The Latest Projected Growth of the AI Market: 2020-2030 Revenue Insights
The market for AI is widely expected to experience remarkable growth over the next decade. A recent study by the research firm Statista, titled "Artificial Intelligence (AI) Market Size/Revenue Comparisons 2020-2030," released this past Tuesday, May 28th, 2024, provides detailed insights to substantiate this forecast. Here are some key highlights from the study:
In 2023, the AI market size was valued at $241.8 billion by Statista and $208 billion by Next Move Strategy Consulting.
By 2030, Statista projects the market to reach nearly $740 billion, representing a compound annual growth rate (CAGR) of 17.3%.
Meanwhile, Next Move Strategy Consulting predicts the market will grow ninefold to approximately $1.85 trillion by 2030.
This growth spans various industries including healthcare, education, finance, media, and marketing, driven by trends such as chatbots, image-generating AI, and mobile applications.
This study goes on to say that data management is a critical challenge for AI companies, requiring specific data and efficient organization. The study cites regulatory restrictions from international bodies like the EU, US, and China as possible concerns. Despite these hurdles, AI adoption could significantly boost U.S. labor productivity over the next decade by shifting workers to more productive industries, contingent on advancements in AI technology and the nature of workforce displacement.
(It's worth noting that I'm using this particular graph (above) because the images produced by three AI graphics programs contained misspellings and other errata. This is reminder that we still have a long ways to go … )