AI Market May Increase to USD 1 Trillion By 2027, Companies Spending Massive in This Segment

The use of Artificial Intelligence (AI) has increased rapidly in the last few years. The AI ​​market is expected to grow rapidly in the coming years. A major reason behind this will be the increasing use of technology by companies and governments. This market is estimated to grow to around $990 billion (about Rs 82,75,424 crore) by 2027.

Consulting firm Bain & Co has announced its global technology Report has reported that the market for AI related services and hardware could grow 40% to 55% annually from $185 billion last year to reach $780 billion to $990 billion by 2027. This report says that the demand in this segment is growing so fast that there will be pressure on the supply chain of components including chips. The demand for integrated circuit design and related IP could grow by 30% by 2026. According to this report, the cost of large data centers could increase from around $1 billion to $4 billion this year to $10 billion to $25 billion in five years.

Companies in this segment are moving out of the experimentation phase and increasing the use of generative AI in their operations. Governments of India, Japan, France and the United Arab Emirates are spending billions of dollars to subsidize sovereign AI. Along with this, these governments are increasing investments in computing infrastructure and AI models.

Recently, Reliance Industries Chairman and Managing Director, Mukesh Ambani had said that the company is adding new technologies to all its businesses. This will improve the company’s products and reduce its dependence on third parties. He had said that Reliance has developed a digital infrastructure related to AI for all its businesses. Along with this, its own software stack, end-to-end workflow and real-time dashboard have been created. Reliance claims that by increasing the use of technology, it can be included in the top 30 international companies in the near future. The company’s telecom unit Reliance Jio has obtained more than 350 patents in 5G and 6G technologies. Some other big companies have also increased their investment in this segment.