View Research predicts: AI market could grow to $998 billion by 2028

View Research predicts: AI market could grow to $998 billion by 2028

New York, 6/16/2021

According to a report by Grand View Research, the global AI market is expected to reach $998B by 2028, representing a compound annual growth rate of 40.2%. The data shows that the market was ~$60B in 2020 and is expected to reach $100B in 2021.

In the report, Grand View notes that companies are incorporating AI into virtually every program, from self-driving cars to medical devices. In particular, Amazon, Google, Apple, Facebook, IBM and Microsoft are cited as significant investors in AI technology research and development.

Largely congruent with these findings is a report from CNBC, which cites a forecast from Oppenheimer that the AI hardware market will reach $105 billion by 2025.

Grand View also predicts that AI in the healthcare market will reach $120.2 billion by 2028, a CAGR of 41.8%.

Citing the European Commission’s newly proposed rules for AI, Tristan Greene of The Next Web had this to say about Grand View / CNBC’s predictions: „While the future of many startups – especially those relying on privacy-intrusive systems – may be in jeopardy thanks to impending EU regulation, the fact is that strong AI is an ever-growing commodity that has become a necessity of life on par with running water and electricity.“