Substantial Growth in AI
The AI market's projected 38% compound annual growth rate (CAGR) comes from several industry reports. For example, Grand View Research states the global AI market was valued at $136.55 billion in 2022 and is expected to grow at a CAGR of 37.3% from 2023 to 2030. Similarly, Precedence Research forecasts the AI market will grow at a CAGR of 38.1% during this same period, driven by increasing adoption across industries like healthcare, finance, and telecom.
These reports highlight that AI is one of the fastest-growing technologies worldwide, reinforcing the prediction of substantial annual growth rates.