Global AI Economy Set to Exceed USD 34 Trillion by 2027, up from USD 20 Trillion in 2023

LONDON, UNITED KINGDOM, September 5, 2023/EINPresswire.com/ — AI Industry Analytics Agency (AiiA) releases comprehensive assessment of Global AI Economy, encompassing major financial metrics of public corporations, private companies and investors, and economic considerations relating to hubs and government projects.

AI Industry Analytics (AiiA), a specialized subsidiary of Deep Knowledge Group focused on market intelligence and analysis of the AI industry, has announced the release of a first-of-its-kind comprehensive assessment of the Global AI Economy, prompted by explosive developments in the AI industry in recent months, projecting the global AI economy to surpass USD 34 trillion by 2027, up from USD 20 trillion in 2023.

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.

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 utilized 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 organizations. 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.

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This scope of economic profiling required the use of novel methods and techniques for data collection, information processing, insight extraction, and analysis. 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, estimating the economic impact of generative AI to be $2.6 trillion – $4.4 trillion. While the findings of AIIA’s 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.

AI Industry Analytics also contributed to the development of the Global AI Ecosystem, an open-access, decentralized, non-profit AI knowledge, analytics and community matching platform featuring open-source libraries, mindmaps and and an AI Knowledge Hub featuring 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 can 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 specialized 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.

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AI Industry Analytics is an end-to-end specialized solution for AI industry market intelligence and strategic insights, combining the power of deep analytics and industry monitoring with machine learning algorithms and advanced techniques to provide unparalleled recommendations in real time. As a subsidiary of Deep Knowledge Group, AiiA uses sophisticated approaches for mapping, comprehensive analysis and long-term forecasting of all domains within the AI industry, including science, technology, investment, finance and policy.

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Global AI Ecosystem is an innovative, open-access, and non-profit platform designed to foster knowledge and collaboration within the AI Industry. Providing access to advanced analytics, open-source libraries, interactive mindmaps, and community building infrastructure, its aim is to promote efficient cooperation and discussion among a variety of stakeholders, including companies, investors, non-profits, academic labs, R&D hubs, governmental bodies, and policy makers.

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Deep Knowledge Group is a data-driven consortium of commercial and non-profit organizations active on many fronts in the realm of DeepTech and Frontier Technologies (AI, Longevity, BioTech, Pharma, FinTech, GovTech, SpaceTech, FemTech, Data Science, InvestTech), ranging from scientific research to investment, entrepreneurship, analytics, consulting, media, philanthropy and more.

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