AI global market may touch $990 bn by 2027 with 40-55% AGR: Report

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AI global market may touch $990 bn by 2027 with 40-55% AGR: Report - Business Standard

Quick Summary:

The global market for artificial intelligence (AI)-related products and services is expected to grow at an annual rate of 40-55 per cent, and can reach up to USD 990 billion by 2027, a report has said.

"Bain estimates that the total addressable market for AI-related hardware and software will grow between 40 per cent and 55 per cent annually for at least the next three years, reaching between USD 780 billion and USD 990 billion by 2027.

Bain & Company's 5th annual Global Technology Report said AI workloads could grow about 25-35 per cent per year through 2027.