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 likely to grow rapidly in the next years. Increasing use of technology by companies and governments will be a major reason behind this. This market is expected to grow to approximately $990 billion (approximately Rs 82,75,424 crore) by 2027.

Consulting firm Bain & Co has launched its global technology Report It has been told that the market of AI related services and hardware can grow by 40 percent to 55 percent annually from $ 185 billion last year and reach $ 780 billion to $ 990 billion by 2027. It has been said in this report that the demand in this segment is increasing so fast that there will be pressure on the supply chain of components including chips. Demand for integrated circuit design and related IP may increase by 30 percent by 2026. According to this report, the cost of large data centers could increase from approximately $1 billion to $4 billion this year to $10 billion to $25 billion in five years.

In this segment, companies have come out of the phase of experimentation and are increasing the use of generative AI in their work. The 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 investment in computing infrastructure and AI models.

Recently, Chairman and Managing Director of Reliance Industries, Mukesh Ambani had said that the company is adding new technologies in all its businesses. This will improve the company’s products and reduce its dependence on third-parties. He had said that digital infrastructure related to AI has been prepared for all the businesses of Reliance. 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 join the top 30 international companies in the near future. The company’s telecom unit Reliance Jio has acquired more than 350 patents in 5G and 6G technologies. Some other big companies have also increased their investment in this segment.