The Potential of AI in the Future Market

02/25/2023 09:00 • Metaverse & Beyond • 81 views

According to reports, Jeff Walters, managing director of Boston Consulting Group (BCG), said that the potential market size of AI would reach at least $60 billion, and there would be more and more existing and future AI applications, accounting for 30%. He said: “Our achievements in AI, especially in cognitive theory, have made considerable progress compared with six years ago.” Although ChatGPT has become a very hot topic overnight, Wei Jiehong pointed out that, “In the longer term, we are only in the initial stage of a broader transformation. Some basic applications, such as text generalization applications, are relatively low level model learning, and are still very dependent on the input of data. In the future, if the input of data is not enough, and the accessibility of data is not enough, there may still be some challenges.”

Boston Consulting: AI applications will account for 30% and the market size will reach at least 60 billion US dollars

Interpretation of the news:

The managing director of the Boston Consulting Group (BCG), Jeff Walters, announced that the potential market size of AI would reach at least $60 billion. Furthermore, he predicted that existing and future AI applications would significantly contribute, accounting for 30% of the market size. According to Walters, progress in cognitive theory has played a significant role in such developments. It is fair to say that AI has been a hot topic, but Wei Jiehong advocates a long-term outlook based on the current scenario.

Jiehong added that it is the initial phase of a more comprehensive transformation, and there is still more to be done. For instance, text generalization applications, which are relatively low-level model learning, still demand a lot of data input. Therefore, if data input is not available, or the accessibility of data is limited, there would be some challenges, although these challenges won’t be significant. It is difficult to ignore the numerous applications and benefits of AI, from the manufacturing industry and smart home systems to the health sector, AI has the potential to contribute positively to the global economy.

The growth of AI, according to Jiehong, is boosted by developments in cognitive theory, which has led to considerable progress in AI. This progress has led to the growth of the AI industry, and its potential has been recognized worldwide, with its share of the market expected to reach $60 billion in the coming years. Given this potential, there is likely to be higher demand for AI applications and services in the future, broadening the scope and applications of AI.

In conclusion, the future of AI is promising, as confirmed by the increasing market size and the significant strides made in cognitive theory. However, the accessibility and availability of data will play a crucial role in the effectiveness of AI. Therefore, it is essential to recognize the potential of AI in advancing the global economy while working towards ensuring that the technology is readily available and accessible to all.

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The Potential of AI in the Future Market

Boston Consulting: AI applications will account for 30% and the market size will reach at least 60 billion US dollars

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