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The Potential Market for AI Is Growing, but Challenges Persist

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According to reports, Jeff Walters, managing director of Boston Consulting Group (BCG), said that the potential market size of AI would reach at least $60 bill…

The Potential Market for AI Is Growing, but Challenges Persist

According to reports, Jeff Walters, managing director of Boston Consulting Group (BCG), said that the potential market size of AI would reach at least $60 billion, and there would be more and more existing and future AI applications, accounting for 30%. He said: “Our achievements in AI, especially in cognitive theory, have made considerable progress compared with six years ago.” Although ChatGPT has become a very hot topic overnight, Wei Jiehong pointed out that, “In the longer term, we are only in the initial stage of a broader transformation. Some basic applications, such as text generalization applications, are relatively low level model learning, and are still very dependent on the input of data. In the future, if the input of data is not enough, and the accessibility of data is not enough, there may still be some challenges.”

Boston Consulting: AI applications will account for 30% and the market size will reach at least 60 billion US dollars

Interpretation of the news:


The world of artificial intelligence (AI) is growing rapidly, with the potential market size expected to reach at least $60 billion. A report by Jeff Walters, managing director of Boston Consulting Group (BCG), indicates that the growth will continue, with more and more AI applications accounting for 30% of the market share. Despite this growth, there are challenges that must be overcome for AI technology to continue to progress.

One significant advancement that Walters highlights is the significant progress made in cognitive theory. This has enabled advancements in AI that were not possible six years ago. Today, AI is a hot topic globally, and ChatGPT is an example of the progress made in AI. However, experts warn that we are still in the early stages of a more significant AI transformation that is yet to unfold.

Wei Jiehong, an expert in the field, acknowledges that while AI has advanced, basic applications such as text generalization applications are still at a relatively low level of model learning. These applications are heavily dependent on data input to generate relevant outputs. If the input of data is not enough or not diverse, it could lead to challenges in generating accurate outputs.

This limitation demonstrates the need for more data accessibility to progress AI technology. According to Andrej Karpathy, Head of AI at Tesla, “Software is eating the world, but AI is eating software.” As AI continues to advance, data accessibility will be critical. Companies that can generate, collect, and analyze data will be better placed to gain a competitive advantage.

In conclusion, AI technologies carry immense potential for growth and innovation across multiple sectors. However, there are still challenges that must be addressed to ensure that such technologies continue to grow. These include limitations in data accessibility and diversity, which play a crucial role in ensuring accurate outputs for low-level model learning. The future of AI technology remains bright, and expanding data accessibility will be crucial to realizing its potential.

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