The global market for artificial intelligence (AI) in drug discovery is projected to grow significantly in the coming years, with emerging companies adding value and the increasing prevalence of chronic diseases driving demand, although limitations and a shortage of AI workforce may hinder growth.
The global market for synthetic data generation is rapidly growing as organizations in various industries seek cost-effective and privacy-compliant alternatives to real data for training machine learning models and conducting data-driven research. The market is estimated to reach $REDACTED billion by 2028, with North America leading in adoption due to the presence of leading global companies and advanced technologies like AI and ML.
Companies are adopting Generative AI technologies, such as Copilots, Assistants, and Chatbots, but many HR and IT professionals are still figuring out how these technologies work and how to implement them effectively. Despite the excitement and potential, the market for Gen AI is still young and vendors are still developing solutions.
Germany plans to increase its public funding for artificial intelligence (AI) research to nearly one billion euros over the next two years in an effort to close the skills gap with China and the United States, though it still falls significantly short of the US and private AI spending levels.
The use of artificial intelligence (AI) by American public companies is on the rise, with over 1,000 companies mentioning the technology in their quarterly reports this summer; however, while there is a lot of hype surrounding AI, there are also signs that the boom may be slowing, with the number of people using generative AI tools beginning to fall, and venture capitalists warning entrepreneurs about the complexities and expenses involved in building a profitable AI start-up.
The US consumer behavior is driven by mixed signals due to an uncertain economy, with increasing consumer confidence, concerns about rising prices and job security, and a trend of trading down and splurging on certain categories, according to McKinsey senior partner Kelsey Robinson; McKinsey AI experts Michael Chui and Alex Singla discuss the opportunities and benefits of generative AI (gen AI) in various industries, such as banking, healthcare, marketing, and R&D, and estimate a potential value of $2 trillion to $4 trillion annually for businesses that effectively harness gen AI; Companies should prepare for the adoption of gen AI, aligning it with their strategic goals, encouraging employees to explore and learn about the technology, and using it to create value and gain a competitive advantage; However, the adoption and impact of gen AI may vary based on the region and the specific use cases.
Artificial intelligence (AI) techniques, particularly machine learning, are increasingly being used in drug research and development (R&D), with applications expanding beyond small molecules to include large-molecule modalities such as antibodies, gene therapies, and RNA-based therapies. These therapies, which make up a significant portion of the biopharma industry's current and future commercial potential, are expected to represent approximately 50% of the oncology market by revenue in 2030, with the majority coming from antibodies.
AI has garnered immense investment from venture capitalists, with over $40 billion poured into AI startups in the first half of 2023, raising concerns about who will benefit financially from its potential impact.
The rise of artificial intelligence (AI) is a hot trend in 2023, with the potential to add trillions to the global economy by 2030, and billionaire investors are buying into AI stocks like Nvidia, Meta Platforms, Okta, and Microsoft.
AI21 Labs, a leading AI and language model start-up, has raised $115 million in a Series C funding round to further develop its text-based generative AI services for enterprise applications, bringing its total capital raised to $283 million and its valuation to $1.4 billion. The funding round, which included investors such as Google and NVIDIA, highlights the increasing interest and investment in the field of artificial intelligence.
Nvidia predicts a $600 billion AI market opportunity driven by accelerated computing, with $300 billion in chips and systems, $150 billion in generative AI software, and $150 billion in omniverse enterprise software.
The global AI market is projected to reach $2 trillion by 2030, with companies like Amazon and Meta Platforms making significant investments in AI to drive growth and diversify their offerings.
The global neuroscience antibodies and assays market is projected to grow by USD 1.83 billion from 2022 to 2027, with North America contributing significantly to the market's growth due to the rising need for diagnosing neurological disorders.
AI is revolutionizing scientific research by accelerating drug discovery, predicting protein structures, improving weather forecasting, controlling nuclear fusion, automating laboratory work, and enhancing data analysis, allowing scientists to explore new frontiers and increase research productivity.
Goldman Sachs predicts that we are in the early stages of an AI revolution and not facing an AI bubble, forecasting a substantial rise in investments in artificial intelligence with the potential to reach $200 billion by 2025.
Artificial intelligence (AI) has the potential to revolutionize scientific discovery by accelerating the pace of research through tools such as literature-based discovery and robot scientists, but the main obstacle is the willingness and ability of human scientists to use these tools.
The global games engine market is projected to reach USD 7.74 billion by 2031, growing with a CAGR of 13.9% during the forecast period, driven by technological advancements and improved infrastructure.
The artificial intelligence (AI) market is rapidly growing, with an expected compound annual growth rate (CAGR) of 37.3% and a projected valuation of $1.81 trillion by the end of the decade, driven by trends such as generative AI and natural language processing (NLP). AI assistants are being utilized to automate and digitize service sectors like legal services and public administration, while Fortune 500 companies are adopting AI to enhance their strategies and operations. The rise of generative AI and the growth of NLP systems are also prominent trends, and AI's use in healthcare is expected to increase significantly in areas such as diagnostics, treatment, and drug discovery.
The global industrial robot market is expected to reach a value of USD 42.90 billion by 2023, with a Compound Annual Growth Rate (CAGR) of 12.50% driven by the adoption of automation, AI, and collaborative robots in various industries.
Artificial intelligence (AI) will continue to evolve and become more integrated into our lives in 2024, with advancements in generative AI tools, ethical considerations, customer service, augmented working, AI-augmented apps, low-code/no-code software engineering, new AI job opportunities, quantum AI, upskilling for the AI revolution, and AI legislation.
Goldman Sachs predicts that artificial intelligence (AI) could add $7 trillion to the global economy over the next decade, leading to a massive increase in spending on hardware and software related to AI, making companies like Nvidia and Microsoft potential winners in the market.
Major drugmakers are using artificial intelligence (AI) to accelerate drug development by quickly finding patients for clinical trials and reducing the number of participants needed, potentially saving millions of dollars. AI is increasingly playing a substantial role in human drug trials, with companies such as Amgen, Bayer, and Novartis using AI tools to scan vast amounts of medical data and identify suitable trial patients, significantly reducing the time and cost of recruitment. The use of AI in drug development is on the rise, with the US FDA receiving over 300 applications that incorporate AI or machine learning in drug development from 2016 through 2022.
