AI Market Size Statistics (2023)
AI Market Statistics (Top Picks)
AI Market Size
In 2023, the global AI market is valued at approximately $207.9 billion, a substantial increase of nearly 50% from 2022's $142.32 billion, and more than doubling since 2021's $95.6 billion.
Source: NextMSC
AI Market Growth Projections
By 2030, the AI market is projected to reach a staggering $1.85 trillion, marking a nine-fold increase from 2023's figures.
Source: PrecedenceResearch
AI Market Growth Over Time
Between 2022 and 2030, the global AI market is expected to maintain a robust Compound Annual Growth Rate (CAGR) of 32.9%. Here's a detailed year-by-year breakdown of this phenomenal growth:
| Year | Market Size | Change Over Previous Year |
|---|---|---|
| 2021 | $95.6 billion | - |
| 2022 | $142.32 billion | 48.87% |
| 2023 | $207.9 billion | 46.08% |
| 2024 | $298.25 billion | 43.46% |
| 2025 | $420.47 billion | 40.98% |
| 2026 | $582.95 billion | 38.64% |
| 2027 | $795.38 billion | 36.44% |
| 2028 | $1.07 trillion | 35.43% |
| 2029 | $1.42 trillion | 32.71% |
| 2030 | $1.85 trillion | 30.28% |
Source: NextMSC
Growth Drivers in the AI Space
The relentless investment in AI has catalyzed rapid technological advancements across various industries. AI has found applications in:
- Healthcare
- Automotive
- Financial Services
- Retail and Consumer
- Communications
- Entertainment
- Manufacturing
- Energy
- Transport and Logistics
AI's versatility is undeniably one of its key strengths, as it seamlessly integrates into almost every facet of modern industries.
Source: PrecedenceResearch
Key Players in the AI Space
Several global giants dominate the AI landscape, shaping the future of this dynamic field. Some of the key players include:
- Intel Corporation (US)
- Microsoft (US)
- IBM (US)
- Google (US)
- Amazon Web Services (US)
- Baidu (China)
- NVIDIA Corporation (US)
- H2O.ai (US)
- Lifegraph (Israel)
- Sensely (US)
- Enlitic (US)
- AiCure (US)
- HyperVerge (US)
- Arm Limited (UK)
- Clarifai (US)
- Advanced Micro Devices (US)
- Atomwise (US)
- Enlitic (US)
- Iris.ai (Norway)
- Zebra Medical Vision (Israel)
- OpenAI (US)
- Midjourney (US)
Sources: Precedence Research, Grand View Research
AI Market Geographic Breakdown
In 2023, the North American AI market leads the way with a valuation of $30.9 billion, followed by Asia-Pacific at $19.59 billion and Europe at $15.94 billion. These markets are expected to grow by approximately 60% by 2025, with North America surpassing the $50 billion mark.
Here's a breakdown of the regional AI market growth from 2018 to 2025:
| Year | North America | Asia-Pacific | Europe | Latin America | Middle East and Africa |
|---|---|---|---|---|---|
| 2018 | $4.11 billion | $2.72 billion | $2.09 billion | $0.35 billion | $0.24 billion |
| 2019* | $6.36 billion | $4.15 billion | $3.27 billion | $0.55 billion | $0.37 billion |
| 2020* | $9.8 billion | $6.31 billion | $5.05 billion | $0.86 billion | $0.56 billion |
| 2021* | $15.08 billion | $9.73 billion | $7.84 billion | $1.34 billion | $0.87 billion |
| 2022* | $22.23 billion | $14.25 billion | $11.52 billion | $1.96 billion | $1.31 billion |
| 2023* | $30.9 billion | $19.59 billion | $15.94 billion | $2.73 billion | $1.78 billion |
| 2024* | $41.06 billion | $26.15 billion | $21.17 billion | $3.64 billion | $2.39 billion |
| 2025* | $51.58 billion | $32.89 billion | $26.54 billion | $4.57 billion | $3.03 billion |
Source: Tractica
AI Growth By Segment
Let's explore how AI is making strides in key industries:
Healthcare
In 2021, the AI healthcare market was valued at an estimated $11.06 billion. Fast forward to 2023, and this figure has almost doubled, reaching $20.65 billion. Over the next decade, AI healthcare is predicted to soar to over $185 billion, marking a staggering 17-fold increase from 2021.
| Year | Market Size |
|---|---|
| 2021 | $11.06 billion |
| 2022* | $15.1 billion |
| 2023* | $20.65 billion |
| 2024* | $28.24 billion |
| 2025* | $38.66 billion |
| 2026* | $52.97 billion |
| 2027* | $72.62 billion |
| 2028* | $99.63 billion |
| 2029* | $136.66 billion |
| 2030* | $187.95 billion |
Chips
The AI chips market has witnessed remarkable growth, doubling in value since 2021 ($10.8 billion
) and reaching $21.9 billion in 2023. Projections indicate that by 2028, it will skyrocket to $127.8 billion, marking a six-fold growth in just five years.
| Year | Market Size |
|---|---|
| 2021 | $10.8 billion |
| 2022* | $15.8 billion |
| 2023* | $21.9 billion |
| 2024* | $31.1 billion |
| 2025* | $44.3 billion |
| 2026* | $63.1 billion |
| 2027* | $89.8 billion |
| 2028* | $127.8 billion |
Finance
In the finance industry, AI has already contributed to significant revenue increases. Over one-third (34%) of financial institutions reported revenue increases of over 20%, while 51% saw revenue increases of at least 10% thanks to AI. Overall, 88% of finance firms have witnessed revenue growth since incorporating AI.
For more insights on the transformative power of AI, explore our articles on the Top AI Trends and 57+ Amazing Artificial Intelligence Statistics. AI's journey has just begun, and its future is boundless.