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The global artificial intelligence economy is projected to to surpass USD 34 trillion by 2027, up from USD 20 trillion in 2023, according to AI Industry Analytics (AiiA), a specialised subsidiary of Deep Knowledge Group focused on market intelligence and analysis of the AI industry.
As the AI market continues to witness unprecedented growth and diversification, tracking its size and its sectoral and geographical distribution has become a challenge of multiplying complexity, one for which AI Industry Analytics is uniquely equipped to face.
The report looks at the rapidly evolving AI landscape, delivering quantitative, tangible insights to industry stakeholders and decision-makers.
AiiA conducted the most comprehensive and realistic assessment, which includes publicly-traded corporations, private companies, investors, hubs and government-funded projects, as outlined in its detailed report and associated Data Analytics Platform. This approach allows for a more pragmatic assessment of the true impact of AI on the global economy, and a more data-driven understanding of the actual size of the global AI industry.
To develop these estimates, AiiA utilised AI algorithms to map the entire global AI market, profiling 50,000 companies, 20,000 investors, 2,000 AI leaders, 2,500 R&D hubs, and 300 government organisations by adapting, retuning and building upon techniques and analytical frameworks previously developed by Deep Knowledge Group for its assessments of AI’s impact in multiple industrial and regional domains. Having developed the methodological foundations for these analyses over the past decade, and having further refined their application to specific AI industrial domains over the past five years, the Group found itself uniquely equipped in 2023 to turn its attention to dedicated AI Industry analytics.
The substantial efforts required to repurpose those past activities and developed resources towards the new challenge of creating a tangible, data-driven Global AI Economy size assessment required them to map not just primary AI markets but also recent AI developments in several major industries including Finance, BioTech, HealthTech, and AI Technology Infrastructure. In addition to assessing the Global AI Economy Size, AiiA’s report gives a deeper breakdown of the AI market in 10 global regions and countries: US, EU, UK, China, EU, Canada, Germany, France, Switzerland and Israel. It enables an in-depth assessment of the AI industry development potential in particular countries and regions.
“This first iteration in an ongoing series of Global AI Economy Size Assessments undertaken by AiiA adds substance and depth to something that we all know, and which has become very obvious to the general public in recent months: that AI is here to stay, and will be witnessing both unprecedented levels of growth as well as driving the expansion, disruption, modernisation and diversification of countless other industries caught in its wake. These kinds of assessment lay the groundwork for the important process of AI industry structurisation and commoditisation, which will be required to leverage AI’s true potential, de-risk investments, unlock capital, and bridge the gaps between tech industries, ultimately creating a more sustainable and prosperous financial future within the AI industry and beyond.” said Dmitry Kaminskiy, Founder of AI Analytics Agency (AiiA) and General Partner of Deep Knowledge Group.
This scope of economic profiling required the use of novel methods and techniques for data collection, information processing, insight extraction, and analysis, including using advanced AI algorithms, specifically designed for this purpose. It also required expanding upon established approaches used by several other providers of AI industry size assessments, such as McKinsey & Company, which recently released their own report titled “The economic potential of generative AI” (June 2023).
McKinsey’s report considered applications of generative AI across 63 use cases in a variety of industries. According to the report, the additional revenue from generative AI is projected to range from $2.6 trillion to $4.4 trillion. While the findings of the AI Industry Analytics study do not significantly contradict those of the McKinsey report, AiiA’s methodology is distinctly more holistic, deriving directly from their first-ever mapping of the entire global AI industry ecosystem, encompassing not just revenue and turnover but also assessment of estimated total value of global AI assets. AiiA applies an exhaustive approach to data gathering and interpretation, offering a broader evaluation through a wider range of parameters, larger volumes of data, and a more profound level of analysis. This high-grade assessment serves as a robust foundation for strategic decision-making, enhancing the value and utility of the findings.
AiiA’s report is set to become a pivotal source of crucial insights into the current state and future trajectory of the AI industry. With its commitment to providing accurate, in-depth analysis, AiiA will remain at the forefront of AI economy research, enabling industry professionals, investors, business leaders and policy makers to navigate the complex AI landscape with confidence.
AI Industry Analytics also contributed to the development of the Global AI Ecosystem, a newly-launched, open-access, decentralised and non-profit AI knowledge, analytics and community matching platform featuring open-source libraries, mindmaps, and seamless communication channels. The platform’s AI Knowledge Hub contains searchable libraries of the newest AI tools, APIs, educational courses, media resources, books, conferences and communities. It also offers real-time AI news feeds and community infrastructure where users will be able to create their own accounts, interact with each other, and participate in curated content environments. Designed to cater to all AI ecosystem stakeholders, it serves as an end-to-end solution for harnessing the potential of artificial intelligence.
While AI Industry Analytics’ Global AI Economy Size Assessment is the first of its kind in scope, it this line of work will be further expanded by subsequent iterations in the coming months, alongside additional and more specialised assessments of the impact of AI on a multitude of industries, sectors, regions and countries.
Currently, AiiA’s report provides clear indication that the global AI economy is poised for substantial and dynamic growth in the coming years, and that current AI industry stakeholders are working in an unprecedented period of opportunity in terms of AI impact on the global economy.
