There is no end in sight to the rapid growth of artificial intelligence, according to a study. Global sales of the technology are set to more than double to $1.27 trillion by 2028, according to a study published Tuesday by consulting firm Sopra Steria.
By 2023, the market will reach $540 billion. With an annual growth rate of 19 percent, the AI business is growing three times faster than the IT industry.
The experts see the greatest potential in ‘AI for people’ and ‘AI for software’. In both areas, they predict that the market will triple to $380 and $170 billion respectively.
The first are virtual assistants such as Microsoft’s Copilot or OpenAI’s ChatGPT. “This application area is developing mainly in the financial services, healthcare, e-commerce and media industries.”
“AI for Software” supports programmers in their work. Applications that allow even laymen without prior knowledge to write complex software are becoming increasingly important here.
Main AI segment
“Process AI” will be the most important segment in 2028, with an expected volume of $390 billion, the study’s authors wrote. The focus here is on automating business processes. But these programs can also be used to detect anomalies and fraud.
The AI for Machines division, expected to grow to $330 billion, connects industrial plants and evaluates the myriad data these machines generate.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
