The market potential for artificial intelligence (AI) technologies shows no signs of stopping in 2024, or in the not-so-distant future. According to Grand View Research, the global AI market size is expected to reach $1,811.75 billion by the year 2030, expanding at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2024. See, “Artificial Intelligence Market to Reach $1,811.75 Billion by 2023,” Grand View Research (June 2023). Giving rise to this projected market expansion are increasing investments in AI technologies, the demand for acquiring and processing big data, and the fundamental need to prepare for AI technologies” energy consumption. See, Rashi Maheshwari et al., “Top AI Statistics and Trends in 2024,” Forbes (Jan. 2, 2024); see also, Zoe Kleinman et al., “Warning AI Industry Could Use as Much Energy as the Netherlands,” BBC (Oct. 10, 2023).
It goes without saying that AI is going to greatly impact our businesses and our lives in a way only certain technological revolutions do. In a recent interview with an investment advisor, it was said that, on a scale of 0-100, with the harnessing of electricity being 100, AI is going to be a 95 in terms of industrial and cultural impact. With AI likely to become nearly as ubiquitous as a home utility, everyone, whether a layperson or service provider, will be required to use it to stay productive. See, Nathan Hager, “Bloomberg Daybreak Holiday Special – New Years Day 2024,” Bloomberg Daybreak (Jan. 1, 2024).
