The world around us is changing faster than we thought. Be it an autonomous vehicle on roads or automated check-outs in grocery stores, the progress is real, and new generations of more capable autonomous systems appear every now and then. These technological advancements have been driven by innovations in systems and components, including mechanics, sensors, and software. In fact, Artificial Intelligence as technology and industry has made especially significant improvements in recent years. The machine-learning algorithms have become more refined and made use of considerable increases in computing power and the exponential growth in data available to train them.
In 2020, the global AI market size was valued at USD 93.5 billion and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. Today, tech titans like Amazon, Google, Apple, Facebook, IBM, and Microsoft are investing extensively in the research and development of AI. It was also exciting to note that over 95 percent of the CIOs, CTOs, and technology leaders surveyed by IEEE agreed that AI will drive the majority of innovation across almost every industry sector in the next five years. Besides, among total respondents of the IEEE survey, more than one in five (21%) say AI and machine learning, cloud computing (20%), and 5G (17%) will be the most important technologies next year.
However, many organizations are relatively freshers in AI adoption, excluding the tech giants. We have come up with this special issue to help our readers to understand the developing trends in AI that IT leaders will be wise to keep an eye on this year. In the following few pages, you will get to read the thoughts and ideas of industry experts on AI and Automation that will help CIOs, CTOs, IT directors, and other technology leaders worldwide understand the pulse of this emerging market.