Venture Capital
Andrea Alms Video: Money In Motion 44 - The Artificial Intelligence Conversation (ChatBot) Market
February 2023 - Venture Capital
TRANSCRIPT: Hello, my name is Andrea Alms. I am technology investor and financial manager. And this is your money in motion. I was asked about chat g p t what is it? Microsoft provide it open AI $1,000,000,000 investment in 2019 and a second multi-year investment in January 2023 for $10 billion. I release chat gpt. It's a prototype air chat box that has gained popularity for its human like Detailed answers to inquiries like drafting a contract between artists and producers and creating detailed code. In other words, it is an AI powered chat box that is a software program aimed to simulate human conversation. Chat GPT plus is $40 per month, which is about the same price of the average monthly mobile phone bill. Again, it is an artificial intelligence tool. Let's put this A.I. tool in perspective. What is it on the AI revenue map or where is it on the AI revenue map? This report cites AI revenue by top ten use cases. The annual global revenue for artificial intelligence products and services will grow from 643 million in 2016 to 36 billion in 2025. A 57 fold increase over the time period. As such, it represents the fastest growing segment of any size in the AI market top revenue case goes to algorithm trading strategy, performance and improvement. Second place goes to static image recognition. In this report, static image recognition takes top place at 8 billion. The algorithmic trading and strategy at 7 billion. What about the market size? The global conversational AI Market size was valued at about 6 billion in 2021, expected to grow at a top out average growth rate of 23% from 2022 to 2030, according to verified market research. The market is valued at $3.9 billion and is projected to reach $18 billion by 2027 at a growth rate of 21%. MMR suggests that the market size is about $7 billion in 2021, expected to grow $34 billion at a growth rate of 21%. Upon averaging the market sizes, the market is about $5.8 billion, with an average growth rate of 22%. Chat is a tool may be replaced by other tools. Yes, we like our billion dollar tools market with double digit growth. Let's keep an eye on it. Thank you. This is your money, your money, in motion.