To put it simply, the overall value of the global AI market is set to grow continually and exponentially over the next decade, with investment into AI rising far higher than in recent years.
In fact, when looking at gross R&D expenditure alone, the US has already invested over $679 billion into the research and development of AI, followed closely by China, who have contributed roughly $551 billion – that’s $369 billion more than Japan, a country widely associated with robotics, but which has only invested $182 billion in AI research so far.[1] But what about the state of the global AI market itself? Just how valuable has it become in the last few years, and how is it set to grow in the future?
Well, already sitting at an impressive value of $207.9 billion as of 2023, the overall value of the AI market is set to increase dramatically by around 36.6% by the end of 2030. This means that, if the current growth trend continues as predicted, the AI market will hold a value of $420.5 billion by 2025, before crossing the $1 trillion dollar mark by 2028 and hitting an impressive $1,847.5 trillion by 2030.[2]
This kind of market growth has been entirely unrivalled since the global AI market emerged, and that’s before we even begin to look at the effects of market growth in specific AI fields, for example, enterprise solutions and generative AI.
Enterprise solutions in particular are set to see similar growth to the overall AI market, capping out at a potential 34.4% value expansion by 2025. This would see the market grow from a value of $11.8 billion to $31.2 billion after just 5 years.[3]
And as for generative AI – software like ChatGPT – its market value is set to surpass $50 billion by 2029 and hit $73.2 billion by 2030. Considering the current market value is set at $13.7 billion, that’s a growth of 27% by the end of the decade.[4]