AI market set to reach $184 billion this year

By Ibidunni Banjoko
A recent report by Statista revealed that the global market size in the Artificial Intelligence (AI) sector is projected to soar to US$184.00 billion this year. This growth trajectory is anticipated to continue, with an annual growth rate (CAGR 2024-2030) of 28.46%, culminating in a market volume of US$826.70 billion by 2030.

In global comparison, the United States is forecasted to lead with the largest market size, reaching US$50.16 billion in 2024.

A notable trend in the AI industry is the increasing utilization of AI in healthcare, with applications ranging from disease diagnosis to personalized medicine. Additionally, AI’s role in enhancing customer service through chatbots and virtual assistants is gaining prominence. The development of AI chips and edge computing is another burgeoning trend, facilitating more efficient processing of AI applications. Furthermore, the integration of AI with other technologies like blockchain and the Internet of Things (IoT) is anticipated to foster innovation and drive growth in the industry.

Several factors are fueling the growth of the AI industry. The proliferation of big data is expanding opportunities for AI applications, as AI algorithms require substantial data for learning and improvement. Advancements in computing power and cloud infrastructure are also enhancing the processing capabilities of AI applications. Moreover, the rising demand for automation and optimization across industries is propelling the adoption of AI technologies. Consumer-facing applications such as virtual assistants and chatbots are further broadening the market for AI technologies.

Additionally, increased investments and collaborations among technology firms, research institutions, and governments are stimulating innovation and growth in the AI sector.
The AI market is poised for significant growth and development until 2030, driven by the widespread adoption of AI technologies across industries, advancements in AI algorithms and infrastructure, and substantial investments in AI research and development. The market is expected to witness ongoing innovation and expansion, with AI becoming an increasingly integral component of business operations and consumer-facing applications.


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