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Industry Landscape
The Artificial Intelligence industry is experiencing rapid growth, driven by advancements in machine learning, big data, and cloud computing. It's transforming various sectors, from healthcare to logistics, with a strong focus on automation, predictive analytics, and enhanced decision-making. Ethical considerations and data privacy are increasingly important aspects of its development and deployment.
Total Assets Under Management (AUM)
AI Market Size in United States
~Approximately 126.3 billion USD
(25.7% CAGR)
- Growth fueled by enterprise adoption.
- Increased investment in R&D.
- Expanding applications across industries.
Total Addressable Market
126.3 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI models are capable of creating new content, such as text, images, or code, and can revolutionize how AI solutions interact with users and automate complex tasks.
Edge AI
Edge AI brings AI processing closer to the data source, reducing latency and enabling real-time decision-making in 'last-mile' applications like autonomous vehicles or localized sensor networks.
Explainable AI (XAI)
XAI focuses on making AI models more transparent and interpretable, which is crucial for building trust, ensuring regulatory compliance, and debugging complex AI systems, especially in critical applications.
Impactful Policy Frameworks
AI Bill of Rights (2022)
The White House Office of Science and Technology Policy (OSTP) released a 'Blueprint for an AI Bill of Rights' in October 2022, outlining five principles to guide the design, use, and deployment of automated systems to protect the American public in the age of artificial intelligence.
This non-binding blueprint guides ethical AI development and deployment, encouraging transparency and fairness, which can influence future regulations and public perception of AI solutions.
NIST AI Risk Management Framework (AI RMF 1.0) (2023)
The National Institute of Standards and Technology (NIST) published its Artificial Intelligence Risk Management Framework (AI RMF 1.0) in January 2023, providing voluntary guidance to organizations designing, developing, deploying, or using AI systems to manage risks associated with AI.
The AI RMF 1.0 provides a standardized approach for risk assessment and mitigation in AI systems, potentially influencing industry best practices and procurement requirements, thereby impacting how Last Mile AI designs and deploys its solutions.
Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (2023)
President Biden issued an Executive Order in October 2023 directing comprehensive actions to ensure the safe, secure, and trustworthy development and use of AI, covering areas like safety standards, privacy protection, and equity.
This comprehensive Executive Order mandates various federal agencies to develop AI standards and guidelines, directly impacting AI developers and deployers by setting expectations for responsible AI and potentially leading to new compliance requirements.
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