Which are the major industries driving the growth of artificial intelligence market?

The future of artificial intelligence is a rapidly changing landscape, that’s because innovations in the present are accelerating at a high pace. AI is shaping the future of civilization across almost every industry. It is a significant driver of emerging technologies such as IoT and robotics, by using tools like AI art generators and ChatGPT. Around 44 percent of companies globally are looking forward to making large investments in artificial intelligence market to integrate it into their systems. For instance, in 2021, IBM received 2300 patents for AI tools.

Types of AI available in the market:

Artificial intelligence is categorized into four types based on stages of its development and actions being performed by it.

  • Reactive machines: They work as limited AI that only reacts to various kinds of stimulation-based preprogrammed rules. Reactive machines do not use memory and, hence, are not able to learn from new data.
  • Limited memory: It is referred to as modern AI which can learn from memory to improve itself over time. Modern AI uses artificial neural networks or other training models to learn from data.
  • Theory of mind: It is an AI that can mimic the human brain and has decision-making abilities equal to humans, such as recognizing and remembering emotions and reacting to social situations.
  • Self-aware: It is the most advanced version of AI that describes its existence and has emotional and intellectual capabilities like humans. Self-aware AI can take social decisions, react to emotions, and recognize behavior of humans to detect moods.

What are the major industries using AI in the market?

The Artificial Intelligence market offers a wide range of benefits attracting various industries to adopt and integrate it into their systems. Some of the major industries are as follows:

  • Transportation: The integration of AI in transportation is rapidly increasing. The major AI-based transportation applications are self-driving cars and AI travel planners. AI algorithms in self-driving cars automate the functioning of car, detect obstacles on road, and provide instructions to engine accordingly.
  • Manufacturing: In the manufacturing industry AI plays a vital role in reducing labor costs and automating machinery for efficient production and resource management. AI-based robots in the manufacturing industry perform tasks such as assembling components and lifting heavy goods.
  • Healthcare: Big data analysis capabilities of AI are changing the way humans interact with medical service providers. Artificial intelligence can identify diseases by analyzing your health information and generate results with high accuracy and efficiency.
  • Education: The generative AI tools including ChatGPT and Google Bot are used to solve complex mathematical problems. These advanced tools generate specified results according to inputs and provide detailed information on various topics.

Artificial intelligence is an advanced technology with a bright future to revolutionize the way humans live. It is predicted to grow rapidly with implementation in various sectors including banking, transportation, healthcare, and IT. The potential of AI to boost our workplace productivity will benefit people through enhanced efficiency and savings.