Source: The Malaysian Reserve

The article from The Malaysian Reserve presents insights from a Technavio report on the projected growth of the AI market, estimated to expand by USD 237.4 billion between 2023 and 2028. This growth is attributed to increasing adoption across various sectors, including healthcare, finance, retail, and logistics. Key drivers include advancements in machine learning, demand for automation, and the need for data-driven decision-making tools.

The report emphasizes the role of cloud-based AI solutions, which offer scalability and cost efficiency, as critical components in market expansion. North America remains the largest contributor, followed by significant growth in Asia-Pacific regions. However, the article notes challenges such as ethical concerns, regulatory compliance, and the high cost of implementing AI technologies in certain markets.

The piece highlights the role of governments and private sectors in fostering AI innovation while addressing these barriers. The growth is seen as a reflection of AI's increasing influence on economic structures and its potential to redefine industries globally.