The financial outlook for the global AI market looks pretty good in 2021. But that’s nothing compared to the expansion experts expect to see over the next seven years.
According to a recently released report by Grand View Research , the AI market is expected to reach nearly 100 billion by 2021, and nearly ten times that by 2028 .
Progress in Deep Learning and Artificial Neural Networks
While the future of many startups, especially those that rely on invasive privacy systems, may be in jeopardy thanks to the upcoming EU regulation , AI does not look set to stop growing. From autonomous vehicles to crucial life-saving medical equipment, AI is infiltrating virtually every object and program .
The essential facet that accelerates the rate of innovation in the field of AI is the accessibility to historical data sets. As data storage and retrieval has become cheaper, healthcare institutions and government agencies are creating unstructured data accessible to the research domain.
Additionally, progress in deep learning and artificial neural networks (ANNs) has also driven the adoption of artificial intelligence in various industries, including aerospace, healthcare, manufacturing, and automotive. ANN is replacing conventional machine learning systems to develop accurate and precise versions.
Simply put, companies around the world are powered by artificial intelligence.