Suffice to say, AI isn’t the technology of the future; it’s already here. The company behind the ChatGPT chatbot and the still-image generator DALL-E...
The market for AI in FinTech is anticipated to be worth $42.83 billion in 2023 and grow to $49.43 billion by 2028, making it necessary for companies to adapt to the new technology, and hire accordingly. Accounting for 77.5% of the global revenue, the FinTech “solution segment” – comprising applications for mobile banking, digital loans, insurance, credit scores, buying and selling activities, and asset management – dominates the flourishing market. This has initiated a wellspring of product managers, ML and AI developers hoping to capitalize on a market still in its infancy.
In a recent report from October 2023, McKinsey predicted that revenues in the FinTech sector will grow almost 3x faster than those in the traditional banking sector between 2023 and 2028. What has become increasingly clear is that the winners in FinTech will be the firms that grow their user base the fastest and thereby scale assets under management (AUM). Another area where the fintechs appear to be overtaking their more traditional banking counterparts is the use of AI in marketing.
With the MedTech industry accounting for more than 2 million jobs, it is estimated that 50% of organizations in the life sciences space will have adopted AI technology in some form by 2025, and those that do adopt AI stand to increase profits significantly; a projection from McKinsey estimates that the use of AI could generate upwards of $100 billion for the healthcare industry as a whole. The main challenge is knowing how and where to start. While some companies have adopted a wait-and-see approach, such inaction would risk putting companies at a long-term disadvantage.
In a recent consumer survey, 59 percent of respondents stated that they prefer to conduct at least one daily activity such as socializing, shopping, fitness, or education in the virtual world rather than in person. As shown by this year’s Augmented World Expo turnout, the $35B XR market is on a growth trajectory slated to hit $345 billion by 2030. As consumers become more accustomed to XR (extended reality) and its subsets – AR (augmented reality), MR (mixed reality), and VR (virtual reality), the room for growth among these emerging markets captured the eyes of investors and market prognosticators. In short, we’re at the beginning of a new XR frontier, and it's time to hire XR talent and teams.
