Global artificial intelligence market highlights
An overview of the global artificial intelligence market trends heading towards 2030.
The global market generated a revenue of USD 196,633.9 million in 2023 and is expected to reach USD 1,811,747.3 million by 2030.
The market is expected to grow at a CAGR (2024 - 2030) of 37.3% to attain a revenue of USD 1,811,747.3 million by 2030.
In terms of segment, software accounted for a revenue of USD 70,453.6 million in 2023.
Services is the most lucrative solution segment registering the fastest growth during the forecast period.
In terms of region, North America was the largest revenue generating market in 2023. Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
The global artificial intelligence market size was estimated at USD 196.63 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. The continuous research and innovation directed by tech giants are driving adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. For instance, in December 2023, Google LLC launched ‘Gemini’, a large language AI model, made available in three sizes, namely, Gemini Nano, Gemini Pro, and Gemini Ultra. Gemini stands out from its competitors due to its native multimodal characteristic.
AI has proven to be a significant revolutionary element of the upcoming digital era. Tech giants like Amazon.com, Inc.; Google LLC; Apple Inc.; Facebook; International Business Machines Corporation; and Microsoft are investing significantly in research and development (R&D) of AI, thus increasing the artificial intelligence market cap. These companies are working to make AI more accessible for enterprise use cases. Moreover, various companies adopt AI technology to provide a better customer experience and improve their presence in the artificial intelligence industry 4.0.
The essential fact accelerating the rate of innovation in AI is accessibility to historical datasets. Since data storage and recovery have become more economical, healthcare institutions and government agencies build unstructured data accessible to the research domain. Researchers are getting access to rich datasets, from historic rain trends to clinical imaging. The next-generation computing architectures, with access to rich datasets, are encouraging information scientists and researchers to innovate faster.
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