AI market is expected to grow in 2024, driven by manufacturing, finance, and healthcare

Frost & Sullivan, a global consulting firm, released a report titled ‘AI: Top 10 Predictions, 2024’, outlining its top 10 predictions for the global AI market in 2024.

⁠⁠⁠⁠⁠⁠⁠

The report forecasts that the global AI market will grow by around 10% in 2024, reaching $340 billion, with generative AI playing a crucial role in providing strategic differentiation and personalized customer experiences for businesses. It also anticipates a significant increase in AI adoption across industries such as manufacturing, finance, and healthcare, driving innovation and strengthening industry competitiveness in these sectors.

Growth opportunities include solutions and implementations based on large language models (LLMs), as well as the provision of databases for training large language models. Large language models rely on massive amounts of big data, enabling them to accelerate model training and enhance contextual applicability.

"Artificial intelligence is redefining industries across the board," said Se-jun Park, CEO of Frost & Sullivan Korea. "Businesses must prioritize data security and privacy in their AI implementations. Adopting a multi-modal approach and incorporating ethical usage best practices will be key."

Despite the potential for transformative innovation from generative AI technology, concerns remain regarding copyright infringement, ethical implications, and employment changes. Companies need to carefully consider the potential impact of model shifts, new revenue-generating opportunities, accelerated innovation, and enhanced operational efficiency. Selecting appropriate best practices and prioritizing is crucial.

Amidst these changes, companies must recognize the importance of AI adoption and consider the following strategies:
· Smart Manufacturing Adoption: Maximizing productivity through the digitization 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 introduction of chatbots and virtual assistants.

For detailed insights into the ‘Top 10 Predictions for the AI Market in 2024’, which addresses global business growth opportunities, please visit the links below:

Top 10 Predictions for the AI Market in 2024: 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 providing services across key industries, including automotive, ICT, healthcare, and energy. For over 60 years, Frost & Sullivan has supported the growth of its clients’ businesses. With over 2,200 expert consulting professionals in 29 countries worldwide, Frost & Sullivan conducts ongoing research and analysis in 12 industries and key technologies. Leveraging these insights, the company provides growth strategies, benchmarking services, as well as identifying economic trends, promising technologies and megatrends, and new business models to help government agencies, companies, and investors seize growth opportunities.

Website: https://www.frost.com

Contact
Frost & Sullivan
Public Relations Team
Manager, Soo-min Lee
+82-2-6710-2009