Tristan GreeneEditor, Neural by TNW
Tristan is a futurist covering human-centric artificial intelligence advances, quantum computing, STEM, physics, and space stuff. Pronouns: Tristan is a futurist covering human-centric artificial intelligence advances, quantum computing, STEM, physics, and space stuff. Pronouns: He/him
The financial outlook for the global artificial intelligence market looks pretty good in 2021. But that’s nothing compared to the expansion experts expect to see over the next seven years.
According to a recently released analysis report from Grand View Research, the AI market is expected to reach nearly $100 billion in 2021 and nearly ten times that by 2028.
Per a report from Grand View Research:
The global AI market is expected to grow at a compound annual growth rate of 40.2% from 2021 to 2028 to reach USD 997.77 billion by 2028.
This is based on numerous data points, but the most indicative might be the year-over-year growth we’re seeing from 2020 (where the market was evaluated at approximately $60 billion) to this year’s predicted evaluation of just shy of $100 billion.
[Read: Why entrepreneurship in emerging markets matters]
Driving the growth is mass scale adoption of deep learning techniques and a huge uptick in artificial intelligence hardware production and adoption.
According to a report from CNBC, early movers in the AI hardware space have been handsomely rewarded and the gravy train may just be getting started. A different analyst organization, Oppenheimer, sees the AI hardware market breaking the $100 billion mark by 2025.
Quick take: There’s an endless upside when it comes to artificial intelligence. In our research we haven’t been able to find a single expert analyst who’s sour on the future of AI.
While the future of many startups – especially those who rely on privacy-invasive systems – may be in jeopardy thanks to upcoming EU regulation, the simple fact of the matter is that strong AI is a steadily rising commodity that’s become a living necessity on par with running water and electricity.
Simply put, businesses around the globe run on AI.
While we don’t offer investment advice here at Neural (we’re enthusiasts, journalists, and science lovers but not financial experts), it’s safe to say artificial intelligence probably has a bright future in the global marketplace.
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