The expansion of the AI sector is observing a threefold acceleration compared to the general IT industry.
The global AI market is thriving and appears to be on an unstoppable trajectory. Analysts project that global earnings from this technology will surpass the $1.27 trillion mark by 2028.
As per a study conducted by consultancy firm Sopra Steria, the market was valued at $540 billion last year. With an annual expansion rate of 19%, the AI sector is growing at a pace three times quicker than the broader IT sector. The highest prospects are perceived in the domains of "AI for humans" and "AI for software".
Experts anticipate a threefold increase in the market for both these segments by 2028. The first refers to AI tools such as Microsoft's Copilot and OpenAI's ChatGPT. "This category is witnessing significant growth in the financial services, healthcare, e-commerce, and media industries," they state.
ChatGPT, the chatbot that ignited the AI craze more than a year ago, is a prime example of such AI tools. These programs are fueled by massive data sets and have the capacity to generate human-like text, codify software, and condense information. They operate under the principle of estimating sentence continuations word by word.
"AI for software" is aiding software developers in their tasks. Advancements in user-friendly tools that can assist novices in crafting intricate software are gaining traction in this segment. "AI for processes" is forecasted to be the most influential sector in 2028, poised to touch around $390 billion, the report suggests. Automation of business processes is at the core of this segment.
Beyond these applications, these programs can also be employed for identifying anomalies and recognizing fraud. The "AI for machines" sector, projected to reach $330 billion, is focusing on integrating industrial plants and interpreting the vast amounts of data these machines produce.
The following is a list of the segments expected to see substantial growth in the AI market by 2028: "AI for humans," "AI for software," and "AI for processes." According to the analysis, experts predict a threefold increase in market share for each of these sectors.
