The global artificial intelligence market share is set for explosive growth with a CAGR of 39.1% during 2025–2031, it was valued at $199.47 billion in 2024, with projections indicating a surge to $2,172.63 billion by 2031. This remarkable expansion is driven by growing demand for generative Al.
According to a new comprehensive report from The Insight Partners, „Artificial Intelligence Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Technology, Industry Vertical, and Geography“, the global artificial intelligence market is observing healthy growth owing to the adoption of artificial intelligence technology by numerous industries across different regions.
Rising Adoption in the Healthcare Industry: Artificial intelligence is transforming the healthcare sector by improving diagnostics, personalizing treatment regimens, streamlining processes, and lowering costs. Healthcare organizations are using image-based AI models as diagnostic tools, which can speed up interpretation and lead to early disease identification. For instance, in September 2023, Paige AI, Inc. collaborated with Microsoft to develop the world’s largest image-based AI models for digital pathology and oncology to fight cancer. The companies are engaged in developing a new AI model that is larger than any other image-based AI model existing today. Configured with billions of parameters, this model would assist in capturing the subtle complexities of cancer and serve as the foundation of next-generation clinical applications and computational biomarkers pushing the boundaries of oncology and pathology. Further, as stated in July 2024, the European Academies Science Advisory Council (EASAC) and the Federation of European Academies of Medicine (FEAM) are jointly working on projects and case studies to evaluate AI-incorporated healthcare products and services. Hence, a growing number of research and development activities related to the use of AI in the healthcare industry are fueling the market.
