83% of companies claim that AI is a top priority in their business plans. (Forbes)

How big is the artificial intelligence (AI) space?
And how quickly is it growing?

Here are some of the latest AI stats for 2024 (Global Market Insights):
👉 The global AI market is valued at over $196 billion.
👉 The AI industry is projected to increase by over 13x over the next 7 years.
👉 By 2025, as many as 97 million people will work in the AI space.

The narrative around AI is clear: It is here to stay.

📌 How should business leaders react to AI’s growing influence? Technology is not a threat. According to Harvard Business Review’s George Westerman, instead of fighting the inevitable, leaders should look at AI as a challenge to rethink what's possible and harness these tools for greater productivity, creativity, and efficiency.

In his words, one of the best ways to future-proof your business is to find the AI approach that fits the problem you’re trying to solve.

📌 Start with the problem, not the technology. As AI continues to evolve, Westerman emphasized that business leaders shouldn’t be blinded by the hype that comes with new technologies. Don’t invest significant resources just for the sake of having the latest tools and platforms. Make sure each investment helps create solutions and innovations.

In this week’s edition of In the Loop, we highlight how AI is currently being used (or not used) in different situations and industries to help inspire you in your own AI journey.

AI IN EDUCATION
Can AI replace you? An Illinois professor created his digital avatar for his online classes

🇺🇸 CHAMPAIGN, IL — What if you could create a realistic-looking digital version of yourself that can clearly explain complex systems and confidently deliver lectures or keynote speeches? Prof. Robert Brunner, an expert in emerging technologies at the Gies College of Business at the University of Illinois, employed AI tools to achieve just that.

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AI IN THE WORKPLACE
Is AI more trouble than it's worth?

🇺🇸 LINCOLN, NE — There is an ongoing debate as to the usefulness of AI in the workplace. AI is expected to deliver more productivity in industries. But is it really that helpful? Do the costs of re-training people and re-integrating new tools in existing systems bring more inconvenience?

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AI IN SECURITY
How a Bangladeshi startup is advancing facial recognition

🇧🇩 DHAKA, BD — Sigmind.ai, which claims to be the first AI startup in Bangladesh, is leading the transformation of conventional surveillance systems into cutting-edge security solutions. Through its Central Intelligent Video Management Systems (CiVMS), the startup can turn CCTV cameras into AI-powered intelligent cameras that can identify, save, and reveal the full faces of people even if they are wearing face masks.

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MORE FROM GMI POST
Arizona: A global destination for business

Over the last two years, Arizona has attracted several global technology companies, making it the top location for foreign direct investment in the country. In 2022, the state reported nearly $32 billion in additional investments from 35 international companies.

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