13 April, 2021
RALEIGH, North Carolina, Apr 13, 2021 - About 50 percent of the low-skill work population worldwide will be supplanted by the AI industry in the next 5-7 years, says Beroe Inc.
One-fifth of the workers will rely on AI by 2022. By 2030, robots will be the preferred workforce for more than three million jobs globally. The global AI market size is valued at $52.8 billion in 2020, which is expected to grow between 2019 and 2022 at a CAGR of close to 45.7 percent. The estimated growth will be $112.2 billion by 2022. Machine learning, image recognition, predictive analysis, and natural language processing will be the prevalent technologies in this market
Beroe, which is based in North Carolina, further stated that procurement experts
can access this report on its recently launched market intelligence platform Beroe
In North America, the government and the defense sectors made for the largest share of the artificial intelligence industry in 2018. They will continue to dominate till 2022 and will grow at an expected CAGR of 41 percent. In the U.S., the market is fragmented because several startups have come up. However, it is expected that the market will consolidate itself in the next few years, with tech giants pushing for inorganic artificial intelligence growth. Video surveillance is being integrated rapidly with AI, prompting the government to spend on cybersecurity solutions integrated with AI and real-time analytics. This will also boost the AI market in the U.S. in the next five years.
The European artificial intelligence market growth has been forecasted at a CAGR of 42-45 percent from 2019 to 2022. The segment of machine learning is a significant contributor to the revenue share of the artificial intelligence market in Europe. It will also be dominant until 2022. The CAGR is expected at 40 percent in terms of growth. Germany contributes to the majority of revenue in the AI market of Europe.
The APAC AI size will grow at a CAGR of 45-48 percent between 2019 and 2022. The Chinese market for AI has been a major contributor to the growth of the sector. Japan is also a major player and is expected to reach the $1,119.7 million mark by 2022. The Indian market is expected to grow at a CAGR of 49.7 percent during 2019–2022.
Since the start of the pandemic, most sectors are increasingly adopting digital services to achieve optimal operational efficiency and automation. Companies are evolving to meet end-users’ expectations. AI helps increase the value by augmenting human skills and extend their capability across verticals. AI ensures a smart R&D, higher customer engagement, production, and efficient maintenance with sales and marketing campaigns. This gives it an edge that allows human jobs to be taken up by AI. With augmented intelligence and chatbots, data labeling, and AI annotation, human intervention’s scope is limited.
Beroe is a North Carolina-based provider of procurement intelligence and supplier compliance solutions. It is one of the world’s foremost industry-names, working with over 10,000 companies, including 400 out of Fortune 500 companies. Covering a wide range of industries – from healthcare and food to chemical, oil, banking, and more – Beroe offers real-time intelligence, predictive insights, and rich resources. For more information about Beroe Inc., please visit https://www.beroeinc.com/.
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