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The global artificial intelligence (AI) market was valued at approximately $87 billion in 2022 and is expected to reach $407 billion by the end of 2027, growing at a CAGR of around 36.2% between 2022 to 2027. The primary factor responsible for the market growth is the emergence of AI-based business models. AI has been set up as the primary driver of growing technologies, such as robotics, big data, and IoT. In both the short-term and the long-term, and across back- and front-office applications, AI has the potential to add value to business workflows, augment employee capabilities and harness the power of man and machine to improve customer experience.
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The global artificial intelligence (AI) market is projected to reach USD 310 billion by 2026, growing at a CAGR of 39.7% during the forecast period. Various factors such as growth of data-based AI and advancement in deep learning and need to achieve robotic autonomy to stay competitive in a global market are expected to drive the adoption of the AI solutions and services.
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