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23 May 2023

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Aggressive AI Growth Projections Backed by Continuing Developments

A report from MarketsAndResearch earlier this year that projected 40% annual growth until 2026 for investments in the use of AI by enterprises is being mirrored by other sources as we reach mid-year.

AI is being adopted across multiple industries, including healthcare, finance, retail, and manufacturing, according to IDCA Research. The increasing availability of big data, continued advances in compute power, and incremental improvements in algorithms and machine learning techniques all seem to be contributing to AI's growth.

Reasons for this growth expectation cited by executives include the need for automation, cost reduction, enhanced productivity, and improved decision-making processes. AI technologies like machine learning, natural language processing, computer vision, and robotics are thus being integrated into a wide range of applications and services.

Developments this week include reports out of China about efforts from Baidu, Alibaba, and Tencent (the so-called “BAT” group) are focusing on generative AI, with ChatGPT as the model and target.

Back in the US, the Motley Fool stock informational service is now touting IT giant Microsoft and lesser-known SoundHound as news from McKinsey estimates that 70% of enterprises will use AI in some capacity by 2030. And Adobe has announced that its generative AI technology Firefly “has now been integrated” into Photoshop. On the Internet today, no one knows if you're a real dog, an AI dog, or a dog at all.

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