Artificial intelligence is a growing market. Self-driving cars, robot-assisted operations, ChatGPT are just some of the most innovative contributions of AI. 

Nowadays, private individuals, businesses, and governments all spend money to maximize their technological prowess.

We are seeing a significant expansion of the artificial intelligence market size.

Let’s know more about this sector in this article. 

Artificial Intelligence Market Size and Forecast

Artificial intelligence market size followed a sustained upward trajectory over the years.

The piece of information below details the AI value in dollars from 2021 to 2022.

It also posts projections from this year to 2030. 

2021 to 2022

• 2021 – the artificial intelligence market was valued at $95 billion during the year
• 2022 – the artificial intelligence market was valued at $142 billion during the year

Projections for 2023 to 2030

• 2023 – the global market size of artificial intelligence is forecasted to hit $208 billion in dollar value this year
• 2024 – the global market size of artificial intelligence is forecasted to hit $298 billion in dollar value during the year
• 2025 – the global market size of artificial intelligence is forecasted to hit $420 billion in dollar value during the year
• 2026 – the global market size of artificial intelligence is forecasted to hit $582 billion in dollar value during the year
• 2027 – the global market size of artificial intelligence is forecasted to hit $795 billion in dollar value during the year
• 2028 – the global market size of artificial intelligence is forecasted to hit $1.06 trillion in dollar value during the year
• 2029 – the global market size of artificial intelligence is forecasted to hit $1.41 trillion in dollar value during the year
• 2030 – the global market size of artificial intelligence is forecasted to hit $1.80 trillion in dollar value during the year

Artificial Intelligence Revenue 

Global artificial intelligence revenue hit $87 billion in 2022 and is forecasted to record a compounding annual growth rate of 36.2% until 2027.

We expect a revenue update of $400 billion after four years. 

According to Bloomberg, the main contributors to the growth of artificial intelligence market size is machine learning, deep learning, and robotics,

However, cyberattacks are growing along with the industry boom. The frequency of attacks climbed 78% higher in the last five years.

Cyber security is only one of the biggest concerns in artificial intelligence expansion, pressure groups also raise questions about its moral implications to the human race. 

Artificial Intelligence Readiness Report by Country 2019

How ready is every country with artificial intelligence adoption?

Take a look at the Artificial Intelligence Readiness Report in 2019 which examined countries’ AI readiness using a set of parameters. 

Here are the countries that topped the list in terms of adaptability, digital capacity, governance and ethics, vision, data representativeness, data availability, infrastructure, human capital, innovation capacity, and maturity on AI. 

Top Countries in AI Readiness Report 2019

1. Singapore – the country generated an overall AI readiness score of 9.18 out of 10 during the year
2. United Kingdom – the country generated an overall AI readiness score of 9.06 out of 10 during the year
3. Germany – the country generated an overall AI readiness score of 8.81 out of 10 during the year
4. United States – the country generated an overall AI readiness score of 8.80 out of 10 during the year
5. Finland – the country generated an overall AI readiness score of 8.77 out of 10 during the year
6. Sweden and Canada – the countries tied on the 6th spot and generated an overall AI readiness score of 8.67 out of 10 during the year
7. France – the country generated an overall AI readiness score of 8.608 out of 10 during the year
8. Denmark – the country generated an overall AI readiness score of 8.601 out of 10 during the year
9. Japan – the country generated an overall AI readiness score of 8.58 out of 10 during the year
10. Australia – the country generated an overall AI readiness score of 8.12 out of 10 during the year
11. Norway – the country generated an overall AI readiness score of 8.07 out of 10 during the year
12. New Zealand – the country generated an overall AI readiness score of 7.87 out of 10 during the year
13. Netherlands – the country generated an overall AI readiness score of 7.65 out of 10 during the year

Artificial Intelligence Readiness Report by Country 2022

Meanwhile, here is the updated AI Readiness Report in 2022.

As can be seen from the data below, the United States overtook Singapore as the country most ready for AI shift after ranking just third in 2019.

Moreover, Germany fell from the third spot to the 15th spot during the year.

1. United States 
2. Singapore
3. United Kingdom 
4. Finland 
5. Canada 
6. South Korea 
7. France 
8. Australia 
9. Japan 
10. Netherlands

Private Investment per Region in Artificial Intelligence 2020

Take a look at this data detailing the dollar value of private investments on artificial intelligence per region of the world. 

• United States – private investments for AI in this geographic location was at $23.5 billion in 2020
• China – private investments for AI in this geographic location was at $9.9 billion in 2020
• European Union – private investments for AI in this geographic location was at $2.0 billion in 2020
• Rest of the world – private investments for AI in this geographic location was at $6.6 billion in 2020

Artificial Intelligence Gross Value Added by 2035

Artificial intelligence market size expansion will be driven by fast adoption across sectors.

In turn, advancement in technology will speed up operations and generate greater monetary value to industries. 

Here is the expected Gross Value Added of artificial intelligence to leading industries worldwide. 

• Accommodation and food services – artificial intelligence is forecasted to contribute $489 billion into this industry by 2035
• Construction – artificial intelligence is forecasted to contribute $520 billion into this industry by 2035
• Financial services – artificial intelligence is forecasted to contribute $1.15 trillion into this industry by 2035
• Healthcare – artificial intelligence is forecasted to contribute $461 billion into this industry by 2035
• Information and communication – artificial intelligence is forecasted to contribute $951 billion into this industry by 2035
• Manufacturing – artificial intelligence is forecasted to contribute $3.78 trillion into this industry by 2035
• Public services – artificial intelligence is forecasted to contribute $939 billion into this industry by 2035
• Transportation – artificial intelligence is forecasted to contribute $744 billion into this industry by 2035
• Wholesale and retail – artificial intelligence is forecasted to contribute $2.23 trillion into this industry by 2035

Conclusion

Artificial intelligence market size is expected to hit $1.80 trillion in dollar value by 2030.

This comes as industries all across the board lead by manufacturing, healthcare, financial services, and retail, among others invest in digitization. 

It will not be long before we see the world fully-automated, all thanks to the power of AI.

However, cybersecurity remains a pressing issue as well as the moral implications of this technology to the world.

Sources