Artificial Intelligence is the latest buzzword in the tech industry. With the ever-increasing popularity of the chat engine ChatGPT, AI has become popular in normal households. According to the numbers presented by SafeBettingSites.com, the AI market size is set to $208 billion in 2023.
The AI market to grow by 46% in 2023
Ever since the popularity of Chat GPT, AI has captured the imagination of the entire world. This sudden burst in popularity has helped the AI market overall as various tech giants have sped up their efforts on the technology.
According to the numbers available on Statista.com, the Artificial Intelligence market is set to grow significantly in 2023, and the trend is set to continue beyond. Last year was also a good one for AI, as the market witnessed massive growth. The annual revenue from Artificial Intelligence grew from $95.6 billion (in 2021) to $142.3 billion (in 2022), indicating an increase of 48.8%.
The AI industry is going to carry the same momentum in 2023. According to the estimates, the AI market is set to bring in $207.9 billion in revenue in 2023. The revenue size in 2023 would indicate a further increase of 46.1%. In other words, the AI market size is set to more than double itself in the space of two years.
If we look further into the future, the Artificial Intelligence craze is not going to calm down anytime soon. The Artificial Intelligence market size is predicted to grow almost at the same rate (or even better) till the end of the decade. The estimated annual revenue for 2024 is $298.2 million, which would mean a further increase of 43.5%.
Furthermore, the annual market size of Artificial Intelligence is estimated to cross the $1000 billion mark by 2028. This landmark would mean an impressive feat considering the yearly market size was smaller than $100 billion in 2021.
As per the estimates, AI technologies will be bringing in around $1847.5 billion in annual revenues by 2030.
There’s also plenty of other artificial intelligence editorial at IoT Insider’s sister publication, Electronic Specifier. And you can always add to the discussion at our comments section below or on our LinkedIn page here.