In the AI market, there is currently insufficient capacity; a lack of high-quality data; limited availability of AI capabilities; a lack of AI competence centres that can ensure technology dissemination; and poor awareness of the opportunities that AI can bring to the real economy.
Over time, AI should quickly prove to be of great benefit to the economy. In the short term, AI is currently designing highly efficient travel with deeply AI-infused vehicles that are already being built and sold. AI is effectively being used to design highly efficient transportation from the ground up whilst minimizing production costs. In the future, traditional travel companies that do not embrace this technology will likely get left behind because of the high production costs along with many other factors. North America has the largest investment into AI, while Europe has one of the lowest.
Demand for computing resources in the AI industry
The state of AI evolution is in constant flux. The core of most AI applications such as speech recognition and image recognition is reaching maturation. However, edge cases seem rather hard to address even with the maturity of the AI industry; newer business models have started to emerge. The industry can be neatly classified into three sub-segments: AI software, AI hardware, and AI services. These sub-segments have a lot of crossovers, and often the same organisation is involved in several of these sub-segments to be able to deliver an AI solution.
The COVID-19 pandemic, while being among the worst that humanity has seen in the past 100 years, has generally been very good for the technology industry. Entire industries were forced to rethink and modify their business models as well as their services and solutions-delivery mechanisms. This period has exacerbated the rapid growth of digital transformation initiatives, which have become the primary way to remain relevant and deliver services in this rapidly evolving space