A few months ago, the report Global Artificial Intelligence Market 2021-2025 which shows through exhaustive analysis the largest AI companies, their potential and current and future trends.
The AI market size is estimated to grow at a CAGR of close to 21% during the period 2021-2025, which translates to around USD 76.44 million during this period for the AI market. Even higher growth is estimated by Grand View Research's report. Artificial Intelligence Market Size, Share & Trends Analysis Report By Solution, By Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision), By End Use, By Region, And Segment Forecasts, 2021 - 2028 with a CAGR of 40.2% for the period from 2021 to 2028.
Both reports coincide in marking two different paths in the growth of the AI industry, on the one hand the application in the business field and on the other in the end user. In the business field, there is already a real use of AI, both as a business model and as a means of using it to support production or manufacturing tasks.
- In the technology sector, the use of AI is already extensive in technology giants such as Google, Facebook and Apple, which make use of this technology for their business model, with significant investments in both research and development of different applied technologies.
- In the automotive sector, the use of robotics in manufacturing lines is expected to increase productivity and reduce costs. The application of AI as a service within the vehicle is one of the consumer-facing applications that is already coming from some brands such as Tesla and is expected to be extended to a large part of the industry.
- Fintech, this sector is one of those that can benefit the most in the application of neural networks for reinforcement learning, or in data applications through deep learning for the construction of financial analysis models, risk control and investment or portfolio management models. The outlook places this sector as the second fastest growing after Healthcare.
- Healthcare, the Covid-19 crisis has increasingly stimulated research and development of diagnostic solutions, analysis and solutions to prevent or mitigate diseases. It is the fastest growing sector in applications during 2020.
- Education, according to several developments being carried out by several AI companies, will allow offering solutions focused on each student by knowing their needs through their learning profiles, thus improving the time students need to focus their training.
One of the main reasons driving the growth of the AI market over the next few years in enterprises, according to the Industry Research report, is increasing employee productivity.
One of the sectors with the highest growth forecast in the coming years in the agricultural sector, with a CAGR of 21.52% over the period 2021-2026 according to the Mordor Intelligence report, Europe where the highest market growth is expected to develop for several reasons.
- European farmers manage half of the land area, which for Europe is a dominant industry.
- The use of AI in agriculture and livestock farming significantly reduces the use of drugs and herbicides.
- There are AI companies that are managing livestock farms with an increase in milk production while reducing the cost per animal.
- In collaboration with ESDAC, AI companies develop applications that monitor moisture, temperature and electrical conductivity conditions of crop soils.