AI market expected to grow in 2024, driven by manufacturing, finance, and healthcare
Frost & Sullivan, a global consulting firm, has released its ‘AI: Top 10 Predictions, 2024’ report.
The report forecasts that the global AI market will grow by approximately 10% in 2024, reaching $340 billion. It particularly anticipates that generative AI will play a crucial role in enabling strategic differentiation for businesses and delivering personalized consumer experiences. Furthermore, the report projects a significant increase in AI adoption across industries such as manufacturing, finance, and healthcare, which is expected to drive innovation and enhance industry competitiveness in these sectors.
Growth opportunities discussed in the report include solutions and implementations based on Large Language Models (LLMs) and providing databases for training LLMs. Large language models are based on massive amounts of big data, which accelerates model training and improves context-aware applicability.
Frost & Sullivan Korea's CEO, Se Jun Park, commented, “AI technology is redefining industries across the board. As companies leverage AI, they must prioritize data security and personal information protection. It is also important for them to adopt a multimodal approach and incorporate best practices for ethical AI use.”
Despite the potential transformative power of generative AI, concerns regarding copyright infringement, ethical issues, and employment changes remain. Therefore, businesses need to carefully consider the potential impact on model evolution, new revenue generation opportunities, accelerated innovation, and operational efficiency improvements. They should also select and prioritize appropriate best practices.
Amidst these changes, companies must recognize the importance of AI adoption and consider the following strategies:
· Smart Manufacturing Adoption: Maximizing productivity through the digitalization and automation of manufacturing processes
· Automated Quality Control: Automating product quality control processes using AI-based technologies
· Enhanced Customer Experience (CX): Providing hyper-personalized services through the adoption of chatbots and virtual assistants
For more details on the ‘AI: Top 10 Predictions, 2024’ report, which highlights global business growth opportunities, please visit the following link.
2024 AI Market Outlook Top 10 Report: https://store.frost.com/ai-top-10-predictions-2024.html
TechVision Platform: https://ifrost.frost.com/techvisiondemo
About Frost & Sullivan
Frost & Sullivan is a global market research and consulting firm that provides services across key industry sectors, including automotive, ICT, healthcare, and energy. For over 60 years, the company has been supporting the growth of its clients’ businesses. With over 2,200 expert consultants operating across 29 countries globally, Frost & Sullivan leverages continuous research and analysis across 12 industries and key technologies. Through growth strategies, benchmarking services, economic trend analysis, identification of promising technologies and megatrends, and new business models, Frost & Sullivan helps government agencies, businesses, and investors capitalize on growth opportunities.
Website: https://www.frost.com
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