Projecting a $184bn Market Size for the AI Industry by 2024

Adam Walker is an experienced writer around the AI industry.

We can often get very excited about breakthroughs in Artificial Intelligence and how there will be seismic changes in the way in which it shapes the future. However, as those interested in AI know, the technology is very much already embedded in so many of our day-to-day transactions that it is already transforming the ways in which we work, rest and play.

For decades, the media has jumped on the big tech stories, including human-like robots that will do all the basic household chores for us. As far back as 1966, we were introduced to Mabel The Robot Housemaid, who was going to be doing all the tasks by 1976. While that failed to be a reality, AI has seamlessly integrated itself into all our lives, and while there might not be any Mables, many of us have assistants called Alexa, Siri, and Cortana.

These robots may not be able to do the ironing for us, but they can be used to turn the lights on and off, program the oven, or control our heating systems when we are not around. Rather than take over all the physical work, they help us in the background and are integrated into our homes. According to today’s experts, by 2033, robots will be doing almost 40% of our housework. This seems somewhat similar to the 1966 claims, but this is backed up by data from Japan’s Ochanomizu and the UK’s University of Oxford. 65 AI experts were asked to predict what everyday tasks will become automated within the next five to ten years.

The study observed the potential future of unpaid work in detail. It questioned, “If robots undertake our jobs, could they also manage our household chores?” Predictions suggest a 46% reduction in time spent on housework in the next decade. Of all tasks, grocery shopping is anticipated to be the most automated, with nearly 60% predicted to be performed by AI by 2033. Despite this, robots taking care of the elderly or children remains an unlikely scenario. Even if AI gained the capability to perform such delicate tasks, experts in thisstudy believe that the public may react unfavorably due to developmental and privacy concerns.

If AI is not performing personal care or household chores, what is it doing? Considering its market size, AI forms a significant part of the global economy. Recent statistics project its worth to be US$ 184.00bn by 2024. However, this figure pales in comparison to 2030 predictions. With a growth rate of approximately 29%, the AI market could be valued at an astounding US$826 billion by the decade’s end.

AI plays such a crucial role in many aspects of our lives that its absence would feel significant. One such example is its role in our smartphones. Our phones’ face ID feature, for instance, is powered by AI. It uses biometric technology to capture your facial features in 3D with 30,000 invisible infrared dots. Machine learning algorithms then compare your face scan with stored data to determine whether it’s you or an unauthorized user trying to access your device. According to Apple, there’s a one-in-a-million chance of its FaceID being deceived.

Unlocked smartphones can lead us anywhere. Some of us may dive into social media or the latest headlines, while others treat their phones as an entertainment hub, playing games or venturing into the realm of online casinos. The tech behind these platforms relies heavily on AI and algorithms, streamlining everything from customer relations to transaction processes. Thanks to AI’s ability to record a player’s preferences, users are presented with the newest games that align with their tastes, rather than sifting through an overwhelming array of recent releases.

Social media feeds are similarly dictated by AI. User experience is personalised by the algorithm’s understanding of posts you have reacted with. It also suggests friends, and curates news accordingly. The future vision for AI in this sphere includes better recognition and filtering of false information, along with safeguarding against cyberbullying. This becomes increasingly relevant, given that 2024 is marked as global election year.

Our written communication also benefits from AI integration. Tools such as spell check and Grammarly utilise natural language processing to help produce clean, error-free content, whether that be in emails, instant messages, or reports. This extends to receiving messages too, with AI-powered spam filters and machine learning based anti-virus software keeping our inboxes safe and our computers secure.

All these applications of AI may operate behind the scenes, but that doesn’t make them any less significant. Our reliance on digital voice assistants like Siri, Alexa, Google Home, and Cortana is perhaps the most notable instance of this. From providing weather updates to supplying an endless store of information, these helpers are driven by AI-powered natural language processors and generators. They’ve been programmed to respond in increasingly human-like ways, going so far as to feign offense occasionally.

Since 1966, we have dreamed of robots doing the housework, and while that is not a reality, our homes are becoming increasingly ‘smart’. We have thermostats that allow us to control the heating from our phones and fridges that can create shopping lists based on what is no longer in the refrigerator. They can also recommend what you might like to buy as an accompaniment based on what is in your fridge, such as wine or condiments.

There is still no sign of Mabel, but maybe she will put in an appearance one of these days.

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Tags: ai, alexa, cortana, Mabel, robots, Sira

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