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AI sector to become a trillion-dollar market in the next 5 years

4th May 23 2:05 pm

As the potential for artificial intelligence (AI) to transform industries becomes more apparent, and market growth projections rise, trust in the technology is emerging as a crucial factor that may impact its adoption.

However, despite the anticipated steady increase in market value, trust in AI systems varies significantly across different nations.

In this line, according to data obtained by Finbold, as of 2023, the estimated market share of AI is $207.9 billion, and this value is projected to surge by 788.64% to reach $1.87 trillion by 2030. The market share is anticipated to exceed the $1 trillion threshold for the first time in 2028 at $1.06 trillion.

Elsewhere, India ranks first among countries with the highest level of trust in AI systems, with a score of 75%. China comes in second with a score of 67%, followed by South Africa in third place with a score of 57%.

Brazil ranks fourth with a score of 56%, while Singapore takes the fifth spot with a score of 45%. The United States comes in sixth place with a score of 40%. Other countries with a considerable trust score include Germany 35% and Israel 34%.

Automation and AI market growth 

The research report highlighted some factors likely contributing to the possible AI market share growth. According to the research report:

“The growing demand for automation will likely increase the need for AI services. As many businesses seek to automate their processes to reduce costs and increase efficiency, AI-powered automation tools can help achieve these goals. Moreover, the increasing availability of data from various sources can be leveraged to develop more sophisticated AI algorithms, driving growth.”

While the AI industry is expected to grow significantly, concerns such as the ethical aspects of these systems cannot be ignored. Addressing these concerns is crucial to ensuring that AI systems achieve their full market potential and gain the necessary trust to succeed.

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