Artificial intelligence (AI) has revolutionized the field of computer science and is expected to become an integral part of the technology sector in the future. In simple language, artificial intelligence is intelligence demonstrated by machines with the help of algorithms developed by humans. It is an attempt to simulate human intelligence in machines. AI enables people to rethink how they can analyze data and use the insights for better decision-making. Smart assistants such as Siri, Alexa, self-driving cars, conversational bots, robo-advisors, and spam filters are a few examples of artificial intelligence.
AI blends computer science with robust datasets to ensure effective problem solving and improves business performance. Many organizations have been using AI, which enhances the market for artificial intelligence. The market for AI can be difficult to size, as the technology is often embedded into larger systems. That said, as per GlobalData, the global market size of AI grew at a CAGR of 11.9%, from $53.5 billion in 2019 to $67.0 billion in 2021. Total spending on AI technology is almost certainly higher, but it is difficult to estimate. There are two main reasons for this. Firstly, AI is an intrinsic part of many applications and functions, making it almost impossible to identify revenue explicitly generated by AI. Secondly, the range of sub-sets and technologies that make up AI can be challenging to locate and track. In general, valuations of the overall AI market range from a few billion dollars to several trillion, depending on the source.
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