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The market share of artificial intelligence is estimated at $207.9 billion by 2023 and is expected to surge by 788.64% to reach $1.87 trillion by 2030.
That market share is expected to surpass the $1 trillion threshold for the first time in 2028, reaching $1.06 trillion, according to data obtained by Finbold, a rapidly expanding platform that provides a wide range of up-to-date financial news coverage.
Elsewhere, India tops the list of countries with the highest trust in AI systems, with a score of 75%. China was second with a score of 67%, and South Africa was third with a score of 57%. Brazil is fourth with a score of 56%, while Singapore is fifth with a score of 45%. The United States came in sixth with a score of 40%.
Factors Affecting the Growth of the Artificial Intelligence Market
Despite varying levels of trust in AI systems, the technology market share is expected to continue to soar in the coming years, driven by various factors. It is worth noting that the growing need for automation is likely to increase the demand for artificial intelligence services.
With many businesses looking to automate processes to reduce costs and increase efficiency, AI-powered automation tools can help achieve these goals. Moreover, the growing availability of data from various sources can be leveraged to develop more sophisticated artificial intelligence algorithms, thereby fueling the growth.
Furthermore, as AI becomes ubiquitous and ubiquitous, it is also expected to expand into new industries and use cases. Government investments in AI research and development and regulation to ensure the ethical and responsible use of AI can also drive the growth of the AI ​​market.
Drivers of Trust Scores for AI Systems
Trust in AI systems is highly correlated, with significant differences observed across jurisdictions, depending on the specific application or use case. Despite this variability, AI is revolutionizing technology, driving rapid innovation, and leading industry and service transformation with tools like ChatGPT.
However, acceptance of these changes depends on the level of trust among different groups of people, which is the core mechanism through which other drivers affect the adoption of AI.
Overall, trust in AI systems can be attributed to several factors, such as institutional approaches, where people rely on authoritative sources and institutional processes to ensure the safety and reliability of technology. At the same time, the benefits of AI may inspire trust, while uncertainty about its future impact may lead to mistrust and heightened focus on its potential risks.
India’s high trust score in AI systems can be attributed to a variety of factors. One of the key contributors is the country’s emphasis on promoting digital literacy and technological advancement, thereby enabling a better understanding of artificial intelligence. Additionally, India has a strong tech industry, with startups at the forefront of developing AI applications, which may have increased confidence in these systems.
Elsewhere, China is also becoming an AI hub as its powerful technology landscape in turn affects trust. Chinese companies have dominated the field by developing products such as facial recognition technology and other artificial intelligence use cases. The vast amount of data collected by the Chinese government also benefits AI companies that contract with the government.
the future of artificial intelligence
On the other hand, artificial intelligence still has risks and challenges, and the trustworthiness of different systems (including data, algorithms and applications) is worrying. This is especially true in the wake of incidents in which various AI platforms have been deemed biased, discriminatory, manipulative, or illegal.
For AI to be fully accepted and its benefits to be realized, it will be critical to convince the public that it is being developed and used responsibly. In this regard, some tech industry players have sounded warnings about the technology’s possible threats. For example, Tesla CEO Elon Musk has publicly warned that AI systems could lead to the “destruction of civilization” if left unchecked.
Maintaining this trust is critical to social acceptance and adoption of AI. To achieve this goal, AI systems must be designed and developed in a responsible and transparent manner, ensuring that they do not violate social norms. — trade arab news agency
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