Artificial intelligence (AI) is transforming the tech industry at an unprecedented rate. By 2020, 85% of customer interactions will be managed without a human, while global spending on cognitive and AI systems will reach $46 billion. AI’s potential to boost business productivity and personalisation is immense. In 2015, AI start-ups raised $974 million in funding, a significant increase from $589 million in 2014.
This surge in investment reflects the growing demand for AI technologies, with the market expected to reach $70 billion by 2020. The healthcare sector is particularly interested, with AI expected to save the US healthcare industry $150 billion annually by 2026. AI’s ability to automate routine tasks and analyse vast amounts of data makes it a valuable tool for healthcare providers.
The rise of AI has also sparked concerns about job losses. A forecast by Forrester suggests that 16% of US jobs will be replaced by AI by 2025, but it will also create 9% new jobs. Despite these concerns, AI is set to become an integral part of our lives, with 32% of people believing that AI will become a regular part of daily life within the next decade.
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