Research identifies Artificial General Intelligence (AGI) market opportunities

Gerry Christensen of Mind Commerce

Artificial Intelligence (AI) is evolving beyond single-focus problem solving to become more of a utility function with Artificial General Intelligence (AGI) solutions. Unlike many early AI solutions that were designed to operate with a narrow focus, AGI will solve problems across multiple domains and many different industry verticals.

Mind Commerce sees the overall AGI market reaching $50.8 billion (€43.73 billion) globally by 2023. North America is anticipated to be the largest regional market for general purpose AI through 2023 at $17.2 billion (€14.81 billion). Hardware remains the largest market component during this period.

However, AGI services and software are the fastest growing elements at 56.5% CAGR and 51.4% CAGR respectively through 2023. AI Chipsets designed for the General Artificial Intelligence market represents a $542 million (€466.54 million) global opportunity by 2023. Key application areas represent deep learning, supervised and unsupervised learning, and reinforcement learning.

The healthcare sector will lead industry verticals at $8.2 billion (€7.06 billion) by 2023 with AGI supported medical devices alone representing a $1.4 billion (€1.21 billion) opportunity globally. General purpose AI will add significant value to many other industry sectors such as agriculture in which it will support precision farming, livestock monitoring, drone analytics, agriculture robots, irrigation, insect management, and many other important AgriTech functions.

Leveraging its previous research focused on AI in edge computing, Mind Commerce has also identified areas in which general purpose AI will be particularly important for Mobile Edge Computing (MEC) and 5G networks.

Next generation cellular networks will be planned and implemented with a focus on combined RF and computing characteristics. AI will be an important tool to optimise network optimisation and security. In addition, MEC and 5G will support a wide variety of apps and services that will benefit greatly from AGI.

Artificial General Intelligence (AGI) Market: General Purpose Artificial Intelligence, AI Agent Platforms, and Software 2018 – 2023 evaluates the Artificial General Intelligence market including providing companies, services potential, technology integration, and applications. The report also analyses the AI agent market and the relationship between General Purpose AI with other technologies including edge computing, 5G networks, and Blockchain.

The report provides forecasts for the AGI market by application and industry verticals, globally and regionally. The report also estimates the AI agent driven market for software and platform globally and regionally along with AI embedded deployment forecasts for IoT devices, semiconductors, and software.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

Infovista announces sQLEAR a ML-based standard for 5G VoNR voice quality testing approved by ITU

Posted on: December 2, 2021

Paris, France. December 2nd, 2021 – Infovista, the global provider of network lifecycle automation (NLA), announced that its sQLEAR machine learning-based algorithm has been approved by ITU for QoE testing of mobile all-IP voice services, including Voice over LTE (VoLTE), Voice over New Radio (VoNR) and OTT voice.

Read more

Infineon’s AIRO cloud connectivity manager supports the AWS IoT expressLink

Posted on: December 2, 2021

Munich, Germany, and San Jose, California. 30 November 2021 – Infineon Technologies AG announced the company’s new AIROC IFW56810 Cloud Connectivity Manager (CCM) solution supports the AWS IoT ExpressLink standards and specifications. This combined offering makes it easier and faster for companies and end customers to connect products such as industrial sensors, home appliances, irrigation systems

Read more