Machine learning: Managing rapid innovation and risk

The global machine learning market is expected to dramatically rise over the next decade, leading to conversations about industry benefit and curb risk

Fortune Business Insights has estimated that the global machine learning market size is expected to reach US$225.91bn in 2030.

According to the report, the global machine learning market size was valued at US$19.20bn in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 36.2% between 2023-2030.

With AI having emerged as a fast-growing and rapidly developing technology, plenty of businesses around the world have sought to harness their own models to keep up with competitors. These new types of technologies could prove beneficial for key industries to find new, sustainable and more innovative ways to benefit humanity.

Healthcare sector sees continued acceleration of AI

The COVID-19 outbreak has been cited as one of the main causes of the rapid acceleration of the machine learning market, which is expected to continue. Statista has predicted that the AI healthcare market alone will grow from US$11bn in 2021 to US$187bn by 2030, suggesting mass innovation within the sector.

AI technology was already positively impacting the pandemic, with scientists using machine learning algorithms to predict where the next outbreak would occur and act accordingly. This level of real-time tracking is another reason why businesses seek to better develop and deploy AI, as it can offer real insight into their operations.

Increasing AI applications within the healthcare sector is also contributing to increased market growth. Digital diagnostic tools, such as virtual image streaming, and community-based healthcare services, like virtual wards, are already revolutionising access to health services by allowing patients to be diagnosed and treated from the comfort of their home.

A 2023 service also revealed that AI can be used to detect cancer from mammogram screenings, which could not only reduce workloads for healthcare workers, but also identify illness earlier, or those that are difficult to diagnose, and improve patient care.

With these types of essential services set to benefit hugely from the rapid development of AI tools, the long-term impact has yet to be ascertained.

Looking towards 2024: Managing potential risk

In the wake of the huge developments at OpenAI, which recently saw Sam Altman reinstated as company CEO, plenty of questions and debates have been raised about AI safeguarding and what could happen if humanity lost control of these machines.

AI does hold great potential to revolutionise business operations and thereby improve customer satisfaction as a result. With the advent of machine learning tools like computer vision (combining machine learning with deep learning), enterprises could have access to more accurate data and analytics.  

However, given that there is much debate over machine learning regulation and risk. With the market set to grow this much, experts have called for a balance of growth alongside regulation. World leaders are already starting to take this approach, with France, Germany and Italy having reached a regulatory agreement in November 2023, emphasising collaboration as the key to ensuring AI safety.

By acknowledging its transformative power, the suggestion is that AI regulations could lead to businesses creating even better AI models and ultimately better the technology sector as a result.

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