The worldwide Artificial Intelligence (AI) market is set to explode, and is expected to rise from around $273.6 billion today to an unfathomable $5.26 trillion by 2035.
This is a stunning growth owing to Combined Annual Growth Rate (CAGR) posted at 30.84% during the forecast period, a new report has for us. com. This enormous growth is largely driven by the growing usage of AI-related solutions in many industries, including financial services and healthcare.
The software market, is currently the dominant share hoarder in the AI market and is likely to dominate for some time to come.
This leadership can be attributed to the adoption of multiple technologies like NLP, computer vision, ML, and DL in various sectors. Increasing adoption of AI-enables business intelligence solutions and emergence of cloud-based AI solution are also anticipated to support artificial intelligence chip market.
Among the end-user industries, the BFSI segment holds the largest market share. Banks are using AI to streamline processes, process huge amounts of financial data, improve fraud detection and offer personalized customer experiences.
Having focused on predictive analytics and robo-advisory customer services, possible applications which are fueling the spread of AI in finance industry, with investment estimated to hit $97bn by 2027.
However, the healthcare industry is expected to have the fastest CAGR over the forecast period. AI in health care is revolutionizing the diagnosis, planning treatments, drug discovery and administrative workloads.
As chronic diseases continue to rise and patient care trends more towards data driven insights and personalized care, AI solutions are becoming inevitable. Analysts believe AI has the potential to help improve diagnostic accuracy by as much as 90% and save billions of dollars.
The market is led by North America in terms of geographies. However, Asia is expected to register the highest CAGR due to rapid digitalization and rising investments over AI R&D.
The report notes that the advent of artificial general intelligence (AGI) and continued technological innovation, combined with a variety of emerging applications of AI, is presenting an unparalleled growth of the AI market, among the fastest-growing market in the world.