AI market to grow at CAGR of 36.8% to 2030, according to market study
NewsAugust 17, 2023
CHICAGO. The global artificial intelligence (AI) market, which totaled $150.2 billion in 2023, is predicted to grow to $1.35 trillion by 2030, at a compound annual growth rate (CAGR) of 36.8% during the forecast period, according to a new report by MarketsandMarkets, "Artificial Intelligence Market."
Prompting the AI market's explosive growth, according to the study authors, will be advancements in computing power, including the development of high-performance processors and GPUs, that will enable the efficient processing of complex AI algorithms; the proliferation of big data and advancements in data-storage technologies that will act as necessary fuel for training and improving AI models, and the massive growth of cloud-computing infrastructure and availability of AI-as-a-service platforms that enable use of AI by businesses of all sizes.
Factors that will drive the increasing demand for AI applications and the need for faster processing speeds -- including the massively growing volume of data, the need to rely on complex neural networks, and the need for real-time processing -- are pushing the development of specialized AI hardware and software.
The study also found that governments and regulatory agencies are paying more attention to creating policies and rules for AI development and application, with the major areas of concern for governmental agencies being data privacy, elimination of bias, and upholding openness.
For additional information visit the MarketsandMarkets website.
