Boom of Artificial Intelligence: Comparing the Best Socratic AI

The increasing importance of Artificial Intelligence (AI) across various industries and its exceptional growth prospects are shaping the technological trends of the coming years. According to current estimates, the global AI market was valued at an impressive USD 196.63 billion in 2023 and is expected to expand further with a compound annual growth rate (CAGR) of 36.6% between 2024 and 2030. This development is particularly evident in North America and Europe: while North America held a market share of 30.9% in 2023, a significant CAGR of 33.2% is expected in Europe by 2030, according to Grand View Research. However, within the United States, there are substantial differences in the adoption rate of AI technology. According to a survey by the U.S. Census Bureau, the information and services sectors in science and technology lead, with 18% and 12% of companies, respectively, already integrating AI. Industries such as agriculture and construction lag behind, with only 1% AI usage each. This discrepancy highlights the varying progress depending on the sector. A key driver of this development is the success of generative AI technologies like OpenAI’s ChatGPT, which attracted over a million users within just five days of its launch in November 2022. Marc Beierschoder, Head of AI & Data at Deloitte Switzerland, emphasizes that Artificial Intelligence is not merely a passing trend. From a fascinating novelty, AI has evolved into an indispensable tool for smooth business operations. 2024 is anticipated to be the year when companies derive significant benefits from generative AI technologies. A McKinsey Global AI survey showed that 65% of the companies surveyed regularly use generative AI, nearly double the number from ten months earlier. This underscores the high expectations for the transformative impact of AI in the coming years. The potential of Artificial Intelligence, however, extends far beyond operational efficiency. A PwC study, 'Sizing the Prize: Exploiting the AI Revolution,' predicts that AI could increase the global gross domestic product (GDP) by up to 26% by 2030. China and North America stand to benefit significantly, with China's GDP expected to rise by 26% and North America's by 14.5%, together accounting for nearly 70% of the global economic impact. In the evaluation of the best AI assistants for 2024, Socratic AI ranks 11th. This educational tool uses AI and search technology developed by Google to guide students through critical thinking and problem-solving with targeted questions. More than just providing answers, Socratic AI delivers in-depth understanding and links to useful online resources. In comparison, Insider Monkey highlights that certain AI stocks have the potential to deliver higher returns. Investors are particularly focused on small and medium-sized companies, which are expected to yield promising returns.