AI's explosive growth

Previously, notable AI milestones, such as AlphaGo, which defeated a world champion Go player in 2016, were celebrated but quickly faded from the public’s consciousness. Later on, the global financial market witnessed the explosive growth of generative AI (gen AI) tools in 2022, capable of producing various types of content, including text, imagery, audio, and synthetic data. Among these tools, OpenAI's GPT implementation stands out as the AI-powered chatbot that took the world by storm. Driven by incredible market reactions, it is estimated that ChatGPT reached 100 million monthly active users in January 2023. In comparison, TikTok took nine months to achieve 100 million users, while Instagram took 2.5 years. Experiments show that ChatGPT significantly increased productivity, with the average time taken reduced by 40% and output quality improving by 18%.

Although generative AI caught the public's attention in 2023, AI is generally considered to include other main sectors such as supervised machine learning, unsupervised machine learning, and reinforcement learning. The marketplace of AI as a whole is expanding rapidly. The global AI solution market is projected to attain 301.2 billion USD by 2028, with a compound annual growth rate (CAGR) of 29.4%. Specifically, the unsupervised machine learning sector is forecasted to reach 15.6 billion USD by 2028, expanding at a CAGR of 25.1%. Furthermore, AI solutions deployed in public cloud environments are expected to triple the figures of private cloud implementations during the same period. Regarding regions, North America generated more than 36.84% of the market share in 2022. The Asia Pacific market is expected to expand at the highest CAGR of 20.3% from 2023 to 2032.