Artificial Intelligence (AI) is set to experience an extraordinary growth journey over the period of next ten years. It is assumed to leave other technologies including cloud computing and robotics behind. It is to shape the future in ways that were once unimaginable. It is to outpace other tech sectors in terms of growth.
AltIndex data reveals that the AI market is expected to skyrocket by 350% by 2030. It is at least two and a half times faster than cloud computing and six times faster than robotics.
The AI market witnessed a growth by more than 2x in last five years to reach a valuation of $240 billion and has attracted 370 million users worldwide. The investment community has also taken notice that the venture capital (VC) is flowing into AI startups at a rapid pace and these has driven stock prices of major AI players to new heights.
A global survey conducted by IEEE among 350 CIOs, CTOs and IT directors across major markets found that 58% of them consider AI is to be the most critical area of technology for 2025. Cloud computing and robotics are simultaneously important, but they are no match for AI.
Statista Market Insights report that AI is projected to reach a value of $826 billion by the end of the decade and this represents an increase of more than half a trillion dollars. The public cloud market meanwhile is to grow by 133% and robotics by 58%.
The growth of other tech sectors like the Internet of Things (IoT), semiconductors and IT devices may not come close to matching the pace of AI. The IoT and semiconductor industries are expected to grow by around 60%. IT devices, services and software may witness far slower increases and to ranging somewhere from 14% to 32% by 2030.
Blockchain is another sector that is projected for explosive growth equipped with an expected rise of 2,970% in the next five years. It is to reach a valuation of more than $825 billion by 2030.
Statista reports that AI-driven technologies could boost global GDP by 9.5% by 2030. The boost could rise to 11.41% and even the conservative forecast predicts an 8.81% increase over the next five years.