The financial services industry has navigated constant waves of transformation, from the digital revolution to the move to cloud services, the provisioning of big data and now the ever-evolving field of artificial intelligence (AI).
With the cost to train and deploy AI models reducing dramatically, the AI market is primed for rapid growth. It is estimated that the generative AI market is valued at US$208 billion in 2023 and is expected to reach $1 trillion total market value within the next five years. Investment flows into AI startups in the past six months are estimated at more than $10 billion, up nearly 50% from the start of 2023. One unexpected beneficiary of this growth has been the island nation of Anguilla, who owns the .ai domain. Registrations of the .ai domain have surged in the past 12 months, netting the island a healthy revenue stream. Generative AI is touching the world in unexpected ways and the much anticipated fourth industrial revolution is now upon us.