Machine Learning Trends & Stats for 2024

The global AI market is expected to grow exponentially, with a projected value of $196.63 billion by 2024 and a CAGR of 28.46% between 2024 and 2030. The computer vision market was worth $20.31 billion in 2023, with a projected CAGR of 27.3% between 2023 and 2032. Natural language processing (NLP) is expected to reach $31.76 billion by the end of 2024, growing at a CAGR of 23.97%. Over 50% of US companies with more than 5,000 employees use AI, while Chinese and Indian companies report the highest use of AI compared to other developed countries. The large language model (LLM) market is currently valued at $6.4 billion and is expected to reach $36.1 billion by 2030, growing at a CAGR of 33.2%. AI adoption is widespread, with over 34% of companies already adopting AI, while 22% plan to do so by the end of 2024. The insurance industry has the highest AI adoption rate, followed by US healthcare companies. Companies that lead in AI functionalities produce total shareholder returns (TSR) four to six times higher than organizations that lag in AI investments. AI is expected to contribute around $15.7 trillion to the global economy by 2030, more than India and China's current GDP.