Home Bots & Business Global AI Market Projected to Grow by USD 237.4 Billion by 2028

Global AI Market Projected to Grow by USD 237.4 Billion by 2028

by Pieter Werner

The global artificial intelligence (AI) market is projected to expand by USD 237.4 billion between 2024 and 2028, according to a report published by Technavio. The market is expected to grow at a compound annual growth rate (CAGR) of 30.07% during this period, with North America accounting for 56% of the market share.

The report identifies fraud prevention and protection against malicious cyberattacks as key drivers of market growth. Increasing adoption of cloud-based AI services is also contributing to the expansion, as businesses seek scalable, cost-effective solutions for data processing and AI deployment. However, a shortage of AI professionals with specialized skills remains a significant challenge, affecting the ability of organizations to implement AI technologies effectively.

The AI market is characterized by its fragmented structure, with major contributions from companies such as Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Ayasdi AI, Baidu, Clarifai, Cyrcadia Health, Enlitic, Google, H2O.ai, HyperVerge, IBM (including IBM Watson Health), Intel, Iris.ai, Lifegraph, Microsoft, NVIDIA, and Sensely.

The report highlights the growing influence of deep learning, machine learning algorithms, and cognitive computing across industries including healthcare, banking, e-commerce, and IT. Applications such as computer vision, natural language processing, and automation through robotics, chatbots, and virtual assistants are reshaping business operations. AI is also being utilized for trend forecasting, supply chain optimization, workflow management, and enhancing customer experiences.

Despite its rapid growth, the AI market faces challenges related to data management, ethical and regulatory compliance, algorithmic bias, and privacy concerns. The high cost of developing in-house AI capabilities and the need for substantial computing infrastructure have led many organizations to shift towards cloud-based AI solutions. Additionally, competition for skilled AI talent remains intense, posing recruitment challenges for companies across sectors.

The report indicates that industries such as finance, biopharmaceuticals, cybersecurity, and legal services are leveraging AI to improve fraud detection, manage operational workflows, and forecast market trends. The adoption of edge AI and Internet of Things (IoT) technologies is also driving innovation, particularly in IT and telecommunications.

Looking ahead, advancements in hardware, software, and data storage technologies are expected to support further growth in the AI sector. The development of pretrained models, customizable AI platforms, and open-source solutions is making AI more accessible to businesses of all sizes. However, the report notes that addressing issues related to job displacement and ethical AI deployment will be critical as the technology continues to evolve.

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