AI Overview
The global artificial intelligence (AI) market is set for significant growth in the coming years.
In 2022, the market was valued at US$428.00 billion and is projected to grow to US$2,025.12 billion by 2030, representing an average annual growth rate of 21.6% from 2023 to 2030.
Another report estimates the market to reach US$2,371.5 billion by 2032.
Factors driving this growth include the explosion of data, advancements in AI algorithms, the need for automation and efficiency, personalization, and increasing industry adoption across various sectors.
Infographic - 8 AI Trends in 2024
We had a look around to see what corporations were saying about the AI market and developed the following infographic.
We have come across another trend; as enterprises look to train AI algorithms, there is an enormous demand for content sitting behind paywalls and accessed via subscription.
The same goes for gory images and videos deemed unsafe for public viewing because it's this data that trains the algorithms to block the production of such content.
In one case, we read nurses are being hired to scan through this content as they are accustomed to witnessing the aftermath of violence on humans and can provide valuable insights for algorithm training.
While the AI market continues to gather steam, challenges such as data privacy, ethics, and a shortage of AI talent also need to be addressed. We are also seeing more countries and regions beginning to implement regulations governing the usage of AI.
Yet, despite this, the global AI market is expected to undergo significant expansion, with projected market size estimates ranging from US$2 trillion to US$2.4 trillion by 2030-2032.
This growth reflects the increasing influence of AI across diverse sectors and underscores the need for proactive measures to navigate the evolving landscape of artificial intelligence.
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