AI Market to Achieve 37.3% CAGR by 2030
The Federation of Indian Chambers of Commerce and Industry (FICCI) concluded the second day of its 14th edition of the Global Skills Summit, centred around the theme “Building Skills. Empowering Youth. Creating Future.” The focal point of the day’s discussions revolved around the ‘Future of Work in AI,’ with notable contributions from industry leaders.
The highlight of the event was a captivating address by Dr Jung Hwan (Paul) Lee, Founder & CEO of Mind AI, a prominent Korean company specialising in artificial intelligence. Dr Lee delivered an enlightening session on the ‘Future of Work in AI’ and unveiled insights into Korea’s National Strategy for Artificial Intelligence. During his speech, he emphasised the profound impact of AI on our future, stating, “AI is not just about enhancing efficiency; it will completely reshape the foundations of businesses and organizations across various sectors.”
Dr Lee also provided valuable statistics on the growth of the AI market, forecasting a remarkable 37.3% Compound Annual Growth Rate (CAGR) from 2023 to 2030. He further highlighted exponential growth in specific AI sectors, with a 40.4% CAGR in Global Natural Language Processing, 23.6% in Global Conversational AI, and 39.3% in Global Robotic Process Automation. Furthermore, Dr Lee shed light on Mind AI, describing it as both a new class of AI and an extensive ecosystem.
Dr Lee concluded his session by introducing the innovative Mind AI, which transforms natural language inputs into internationally patented data structures referred to as “canonicals.” This transformation enables the Mind AI engine to make connections, perform logical operations, and generate intelligent responses.
