Artificial General Intelligence (AGI) Market was valued at USD 2.15 Billion in 2022 and is expected to be worth USD 27.47 Billion by 2030, CAGR of 37.5 %
AUSTIN, TEXAS, UNITED STATES, January 29, 2024 /EINPresswire.com/ — Revolutionizing Industries through Independent Reasoning and Advanced Automation
The SNS Insider report reveals that the Artificial General Intelligence (AGI) Market, valued at USD 2.15 billion in 2022, is poised for remarkable growth, reaching USD 27.47 billion by 2030. This robust expansion is anticipated to be driven by a compelling compound annual growth rate (CAGR) of 37.5% over the forecast period from 2023 to 2030.
Prominent Players:
• OneGlobe LLC
• SolveXia
• Appian
• Mitsubishi Electric Corporation
• UiPath
• Automation Anywhere Inc.
• Honeywell International Inc.
• Allerin Tech Pvt. Ltd.
• Wipro Ltd.
• SolveXia
• Tata Consultancy Services Limited
• Catalytic Inc.
• PagerDuty Inc
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Market Report Scope:
Artificial General Intelligence (AGI) stands at the forefront of cutting-edge AI research, aiming to create machines capable of autonomous reasoning, learning, and decision-making across diverse tasks. AGI’s transformative potential spans industries like Computer-Aided Design, automatic translation, and data-driven machine learning. The escalating demand for AGI is propelled by the imperative for advanced automation and intelligent systems. Significant investments in research and development (R&D) by industry leaders further accelerate AGI progress. The widespread adoption of AI in various sectors contributes to the burgeoning AGI market, with the rising demand for Cognitive Services playing a pivotal role in driving growth.
Market Analysis:
The AGI market is propelled by the increasing prevalence of the internet and smartphones, fostering demand for intelligent automation across industrial sectors. AGI’s adaptability, learning capabilities, and decision-making prowess make it a sought-after technology for automating tasks in manufacturing, healthcare, finance, transportation, and more. As industries seek sophisticated automation and decision-making systems, the AGI market is poised for substantial growth. Continuous technological advancements and the pursuit of intelligent systems further drive AGI development and adoption.
Key Market Segmentation
By Type
• Embedded Non-IoT Device
• Embedded IoT Device
• Others
By Application
• Predictive 3D Design
• Financial Trading
• Healthcare
• Personal Security
• Smart Cars
• Online Search
• Others
By Industry Vertical
• Healthcare
• Automotive
• Manufacturing
• Retail
• BFSI
• IT & Telecom
• Education
• Government & Defense
• Energy
• Transportation
• Others
Segment Analysis:
In the AGI market, the Embedded IoT Device segment dominates by offering versatile applications in Predictive 3D Design, Financial Trading, Healthcare, Personal Security, Smart Cars, Online Search, and more. Its integration capabilities and broad usability contribute to its prominence. Healthcare emerges as the leading industry vertical, owing to AGI’s potential in revolutionizing patient care, diagnostics, and research. The robust combination of Embedded IoT Devices applied in Healthcare positions this segment at the forefront.
Key Regional Development:
North America takes the lead in the AGI market, driven by early technology adoption, substantial investments, and the demand for consumer electronics with advanced AI capabilities. Europe follows suit with a faster growth rate, attributed to significant corporate investments and increased demand from banking, insurance, and manufacturing sectors. Latin America experiences slower growth due to limited AGI adoption awareness. Asia Pacific, though currently slower, holds promising opportunities with potential future awareness and adoption.
Key Takeaways for AGI Market Study:
• The AGI market is set to exceed USD 4.07 billion by 2030, fueled by a remarkable CAGR of 37.5%.
• The dominance of Embedded IoT Devices, particularly in healthcare applications, propels AGI market growth.
• North America leads the global market, showcasing early technology adoption and substantial investments.
• Europe presents significant growth potential, driven by corporate investments and demand from key industries.
Recent Developments:
• Microsoft continues to invest in AI research, emphasizing natural language processing (NLP), computer vision, and machine learning through its Azure AI platform.
• IBM remains active in AI research, focusing on natural language understanding, knowledge representation, and reasoning with initiatives like IBM Watson, while also championing AI ethics and transparency.
Artificial General Intelligence (AGI) Market: Challenges and Opportunities
Challenges:
• Complexity of AGI Development: Developing true AGI with human-level cognitive abilities poses an immense technical challenge, requiring breakthroughs in various fields of artificial intelligence.
• Ethical and Regulatory Concerns: Addressing ethical considerations, such as biases in AGI systems and potential societal impacts, poses challenges, necessitating responsible development and regulatory frameworks.
• Resource Intensiveness: Achieving AGI requires significant computational power, data, and research resources, posing challenges for organizations and researchers in terms of costs and infrastructure.
• Explainability and Interpretability: Ensuring that AGI systems are explainable and interpretable is challenging, as complex neural networks may not provide clear insights into decision-making processes.
Opportunities:
• Advanced Problem Solving: AGI presents opportunities for advanced problem-solving capabilities across diverse domains, ranging from scientific research to complex decision-making scenarios.
• Innovation Acceleration: The development of AGI has the potential to accelerate innovation by automating tasks, enabling breakthroughs in scientific discovery, medicine, and other fields.
• Global Collaboration: Opportunities exist in fostering global collaboration among researchers, organizations, and policymakers to address challenges and ensure the responsible development of AGI.
• Transformation of Industries: AGI can bring opportunities for the transformation of industries, with enhanced automation, efficiency, and the potential for addressing complex global challenges.
Successfully navigating the challenges and capitalizing on opportunities in the Artificial General Intelligence (AGI) market requires a collaborative and responsible approach, involving interdisciplinary research, ethical considerations, and a commitment to global cooperation
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
…..
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Company Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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