Artificial Intelligence is a fast-growing market that has found its way in many industries due to its various applications. The Global Market Model predicts the global artificial intelligence market to grow from $28.42 billion in 2019 to $40.74 billion in 2020 at a compound annual growth rate (CAGR) of 43.39%. The growth is mainly due to the COVID-19 health emergency across the globe that has led to a new wave of transformative technologies including the revolutionary Artificial Intelligence technology (for example – smart machines and robots) emerging as a possible solution to contain the epidemic. The Artificial Intelligence market, fueled by growing investments in the technology and its many application uses, is expected to reach $99.94 billion in 2023 at CAGR of 34.86%.
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As an example of the increasing use of Artificial Intelligence (AI) tools caused by the coronavirus outbreak, India’s Employee Provident Fund Organization (EPFO) is now implementing AI technology in its claim settlement system. Due to the pandemic that has left many people unemployed or furloughed, the number of employee provident fund (EPF) withdrawals in India shot up substantially, leaving the EPFO overburdened with processing and settling claims. To overcome this, Artificial Intelligence (AI) technology is being used. More than half of COVID-19 related claims are now being settled autonomously, thus significantly reducing the burden on manpower.
There were about 3.375 million claims settled in April-May 2019; this number increased to a total of 3.602 million claims settled in April-May 2020 due to the financial crisis brought on by the coronavirus. Despite staff shortages, the claim settlement period has gone down from 10 days to 3 days with the help of AI.i
The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.
The model is based on the consumption of goods and services in monetary terms (nominal growth), and therefore differ from GDP forecasts published by many leading institutions such as the World Bank and IMF.
i https://www.livemint.com/money/personal-finance/epf-withdrawal-epfo-launches-ai-tool-to-settle-claims-11591764868373.html
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