The year 2023 is when the applications of Artificial Intelligence start attaining the mainstream touch. From chatbots to generative AI, it is believed to be the year when talks around technology have increased amongst global authorities. Let’s delve into some of the key AI statistics and trends in 2023.   

The global AI market size  

In 2022, the global AI market size was valued at 136.55 billion dollars and is expected to rise exponentially in the coming years, supported by increasing AI investments, digital disruption and competitive advantages in this rapidly growing economy. Some of the mind-blowing statistics include:  

• The global AI market size is expected to increase at a CAGR of 37.3% from 2023 to 2030. It is expected to hit 1,811.8 billion by 2030.   
• By 2030, AI is expected to contribute 15.7 trillion dollars to the world economy, more than India and China’s current output combined.  
• The greatest economic gains from AI will be in China, with a 26% rise in GDP in 2030, followed by North America (14.5% boost), totalling $10.7 trillion and accounting for almost 70% of the global economic impact.   

Growth of AI in India  

With the advent of every AI-powered tool, the demand for them and AI systems is rising across India because of fast digitisation in all significant sectors like healthcare, financial services, automobile, and telecommunication with its ability to assist in automation, minimising errors and helping in repetitive tasks. Below are a few of the projections proving India will be the leader of AI in the future.   

• The AI market size reached $ 680 million in 2022 and is expected to reach $3.935.5 million by 2028, with a CAGR of 33.28% between 2023 and 2028.   
• AI expenditure in India increased by 109.6% million in 2018 and is expected to grow at a CAGR of 39% to hit $11,781 million by 2025.    
• AI can add nearly $500 billion to India’s GDP by 2025.   

The AI growth drivers  

With the introduction of AI and its applications around the globe, AI is enabling various segments to flourish and changing the way we foresee the future. Current technological advancements like wearable technology, chip market solutions, self-driving cars, and automated medical procedures significantly influence market growth.   

AI is transforming healthcare  

• AI empowers the healthcare sector by assisting in treatment, research, drug discovery, diagnosis and decision-making processes.  
• Almost half of US-based healthcare providers are expected to use AI tools like RPA in their healthcare facilities by the end of 2023, as per a report by Gartner.   
• Integration of AI into drug discovery is expected to cross $4 billion by 2027 at a CAGR of 45.7%.   
• The global RPA market in the healthcare market size is believed to increase to $6.2 billion by 2030 at a CAGR of 26.01%. It was previously evaluated at $2.9 billion in 2022.   

The global AI adoption rate  

The global enterprise AI adoption rate has doubled since 2017 and is rapidly growing, exhibiting signs of faring better in the coming years. As per the survey report of IBM, Indian and Chinese companies are taking the lead in using AI compared to other technologically advanced countries.   

Impact of AI on the workforce  

We have witnessed how various AI tools help boost labour productivity to a greater extent. Below are a few critical statistics showing how AI-powered tools and automation will influence employment opportunities and how they will help increase labour productivity across industries.   

• As per the report released by McKinsey, up to 15% of the global workforce or nearly 400 million workers, may be displaced by AI by 2030.   
• Six out of ten current occupations have more than 30% of technically automatable activities that do not need human intervention.   

AI impacting labour productivity  

• Until 2030, additional labour demand is expected between 21% and 33% of the global workforce.   
• AI-powered technologies are expected to increase labour productivity by up to 40% across 16 sectors by 2035. AI is also believed to add $3.8 trillion GVA in 2035 to the manufacturing sector.  

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