US Artificial Intelligence Market Expected To Reach $100 Bn By 2028: Ken Research

More than 25 per cent of large enterprises in US have been actively using AI for developing their products & services. This can be attributed to their high-cost investments, with which they attract the best talent.

The United States has been investing in Artificial Intelligence (AI) for many decades now, especially post COVID-19 pandemic, the demand for AI has increased across many sectors like healthcare, retail, finance, transportation etc. As per the forecast, the demand will exceed & the industry is set to soar new heights in the upcoming decade.

Story Outline

In 2022, 25% of larger enterprises in the United States have been using AI for product and service development & among the small & medium sized enterprises, only 3 to 4% of small and medium-sized enterprises used AI.
The US government has made significant investments on AI, allocating $3.3 billion in 2022. The investments were focused on decision science, computer vision, and autonomy segments.
The US government took proactive steps to promote responsible AI development, including creating research and development hubs, developing ethical guidelines, and drafting an AI Bill of Rights to ensure proper design, use, and deployment of AI systems.
According to Ken Research, the US artificial intelligence market is expected to reach more than 100 billion towards 2028, owing to digitalization & a significant reliance on AI-integrated systems for analyzing large amount of data & improving operational efficiency.

1. AI Revolution Driving Tech Advancements & Economic Growth

Percentage of companies using AI as production technology for goods & services, 2022

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The US Artificial Intelligence market is gradually becoming a crucial driver when it comes to undertaking technological advancements for the United State economy. In 2022, more than 25% of the larger enterprises are using AI for developing products & services & among small & medium sized enterprises, there are only 3 to 4 per cent of companies which are using it. A possible explanation for this can be that the larger companies can afford the time, money & personnel resources from other countries to attract the best pool of talent for developing AI in the country.

2. AI Investment Surges: US Leads the Way in Responsible Innovation

US Government Spending by Segment 2017-22 (in billion dollars)

US Government's spending on artificial intelligence contracts has reached $3.3 billion in 2022. This investment has gone up by $600 million from previous year & the highest investments have been dedicated towards decision science, computer vision & autonomy segments.

Recently, in May 2023, the White House also announced a $140 million investment on creating 7 artificial intelligence research & development hubs & also developed a new set of guidelines, especially for the private sector towards ethical, moral & legal use of AI technology in the country.

"Realizing the promise of AI by managing the risk is going to require some new laws, regulations, and oversight. In the weeks ahead, I'm going to continue to take executive action to help America lead the way toward responsible innovation."

                                                                                        -Joe Biden, President of United States

According to Ken Research, the US artificial intelligence market is expected to reach more than 100 billion till 2028, owing to digitalization & a significant reliance on AI-integrated systems for analyzing large amount of data & improving operational efficiency.

3. US Government Spearheading AI Initiatives for Prosperity & Security

 AI Research & Development Centre locations in United States (2021)

The US government has been active in terms of promoting AI oriented research & development programs like National AI Initiative of 2020, which became a law from January 1, 2021 to accelerate AI research & leadership for economic prosperity & national security.

Another policy is American AI Initiative which plays a similar role in ensuring national security & improving the quality of life. The initiative emphasized on the following practices:

Investing in AI research & development
Unleash AI resources by enhancing access to federal data models to identify new opportunities for improving AI models, while keeping confidentiality in mind
Remove barriers for AI Innovation
Embrace trustworthy AI for government services & missions
Training an AI-ready workforce

These programs encourage AI research, education and commercialization, thereby driving growth in the AI market.

4. Ensuring Ethical AI: The US Government's Draft Bill of Rights

Ethical Dilemmas of AI in USA (2023)

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Artificial Intelligence in companies have changed the way businesses work & have also raised ethical concerns about the risk for companies because they don't want to be impacted by data or ethics scandal which may harm the company's reputation.

In October 2022, the US government led by Biden published a draft AI Bill of Rights to ensure proper design, use & deployment of automated systems. The White House Office of Science & Technology has recognized the five big AI principles which include:

BluePrint for Safe & Effective System
Algorithmic Discrimination
Data Privacy
Notice of Explanation
Human Alternatives, Considerations & Fallbacks

Artificial Intelligence has been used increasingly in the US and across the world. That's why ensuring that there are ethics & regulations in place to ensure that people develop confidence in this technology & the government is taking active steps to address this.

Conclusion

The AI market in United States is driving technological advancements & economic growth, as large enterprises use it significantly & successfully contributing towards economic growth. The US government's investments in AI research and development and ethical guidelines highlight its commitment to responsible innovation. Initiatives like the National AI Initiative and the American AI Initiative are propelling AI ensuring the nation's prosperity and security through research, education & commercialization. Moreover, the government's efforts to establish an AI Bill of Rights demonstrate its commitment to building public confidence in AI technology.

For more insights on market intelligence, refer to the link below: -

https://www.kenresearch.com/industry-reports/usa-artificial-intelligence-market

Ken Research

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.