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

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.”

Interpretation of this information:

In a report, Jeff Walters, managing director of Boston Consulting Group (BCG), estimates that the AI market will reach a potential size of $60 billion as AI applications continue to grow, accounting for 30%. Walters also noted the significant progress made in AI, especially in cognitive theory, compared to six years ago. However, Wei Jiehong warns that although ChatGPT has gained popularity, the transformation in the AI industry has just begun. The basic AI applications, such as text generalization, are still highly reliant on data input, and if data accessibility and input are limited, the industry may face challenges.