💹Market Analysis

In recent years, the market for artificial intelligence has expanded swiftly. According to a report by Grand View Research, The global market for artificial intelligence was worth USD 62.35 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 40.2% from 2021 to 2028. Due to advancements in machine learning algorithms, the rising adoption of cloud-based services, and the proliferation of big data, the market for artificial intelligence has grown significantly over the past few years. The COVID-19 pandemic has also accelerated the adoption of artificial intelligence (AI) technologies in numerous industries, including healthcare, retail, and e-commerce. According to a second report by Markets and Markets, the market for artificial intelligence will reach $309.6 billion by 2026, expanding at a CAGR of 39.7% between 2021 and 2026. According to the report, this growth is attributed to the rising demand for AI-powered solutions in various industries, such as healthcare, automotive, finance, and retail.

The global artificial intelligence (AI) market was valued at US$ 119.78 billion in 2022 and is anticipated to reach US$ 1,591.03 billion by 2030 at a CAGR of 38.1% between 2022 and 2030.

According to a report by Research and Markets, the Asia-Pacific AI market is projected to expand at a CAGR of 42.8% between 2020 and 2025. According to the report, this growth is attributed to factors such as the increasing availability of data, advancements in cloud computing, and the increasing adoption of AI technologies across multiple industries. China, in particular, has emerged as a significant player in the AI market due to the government's substantial investments in AI research and development. According to a report by Deloitte, China's artificial intelligence (AI) market will reach USD 10 billion by 2022, with applications in industries including healthcare, finance, and manufacturing.

The global artificial intelligence market was valued at USD 136.55 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030.