The US market research company MarketsandMarkets has released a report which has found that the artificial intelligence (AI) market is set to reach USD 190 billion in the next six years. This means that it will be growing at a compound annual growth rate (CAGR) of 36% between 2018 and 2025.
The leading international law firm Linklaters has also published a report which examines the way in which artificial intelligence (AI) could “supercharge” financial services and transform how services are delivered to customers. Artificial Intelligence in Financial Services explores the existing and developing regulation of AI and the key legal issues for businesses deploying that technology in the financial services sector. AI could transform the financial industry but it is necessary to consider what AI really is and what it is capable of, as well as addressing the regulatory and ethical challenges of its use.
Ten industries which will most likely be impacted by the use of different AI applications have been identified in the report and include companies in the following sectors:-
- Human Resource
- Marketing Services
The really hight growth forcast are the AI robotics market, which have been increasingly adopted is set to rise from USD 2.84 billion in 2017 to USD 12.36 billion by 2023, at a CAGR of 28.78% during the forecasted period.AI technology is currently used by law firms to provide efficient legal advice, improve margins and increase productivity and includes e-discovery, contract analysis, compliance, case prediction and knowledge management and e-billing.
Also, AI and Fintech where AI is also projected to grow in the infrastructure market from USD 14.6 billion in 2019 to USD 50.6 billion by 2025, a CAGR of 23.1%. The market is increasingly using AI in fintech applications such as business and customer behaviour analytics, virtual assistant, market research and capital optimisation, while chatbots are increasingly being used by financial institutions to interact with their customers.
Executive VP of MarketsandMarkets, Sachin Garg, said in a statement that “underlying opportunities in the artificial intelligence market include improving operational efficiency in the manufacturing industry and the adoption of AI to improve customer service”
Source: Cyber Security Intelligence