AI market is forecast to hit $1.8tn by 2030, report finds

It is no secret that AI markets have exploded in 2023. The global market size was valued at US$136.55bn in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030, according to a report by Grand View Research, Inc. 

The report speaks to the impact that AI has had on businesses in terms of stronger accessibility and growth. It surmises how there have been huge advancements in global AI algorithms to improve accuracy and that companies are implementing solutions like automated robots and the Internet of Things (IoT) to improve business processes.

AI becoming vital to big data: technology continues to grow

AI will ultimately become more integrated into our everyday lives, with increased automation and intelligent algorithms assisting us with everyday tasks. Grand View Research Inc, suggest key factors that are driving AI market growth include a rise in the adoption of big data, analytics and the increasing potential of R&D in developing AI systems and global technological innovations.

Tech giants like Amazon, Google, IBM and Microsoft continue to invest significantly in AI, working towards more accessible use cases as well as better customer experience. The report states that such sudden advancements have led manufacturers and technology developers to continue unlocking the value of machine learning. 

For instance, the report considers how IBM has worked on its range of AI-powered services since introducing its new range in 2020, including IBM Watson for enterprise automation. These services are designed to help automate IT infrastructures, make them more resilient and reduce cost.

Various companies are also implementing AI-based solutions such as RPA (Robotic Process Automation) to enhance process workflows to handle and automate repetitive tasks. In addition, these AI-based solutions are being coupled with IoT to provide better results for various business processes. 

Microsoft is one such company that announced an investment of US$1bn in OpenAI. The two businesses teamed up to create AI supercomputing technology on Microsoft's Azure cloud.

Did the pandemic intensify the boom in AI-enabled computer systems?

The report also suggested that the COVID-19 pandemic provided opportunities for AI-enabled computer systems to fight against the outbreak, with several tech companies working on preventing, mitigating and containing the virus. 

AI-powered computer platforms or solutions were being used to fight against the virus in numerous applications, such as early alerts, tracking & prediction, data dashboards, diagnosis and prognosis, treatments and cures and maintaining social control. 

Data dashboards that helped to visualise the pandemic emerged with the need for coronavirus tracking and prediction, much like Microsoft’s Bing AI tracker giving a global overview of the pandemic's current statistics.

The report highlights how AI is becoming increasingly vital to big data within the technology sector. It suggests the need for mining and extraction of significant patterns from high-volume information is driving the growth of AI in big data analytics.

However, it also warns of industry challenges like a lack of efficient storage, trustworthiness of data analysis and imbalanced input data as situations that enterprises will need to consider moving forward.