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- 1 The global AI market is valued at $445 Billion currently.
- 2 The cryptocurrency market is expected to grow at a relatively slower pace.
Artificial intelligence (AI) is no longer in a booming phase. It has become the new normal. Almost every industry is trying to get ahead of the game by leveraging this technology. It is reaching every corner of the digital revolution, including technologies like digital wallets that have yet to make it to the mainstream. The food industry is one such market that may benefit from integrating these advancements.
A Tasty Combo of Efficiency
Generative AI is among several facets of artificial intelligence. It can create content, including texts, designs, and images, by drawing on data patterns. San Francisco Post, a newspaper serving the California Bay Area, recently suggested in an article about how a New York-based food-tech firm, namely Orderific, is using AI and digital wallets in the food industry.
One of the interesting features of the company’s software is that it can generate insights to look at potential food trends and demand in the future. However, the predictions are not to be relied on solely, but the tool can have a quality check on the food an individual is about to order. The tool will generate insights about the nutritional value of the food one might be served.
Additionally, Orderific has also explored the cryptocurrency sector in the past. The company, in the past, started allowing restaurant business owners to earn in virtual currencies, making them thrive on their profits without third-party delayed interventions.
Given the decentralized nature of digital currencies, they eliminate any outside entities from processing the payment, making it more reliable and lightning-fast as the settlements happen within 24 hours.
Nevertheless, the crypto sector is still an untapped horizon for many. Available data shows nearly 400 Million crypto users are active globally. Countries like the Central African Republic (CAR) and El Salvador use Bitcoin (BTC), the biggest virtual currency by market cap, as their legal tender.
Major restaurant chains use digital currencies and AI to enhance their businesses. Subway, Domino’s, Chipotle, and more accept crypto payments. Meanwhile, Checkers & Rally’s, McDonald’s, and White Castle use artificial intelligence to take orders in drive-through lanes.
Currently, the global AI market is valued at $445 Billion and is anticipated to expand at a compound annual growth rate (CAGR) of 38.1% between 2023 and 2030. Moreover, nearly 100 Million people are likely to work in the industry by 2025. ChatGPT remains a recent example of the technology’s growth potential.
The cryptocurrency market is expected to grow at a relatively slower pace. The reason is the decentralized nature of the technology, and regulatory barriers are decelerating its adoption.
Lawmakers across the globe are still evaluating the risks and benefits of technology. However, gauging at the seams makes it appear that the food and beverage (FNB) industry is marching toward technology and will be a sight to behold in the future.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
