The market for artificial intelligence (AI) has shown rapid expansion in recent years and is anticipated to do so again in the ensuing ten years. Numerous sectors, including healthcare, banking, retail, manufacturing, and transportation, have adopted AI technologies. Let’s know about the AI market size until 2030.
As per PwC’s
- Our research also shows that 45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand. This is because AI will drive greater product variety, with increased personalization, attractiveness, and affordability over time.
- The greatest economic gains from AI will be in China (26% boost to GDP in 2030) and North America (14.5% boost), equivalent to a total of $10.7 trillion and accounting for almost 70% of the global economic impact.
Several billions of dollars were projected to be spent on the worldwide AI industry in 2021. The development of machine learning algorithms, rising computer power, the accessibility of large data, and the widespread use of cloud computing services are just a few of the many aspects that have led to the rise of the AI industry.
Organizations are using AI more and more to boost productivity, automate tasks, better decision-making, and gain a competitive edge.
Additionally contributing to the growth of AI is the COVID-19 pandemic. The crisis brought to light the need for technology that can help with remote work, digital transformation, and the capacity to analyze massive amounts of data to support decision-making. As a result, several companies intensified their AI projects, which raised investment in AI technology and solutions.
The growing need for intelligent chatbots and virtual assistants is one of the main factors driving the AI industry. With their personalized and automated interactions, these AI-powered solutions have become a crucial part of customer support. The desire for better conversational AI systems has significantly increased the market for natural language processing (NLP) and machine learning methods.
Another big user of AI technology is the healthcare sector. Medical imaging analysis, medication research, patient monitoring, and illness diagnosis are all made easier with the use of AI-powered applications. Healthcare delivery might be revolutionized, and patient outcomes could be improved, by using AI algorithms to analyze massive volumes of medical data and spot trends.
Autonomous vehicles and advanced driver assistance systems (ADAS) are examples of how AI has evolved significantly in the automobile sector. Vehicles can now observe their environment, make judgments, and travel on their thanks to AI algorithms, which lower the likelihood of accidents and boosts road safety.
The AI market is not without its difficulties and worries. Ethics-related issues have received attention, such as prejudice in AI algorithms, privacy issues, and the effect on employment. For the AI market to expand responsibly and sustainably, these problems must be resolved.
The market for artificial intelligence is anticipated to grow further. According to projections, the worldwide AI industry might top $100 billion by 2030.
AI can improve risk analysis, investing strategies, and fraud detection in the financial sector. Virtual assistants and chatbots driven by AI will keep enhancing the customer care offered by retailers and other service sectors.