The global artificial intelligence market is on a trajectory of remarkable growth, set to expand from $147.32 billion in 2023 to an impressive $537.75 billion by 2028, with a compound annual growth rate (CAGR) of 29.56%.
By 2033, the market is forecasted to surpass $2 trillion, revolutionizing industries worldwide and offering unparalleled opportunities for businesses to lead the technological future.
Insights into Key Drivers and Trends
The artificial intelligence market’s historic growth has been fueled by increased internet penetration, advancements in R&D, digital transformation, and the adoption of AI in healthcare. The forecast period presents even stronger growth opportunities as industries embrace automation, autonomous vehicles, and government-backed digital initiatives. However, challenges such as the shortage of skilled AI personnel and job displacement concerns persist.
Market Segmentation Highlights
- Offering Segments: Software leads the way, accounting for 40.71% of the market in 2023. However, services are the fastest-growing segment, projected to achieve a CAGR of 32.34% during 2023-2028.
- Technology Segments: Machine learning dominates with a 42.07% market share in 2023. Context-aware computing is expected to grow fastest, with a staggering 33.16% CAGR during the same period.
- End-User Industry: The BFSI sector holds the largest share (17.69%) in 2023, while the healthcare sector is predicted to lead the future with a 36.45% CAGR by 2028.
Regional Opportunities for AI
North America remains the largest market for AI, contributing $51.09 billion in 2023. However, Asia Pacific and Africa are set to outpace other regions, with CAGRs of 35.05% and 32.05% respectively, presenting lucrative opportunities for investment and innovation.
Top Industry Players Driving AI Innovation
The AI market is competitive yet fragmented, with major players like NVIDIA Corporation, Microsoft, Alphabet (Google), Intel, and OpenAI leading the charge. These companies continue to focus on strategic partnerships, product innovations, and operational expansions to gain market share.
Discover the Opportunities
The USA, UK, and Japan stand at the forefront of AI adoption and innovation. Companies in these regions can capitalize on top opportunities, such as the growth of machine learning, healthcare applications, and expanding software solutions. For instance, the healthcare sector alone is set to gain $90.99 billion in global annual sales by 2028.
Where to Learn More
The Business Research Company’s Artificial Intelligence Global Market Report 2024 provides an in-depth analysis of this transformative market, with forecasts, trends, and actionable insights tailored for businesses looking to navigate and succeed in the AI revolution.
About The Business Research Company:
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology. Find the company on LinkedIn, Twitter, Facebook, or YouTube for more.
