Analysts Predict That Artificial Intelligence Will Be a $14 Billion Industry by 2023 Posted on : Sep 26 - 2017

A recent report on artificial intelligence predicts the industry will be worth $14 billion by 2023, a huge increase from the $525 million it was worth in 2015. AI tech is already being implemented across a wide range of industries and services and is one of the fastest growing technologies in the world.

EXPONENTIAL GROWTH

A recent report asserts that the artificial intelligence (AI) industry will reach a compound annual growth rate of 17.2 percent by 2023. The market is set to swell to a whopping $14.2 billion over the next six years, up from just $525 million in 2015.

Natural language processing technology is set to be a huge contributor to this growth. This tech is being adopted rapidly, particularly by financial institutions, because it can carry out customer service transactions and answer common questions in the place of human employees.

As for geography, North America is expected hold the majority of the AI industry’s market share by 2023, but Europe and the Asia-Pacific region will see significant growth thanks to the rapid pace of urbanization in some areas, increasing use of smartphones, and robust automotive sectors.

THE TIME IS NOW

Inevitably, any transition away from human labor could result in fewer jobs. The big question is whether AI and automation can produce enough new jobs to ensure that the people being replaced aren’t left unemployed.

According to the World Economic Forum, automated systems are on track to replace more then five million workers by 2020. In the U.S., some have predicted that 7 percent of jobs will be lost to automation by 2025, and a recent study found that as many as 10 million jobs in Great Britain could be swallowed up by automation over the next 10 years. View More