Artificial Intelligence market size set to surpass $1,500billion by 2030

Digital
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Value of artificial intelligence market to surpass $1,500bn by 2030

According to a new study by Precedence Research, the artificial intelligence (AI) market size is projected to surpass $1,597.1 billion by 2030. Overall, this represents a rapid growth. After all, the AI market was valued at $87.04 billion in 2021.

Due to this, it’s clear that the adoption of AI technology has been both rapid and successful. Now, the rising demand for AI tech across industries such as retail, healthcare, automotive and logistics is significantly contributing towards the expansion of the market.

This is undoubtedly huge news. After all, AI will have an impact on almost every aspect of our lives, including how we work and the social implications of job functions. With this in mind, let’s take a more detailed look at the expected expansion of the AI market in the coming years.

The companies driving AI market growth

Although it has become popular across industries and verticals, the expansion of the AI market has been largely driven by biopharmaceutical companies, who are using AI technologies for research, drug discovery and clinical trials.

However, biopharmaceutical companies are not the only businesses that have properly leveraged the power of AI technologies. In fact, some of the world’s biggest corporations have embraced AI in the past few years, including Microsoft, IBM, Google and Amazon.

The AI market in 2022

The report from Precedence Research found that the software segment of AI is currently the leader in the global AI market. This can be credited to the rising need for voice, visual and text recognition software.

On top of this, the deep learning segment accounted for a market share of around 38% in 2021. Deep learning technology deals with the management and storage of huge volumes of complex data and information, which is a major requirement for modern businesses.

Finally, Precedence Research found that North America is the largest market for AI. This is unsurprising, as it’s the home of tech giants such as Google, IBM and Apple, who have played a crucial role in the development and growth of the artificial intelligence market.

However, although North America remains the largest market for AI, adoption continues to spread, and it’s believed we’ll see an incredibly large uptake in the Asia Pacific region in the coming years. This will particularly be the case in manufacturing facilities, where AI technologies can help with logistics and warehousing in particular.

The future of AI and marketing – the Spike view

From the research, it’s clear to see that the growing penetration of advanced digital technologies across the globe is supporting the growth of the AI market. After all, the technology can drive autonomy in robots, create new internet-based technologies, improve decision making and provide the capacity for deep learning.

In the world of marketing in particular, it’s clear that AI technology’s ability to self-learn will be its most significant feature. But, AI technology can be used for several important functions, including:

  • Data analysis
  • Automated decision making
  • Content generation
  • Real-time personalisation
  • Natural language processing

Of course, current AI tools do not automatically know which actions to take in order to achieve marketing goals. As a result, time and training are still required for them to be functional and valuable. On top of this, some privacy concerns regarding data remain.

That said, much like in biopharmaceuticals, AI technology looks to be the future of marketing. Due to this, the marketers and businesses that embrace these new technologies the quickest are likely to be the biggest winners.