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.

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