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Biggest value for AI products

In: Artificial Intelligence, Business

Biggest Value for AI Products

AI products are becoming increasingly popular and the market for them is growing rapidly [1]. With the advancement of technology, AI products are being used in a variety of industries, from healthcare to finance. AI products are becoming increasingly useful and are providing value to businesses, consumers, and the economy as a whole. In this blog, we will discuss the biggest value for AI products and how they can help businesses and consumers.

The Artificial Intelligence Market Size, Share & Forecast, 2030 report states that the artificial intelligence market size was USD 428.00 billion in 2022 and is projected to grow from USD 515.31 billion in 2023 to USD 2,025.12 billion by 2030, exhibiting a CAGR of 21.6%. This growth is largely due to the increasing demand for AI products and services. AI products are being used in a variety of industries, from healthcare to finance.

The report also states that these initiatives and implementations of AI technologies have been increasing the demand for artificial intelligence market [1]. In order to meet this demand, companies are partnering and collaborating with universities, research institutes, and other companies to develop AI-driven solutions [1]. For instance, in October 2022, Ericsson Canada partnered with universities based in Montreal to improve 5G sustainability using artificial intelligence [1].

AI products are becoming increasingly useful and are providing value to businesses and consumers. Artificial intelligence minimizes service management toil and further enhances customer service by solving problems more quickly [1]. AI-driven products are also being used to improve customer experience. For example, ChatGPT is an AI-driven tool that allows companies to engage with customers in real-time. This tool is being used by many companies to better understand customer needs and provide better customer service.

In addition, AI-driven products are being used to automate processes and create more efficient workflows. AI-powered products are being used to automate tasks such as data analysis, image recognition, and natural language processing. This automation helps companies save time and money, as well as improve the accuracy of their results.

At the Consumer Electronics Show (CES) 2023, we saw many AI-powered products [2]. These products included Govee’s AI Gaming Sync Box Kit, which is designed to provide gamers with an immersive experience [2]. Samsung also introduced a new lineup of TVs with an AI-powered “auto-HDR” mode [2]. Wearable brand Citizen also introduced its second-gen CZ smart watch, which uses AI to calculate an “alert score” capturing the wearer’s level of tiredness at a particular moment [2]. And the Bespoke AI Oven was introduced, which features an internal camera and sensors that proactively recognize more than 80 dishes and ingredients to optimize cooking settings [2].

Gartner’s 2024 predictions for AI products fall into three categories, and encompass the most critical areas of technology and business evolution [3]. These predictions include AI moving from a tool to a collaborator and creator, AI-driven products becoming more accessible and affordable, and AI-driven products enabling more personalized experiences [1].

AI products are becoming increasingly popular and the market for them is growing rapidly [1]. AI products are providing value to businesses and consumers by automating processes, improving customer service, and creating more efficient workflows [1]. At CES 2023, we saw many AI-powered products, including Govee’s AI Gaming Sync Box Kit, Samsung’s AI-powered TVs, Citizen’s CZ Smart watch, and the Bespoke AI Oven [2]. Gartner’s 2024 predictions for AI products include AI moving from a tool to a collaborator and creator, AI-driven products becoming more accessible and affordable, and AI-driven products enabling more personalized experiences [3]. As AI technology continues to evolve, we can expect to see more AI-driven products in the future [1].

References:-

  1. https://www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114
  2. https://techcrunch.com/2023/01/05/heres-a-roundup-of-the-top-ai-powered-products-we-saw-at-ces-2023/
  3. https://www.gartner.com/en/articles/gartner-s-top-strategic-predictions-for-2024-and-beyond

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