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Industry Landscape
The AI industry is experiencing rapid growth, driven by advancements in algorithms, increasing data availability, and broader adoption across various sectors. It's a highly competitive landscape with continuous innovation, focusing on ethical AI, explainable AI, and integrating AI into everyday applications. Investment remains strong, fostering new startups and research initiatives.
Total Assets Under Management (AUM)
AI Market Size in United States
~196.6 billion USD
(38.1% CAGR)
- Driven by increasing adoption of AI in various industries.
- Significant investment in AI startups and research.
- Expansion of AI applications across business functions.
Total Addressable Market
196.6 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI, including large language models (LLMs) and diffusion models, is transforming content creation, code generation, and data synthesis, allowing businesses to automate and innovate at unprecedented scales.
Explainable AI (XAI)
XAI focuses on developing AI models whose outputs and decisions can be understood and interpreted by humans, crucial for building trust and ensuring ethical AI deployment, especially in sensitive applications.
Edge AI
Edge AI involves processing AI algorithms directly on local devices rather than in the cloud, enabling real-time decision-making, reducing latency, and enhancing data privacy for various applications.
Impactful Policy Frameworks
Biden-Harris Administration Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (October 30, 2023)
This comprehensive Executive Order (EO) establishes new standards for AI safety and security, protects Americans' privacy, advances equity and civil rights, stands up for consumers and workers, promotes innovation and competition, and advances American leadership around the world.
This EO directly impacts AI developers and deployers by mandating safety testing, transparency, and consumer protection measures, potentially increasing compliance costs and requiring businesses to adapt their AI development processes.
NIST AI Risk Management Framework (AI RMF 1.0) (January 2023)
Developed by the National Institute of Standards and Technology (NIST), this voluntary framework provides guidance for organizations to manage risks associated with AI, promoting trustworthy AI system design, development, use, and evaluation.
While voluntary, this framework sets a de facto standard for responsible AI in the US, encouraging businesses to adopt best practices for risk assessment and mitigation, which can influence customer trust and partnership opportunities.
Algorithmic Accountability Act of 2022 (Proposed Bill, not yet law)
This proposed federal legislation (reintroduced in 2022) aims to require companies to conduct impact assessments for automated decision-making systems to identify and mitigate risks of bias, discrimination, and other societal harms.
If enacted, this act would legally mandate comprehensive algorithmic impact assessments, increasing the regulatory burden and operational complexity for businesses developing or deploying AI systems in the US.
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