The Global AI Market

Rapid Rise of an Industry

As the demand for AI solutions rises, the industry has become one of the world’s fastest-growing sectors. In 2023, the industry has seen massive growth–a testament to AI’s intrinsic value across varied sectors. AI has consistently demonstrated its remarkable ability to reduce inefficiencies, save time, increase productivity, and channel data to make informed business decisions.

Precedence Research estimates that the global AI market will reach a value of USD 2.57 trillion by 2032, while it was valued at USD 454.12 billion in 2022, thus projecting it to expand at a (CAGR) of 19% from 2023 to 2032. AI is predicted to disrupt all industries in some way. From finance to the automotive industries, changes are rapidly taking place (citation).

The current primary markets for AI are the U.S., Japan, and India (all three countries have shown exponential growth in AI adoption over the past few years). North America holds the largest market share on AI globally, with it valued at USD 167.3 billion in 2022 (36.84% market share), while Japan was valued at USD 20.2 billion in 2022. India, a rising region, is ranked sixth globally in terms of AI funding, spending USD 3.24 billion in 2022.