The global AI industry has grown tremendously over the past years, and nothing can stop its growth. In 2024, the entire market is set to reach 315 million users and a $184 billion value, 35% more than last year. However, that`s nothing compared to the growth projections in the following years, which recently became even more optimistic.
According to data presented by Stocklytics.com, the AI industry is expected to hit almost $830 billion value by 2030, or nearly $90 billion more than the earlier forecast.
Over the past four years, artificial intelligence has become a synonym for growth. AI companies led the stock price rally and became the new shining objects for VC investors. At the same time, AI technologies have reached hundreds of millions of users worldwide, both in the private and corporate sectors, helping them to improve efficiency and decision-making and gain a competitive edge. Four years of unprecedented growth have helped the AI industry to practically double, with its valuation jumping from $93 billion in 2020 to $194 billion this year.
According to Statista Market Insights, the following years bring just as impressive growth, much bigger than expected earlier. Last year, Statista forecasted the global AI market to hit a $738.7 billion value by 2030. However, 2024 market projections show higher figures, with the market value rising to $826.7 billion, or almost $90 billion more than the earlier forecast.
Machine learning will remain the market`s largest and highest-grossing segment, reaching a $503 billion value by the end of a decade, still $25 billion less than expected earlier. Computer vision and autonomous and sensor technology segments also got lower expected market valuations. By 2030, the computer vision market is set to grow by 87% and hit almost $47 billion value, down from close to $51 billion in earlier forecasts. The autonomous and sensor technology market will see a similar decline, with a forecasted market value falling from $59.5 billion to $55.2 billion in 2030.
On the other hand, market projections for natural language processing and AI robotics have become quite optimistic. Statista expects AI robotics to reach a value of $64.3 billion by 2030, almost double the earlier forecast. The natural language processing segment will see even bigger growth, reaching a 147% higher valuation of $156 billion by the end of a decade.
Growing investments in AI research and development, increasing use of AI in consumer-facing applications, and a surging demand for automation and optimization across industries will help the AI market reach more users than ever in the following years.
Statista projects that approximately 315 million people will be using AI tools by the end of 2024. With an estimated 70 million new users adopting the technology each year, the AI market is poised to expand significantly, potentially reaching almost 730 million users by the end of the decade. Notably, every third user is expected to be from the United States.
