AI is Expected to Reach US$360.36 Billion in Revenue by 2028

As the field of artificial intelligence is progressing with spontaneous growth, Analytics Insight estimates artificial intelligence to reach US$ 360.36 billion in revenue by the year 2028, with a CAGR of 40.2% from 2021. The AI market is inclusive of a wide array of applications such as natural language processing, robotic process automation, and machine learning. AI-powered solutions and processes have transformed diverse sectors that include healthcare, information technology (IT), agriculture, education, electronics, and many more. Besides, there has also been a surge in profit maximization, cost management, swiftness, customer loyalty, and retention. The tech giants are the driving force behind the adoption of advanced technologies in the industry such as automotive, healthcare, retail finance, and manufacturing. Technology has always been an essential element for all types of industries whether large scale or small-scale industries, but it is artificial intelligence that has brought technology to the center of organizations.  

Demand for AI amid the Covid-19 Pandemic

The Covid-19 pandemic in a way has affected the global economy. But the demand for AI during the pandemic has increased hugely. It is increasingly used in the healthcare system as its incorporation helps in intensifying the accuracy and efficiency of diagnostics, treatments, and projections. Starting from self-driving vehicles to crucial life-saving medical equipment, AI is being pervaded virtually into every apparatus and program. AI is determined as the significant disruptive element of the upcoming digital era. Many of the biggest names in the tech industry have invested significantly into both the research and development of AI as well as AI acquisitions. When it comes to AI patent applications, tech giants like Microsoft, IBM, Google, Facebook, Amazon, and Samsung have each submitted thousands of such applications and funding for AI-related start-ups which are raking in dozens of billions of dollars each year. These companies are working to make AI more reachable for enterprise uses.