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Industry Landscape
The AI industry is currently experiencing rapid growth, driven by advancements in machine learning, increasing availability of data, and growing demand for AI solutions across various sectors. Companies are investing heavily in AI research and development, leading to new innovations and applications. Ethical considerations and regulatory frameworks are also emerging as important aspects of the industry's development.
Total Assets Under Management (AUM)
AI Spending in United States
~USD 50 Billion
(20% - 30% CAGR)
- Increasing adoption across industries.
- Advancements in AI technologies.
- Growing investment in AI startups.
Total Addressable Market
Trillion USD scale
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI is rapidly advancing, enabling the creation of new content, designs, and solutions across various industries.
Federated Learning
Federated Learning allows model training on decentralized data, enhancing privacy and enabling collaboration without direct data sharing.
Explainable AI (XAI)
Explainable AI (XAI) is gaining prominence, providing insights into how AI models make decisions, improving trust and transparency.
Impactful Policy Frameworks
AI Bill of Rights
The White House Office of Science and Technology Policy (OSTP) published a "Blueprint for an AI Bill of Rights" (2022) that outlines five principles to protect individuals in the age of AI, including safe and effective systems, algorithmic discrimination protections, and data privacy.
The Blueprint aims to guide the development of responsible AI systems, influencing the design and deployment of AI products by emphasizing safety and trustworthiness, which needs continuous model and application assessment.
NIST AI Risk Management Framework
The National Institute of Standards and Technology (NIST) released the AI Risk Management Framework (AI RMF 1.0) in 2023 to provide organizations with a structured approach to manage AI-related risks and promote trustworthy AI development and deployment.
The AI Risk Management Framework provides guidelines for managing risks associated with AI, prompting Google AI to adopt comprehensive risk management practices and ensure compliance, resulting in building safer AI tools.
FTC Actions on AI
The Federal Trade Commission (FTC) has been actively monitoring and taking action against companies making deceptive claims about AI products and services. They have also emphasized the need for transparency and fairness in AI algorithms (ongoing).
These actions emphasize the need for transparent AI practices, potentially affecting the development and deployment of Google AI products by influencing data collection, usage, and transparency requirements, and increasing compliance costs.
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