Artificial intelligence (AI) Market is Expected to Reach USD 12.43 Billion by 2030, at a CAGR of 46.5% During 2024–2030

The AI market growth is driven by the rapid expansion of data availability across industries.

According to a new research report by Next Move Strategy Consulting, the global Artificial Intelligence (AI) Market was valued at USD 0.86 billion in 2023 and is expected to reach USD 12.43 billion by 2030, registering a CAGR of 46.5% during the forecast period.

The AI market is experiencing rapid growth, fueled by the exponential increase in global data availability. The proliferation of digital devices and online activities has generated an abundance of data, which serves as a critical resource for developing, training, and deploying AI models.

As organizations seek to leverage insights from vast datasets, the demand for AI solutions capable of processing and analyzing this information continues to rise, driving the interconnected growth of AI and data availability.

This trend is reflected in the projected expansion of the data center industry, which is expected to surpass USD 421.4 billion by 2030, according to Next Move Strategy Consulting, underscoring the sustained growth of data-driven technologies.

However, the growth and acceptance of AI face obstacles due to data privacy issues stemming from the expanding collection and utilization of personal data.

Concerns such as unauthorized access, data misuse, and biased decision-making erode confidence in AI technologies. Diverse regulations and jurisdictional conflicts complicate the establishment of uniform data privacy protocols.

Overcoming these challenges necessitates robust data security measures, transparent governance practices, and ethical AI advancement to cultivate trust and unleash the complete capabilities of AI.

On the contrary, the widespread adoption of artificial intelligence across sectors revolutionizes business operations and innovation. In healthcare, AI enables personalized medicine, improving patient outcomes and reducing costs.

In finance, AI-driven analytics enhance risk management and decision-making. In manufacturing, AI-driven predictive maintenance boosts productivity. In retail, AI recommendation systems enhance customer engagement.

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According to the report, the leading players in the AI market include IBM Corporation, Google LLC, Microsoft Corporation, NVIDIA Corporation, Intel Corporation, Amazon Web Services (AWS), Oracle Corporation, Dynatrace, Inc., Meta Platforms, Inc., and Salesforce, Inc., among others. These market players are adopting strategies such as investment, collaboration and product launches across various regions to maintain their dominance in the artificial intelligence industry.

For instance, in May 2024, Microsoft invested $2.2 billion to drive Malaysia's cloud and AI transformation. It focuses on digital infrastructure, AI skilling, and cybersecurity enhancements which further aims to boost Malaysia's digital capabilities and position the country for growth in the global tech landscape.

Also, in March 2024, NVIDIA introduced a generative AI microservices for developers to create and deploy generative AI copilots across NVIDIA CUDA GPU installed base. It helps to create and deploy custom applications on their own platforms.

Moreover, in February 2024, IBM partnered with Wipro to offer enhanced AI services and assistance to customers, fostering the development of integrated and enterprise-ready AI solutions through their expanded partnership.

In addition, in February 2024, Google revamps its AI services under the new name Gemini. Offered in a free tier and a $20/month subscription with advanced features like tutoring and code help, Gemini targets smartphone users through a new app, aligning with Google's focus on mobile AI.

Key Insights from the Artificial Intelligence (AI) Market Report:

  • Information related to the key drivers, restraints, and opportunities and their impact on the artificial intelligence market is provided in the report.

  • Value chain analysis of the AI market provides a clear picture of the role of each stakeholder.

  • The market share of the global artificial intelligence market players and their competitive analysis is included in the study.

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