Global AI Market Growth Projections and Trends
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Global AI Market Growth Projections and Trends
Many businesses now share common practices, such as customer acquisition, chatbot automation, business analytics, and marketing strategies, which can all benefit from the advanced capabilities of AI.
Precedence Research predicts that the global AI market will reach $1600 billion by 2030, a substantial increase from the current market size of $119.78 billion as of the end of 2022.
Figure 12.1: The growth projection of AI space
[Source: Grand View research]
The Asia Pacific region is anticipated to experience a Compound Annual Growth Rate (CAGR) of 42% between 2022 and 2030. As of 2022, the software and IT industry accounted for nearly 41% of the market share, while the media and advertising industry accounted for approximately 22%. AI usage is evenly distributed across both core and non-core sectors.
Within the AI market, a significant proportion of use cases fall under the sub-domain of natural language processing (NLP). According to another report by Precedence Research, the NLP market captured 22% of the entire AI market in the previous year, and it is projected to experience a similar growth trajectory as the AI market with a CAGR of approximately 39% until 2030. Out of the total NLP market, 24% of the products are offered as services, while the remaining are full-fledged solutions. Furthermore, the chatbot segment is expected to register a CAGR of 30.29% between 2022 and 2027.
The recent breakout of ChatGPT actually intrigued the market more and has been a recent potential surge in AI businesses. In fact, AI stocks soared up due this unbelievable reach of ChatGPT within a very few days.
Figure 12.2: The growth projection of NLP space
[Source: Grand View research]
The major impact that ChatGPT brought is in text generation and search engine alternatives. It was able to provide a significant breakthrough in the market with a different kind of content-rich solutions. ChatGPT provides solutions in different content creation, HR division, email writing, different code writing, education and learning systems, informative systems, different problem solving abilities, recommendations and the list goes endless. Thus makes the ChatGPT one of the most exciting projects of upcoming days, projecting a net revenue of $200 millions in 2023, and projected to have around $1B in 2024. It almost reached from 1 to 100 million users base within just 3 months of span.
