The Future of AI: 65 Statistics to Watch in 2021 and Beyond
Artificial Intelligence (AI) is no longer a buzzword confined to sci-fi movies. The technology has made inroads into various sectors and domains, such as healthcare, finance, and education. AI has changed the way we live, work, and communicate. According to Statista, the AI market will be worth $266 billion by 2027. This number is astounding and indicates the widespread potential that AI has.
While it’s been around for a while, AI’s disruptive potential is expected to gain momentum in 2021 and beyond. Here are some striking stats that you ought to keep track of.
-Global AI revenues are forecasted to reach $135.4 billion in 2025, which is ten times more than the $12.4 billion market size in 2018. (Tractica)
-64% of senior IT executives believe AI solutions will be critical to their business by 2022. (Narrative Science)
-By 2026, the global retail market size for AI software is expected to reach $19.9 billion, up from $1.95 billion in 2018. (Statista)
-The majority (54%) of organizations currently scaling AI use case implementations expect to boost profit by 5% or more. (Forbes)
-Spending on AI-based automation will increase to $52.3 billion in 2021, up from $35.1 billion in 2019, with a CAGR of 24%. (IDC)
As we step into 2021, AI and machine learning are expected to fuel innovations in industries such as smart homes, transportation, and healthcare. Let’s look at some of the top AI trends to watch out for.
-According to Gartner, hyperautomation is one of the top strategic technology trends for 2021. This involves combining multiple machine learning (ML), packaged software, and automation tools to deliver work. (Gartner)
-An estimated 37 billion machines are currently connected to the internet of things (IoT). By 2025, the number is expected to surpass 55 billion, presenting a plethora of opportunities for AI systems to analyze the data and make predictions. (Business Insider)
-By 2025, the virtual healthcare market is expected to grow at a CAGR of 27%, reaching $40.2 billion from $7.4 billion in 2019. AI-powered health assistants can play a crucial role in monitoring health and providing timely support, enabling healthcare providers to offer care remotely. (GlobeNewswire)
-In 2020, the chatbot market size was estimated at $17.17 billion, and it’s forecasted to grow to $102.29 billion by 2026. Chatbots can assist customers in various domains, ranging from e-commerce to customer service to healthcare. (Grand View Research)
-By 2025, AI-based voice assistants will reach 8 billion units, which is more than the entire world population. Voice assistants like Siri, Alexa, and Google Assistant are challenging to businesses as they present an alternative channel for customer service, e-commerce, and engagement. (Juniper Research)
The application of AI in different sectors has demonstrated its potential to enhance efficiency, increase productivity, and offer innovative solutions. However, achieving these benefits requires overcoming hurdles such as ethical concerns, data privacy, and governance regulations.
In conclusion, the future of AI looks bright, and the technology’s potential cannot be ignored. Enterprises must continue to experiment and innovate with AI-based solutions to stay competitive and drive growth. As AI continues to evolve, businesses must keep pace with the latest trends and incorporate them into their operations.
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