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AI sector to become $1 trln market in 5 years

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Artificial intelligence is estimated to grow from a market worth $207.9 bln at present to $1.87 trln by 2030, surging by 788.64% to the end of the decade, according to estimates.

The AI market is anticipated to exceed the $1 trln threshold for the first time in 2028 at $1.06 trln, according to data obtained by Finbold.

As the potential for AI to transform industries becomes more apparent, and market growth projections rise, trust in the technology is emerging as a crucial factor that may impact its adoption. However, despite the anticipated steady increase in market value, trust in AI systems varies significantly across different nations.

India ranks first among countries with the highest level of trust in AI systems, with a score of 75%. China comes in second with a score of 67%, followed by South Africa in third with 57%.

Brazil ranks fourth with a score of 56%, while Singapore takes the fifth spot with a score of 45%.

The United States comes in sixth place with a score of 40%. Other countries with a considerable trust score include Germany at 35% and Israel with 34%.

Automation and AI growth

The Finbold report highlighted some factors likely contributing to the possible AI market share growth.

“The growing demand for automation will likely increase the need for AI services.

“As many businesses seek to automate their processes to reduce costs and increase efficiency, AI-powered automation tools can help achieve these goals. Moreover, the increasing availability of data from various sources can be leveraged to develop more sophisticated AI algorithms, driving growth.”

While the AI industry is expected to grow significantly, concerns such as the ethical aspects of these systems cannot be ignored.

Addressing these concerns is crucial to ensuring that AI systems achieve their full market potential and gain the necessary trust to succeed, the Finbold study found.