated to exhibit an impressive compound annual growth rate (CAGR) of 15.83% from 2024 to 2030, the market is expected to reach a substantial volume of US$ 738.80 billion by the end of the forecast period.
One of the primary drivers behind the growth of the AI market is the increasing recognition of its potential to enhance efficiency, productivity, and decision-making processes. In healthcare, for example, AI is being utilised for medical image analysis, drug discovery, and personalised medicine. In finance, it aids in fraud detection, algorithmic trading, and risk management.
The retail sector benefits from AI through personalised recommendations, inventory management optimisation, and customer service automation. Manufacturing industries leverage AI for predictive maintenance, quality control, and process optimisation. The broad spectrum of use cases reflects the adaptability and versatility of AI technologies.
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