Artificial intelligence is here to stay, especially in the financial services industry where there is heightened interest around its use in various areas, with significant investments driving research.
The AI market will increase from $387.45 billion in 2022 to $1.394.3 trillion by 2029, with a CAGR of 20.1%, according to forecasts by market research firm, Fortune Business Insights
The attention of the world has increasingly shifted towards artificial intelligence (AI). In the first week of December 2022, the search term ‘AI’ hit a Google Trends score of 100.
This widespread interest can be attributed to the emergence of several AI platforms such as Dall-E, Deep AI, Jasper Art, Starry AI Nightcafe and ChatGPT, that has become popular AI phenomena.
The AI market sees a robust CAGR from 2018 to 2029, showcasing the potential for continuous expansion and innovation.
Figure 1: Global AI market from 2018 to 2029 in US billion
(Source: Agile Intel Research)
The Google Trends score of 94 out of 100 for the search term "AI" was recorded from 22-28 January 2023. In recent times, the capabilities of AI have been demonstrated through the innovative work of image creators such as Midjourney and Dall-E, as well as voice bots like ChatGPT.
AI revolutionises cryptocurrency partnerships, attracting global investment
Microsoft has allocated billions for the development of ChatGPT, the popular AI chatbot, underscoring its commitment to advancing AI technologies. Microsoft has spent several years reaching the third phase of its long-term collaboration with OpenAI. Blockchain projects are now being integrated into AI.
On 22-28 January 2023, ChatGPT achieved a global score of 100, as reported by Google Trends, and has demonstrated a continued rise since December 2022.
Singularity.NET and Fetch.ai drive explosive market growth, fuelled by growing interest in AI
There has been a substantial uptick in the demand for AI-focused cryptocurrency projects, demonstrated by the performance of the native tokens of Fetch.ai (FET) and SingularityNET (AGIX).
Last month, FET increased by 212% while AGIX experienced a 293% growth in value against the US dollar. These figures indicate a clear trend towards the integration of AI and blockchain, a development that is set to shape the future of various industries.
The rising popularity of AI-based cryptocurrencies
The recent surge in popularity of AI-based cryptocurrencies is reflected in the significant increases in the value of their native tokens.
SingularityNET's AGIX token and Vetrospace AI's VXV token have both demonstrated growth in the past month. While AGIX surged by 293%, VXV rose by 95.9%. These projects aim to support the development of decentralised AI and have attracted investors and experts alike. The growing acceptance of AI-based crypto assets underscores their potential in the market.
AGIX has experienced a significant surge in the past month. The project aims to lead the next wave of decentralised AI. The value has experienced a significant increase over the past weeks. However, it also encountered a notable decline during a specific period.
Vetrospace AI and Fetch.ai are two blockchain-based AI initiatives that have seen a significant increase in demand for their tokens. Vetrospace AI's VXV and Fetch.ai's FET have both experienced substantial growth in value in recent weeks. The Fetch.ai team is dedicated to developing "autonomous agent technology" for peer-to-peer apps, with automation and AI capabilities, regardless of their blockchain access.
Another AI-based blockchain startup, “Ocean Protocol”, aims to unlock data at scale through encrypted data monetisation. The World Economic Forum has recognised “Ocean Protocol” as a technology pioneer. The rising demand for AI-based crypto assets and the growing acceptance of these tokens are experiencing a short-term surge in popularity. Although all of the AI-related cryptocurrency assets presently rank outside the top 75 based on market capitalisation, their prices have recently surged due to the growth of AI and ChatGPT.