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Introduction to the Artificial Intelligence (AI) & Machine Learning Industry, Business and Industry Trends Analysis

Artificial intelligence (AI) spending worldwide was estimated at $235 billion for 2024 by analysts at IDC and is expected to grow to $636 billion by 2028. This is an estimate on a broad basis that includes spending on software and services. Plunket Research estimated the U.S. market for AI at $145 billion for 2024. Plunkett Research also estimated that the global business value derived from AI reached $5.0 billion in 2024, while analysts at McKinsey Global Institute estimated that AI’s contribution to the global economy could soar to $13.0 trillion by 2030.

In many ways, artificial intelligence (AI) is a logical extension of recent technology trends. A combination of ever-more-powerful computer chips, cloud computing, continued miniaturization of devices such as sensors, and the growth of the big data/data analytics sector are major enablers of AI on what is now a cost-effective basis.

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