Artificial Intelligence (AI) is having a significant impact on our daily lives and, with recent breakthroughs, including the development of generative AI tools like ChatGPT, the belief that we are on the cusp of a transformative era has been reinforced. This era, which is expected to bring about profound changes, is comparable to the impact of personal computers, the internet, or smartphones.
According to projections, the AI market is estimated to reach the $1 trillion milestone, experiencing a significant surge in the coming years. AI is already having a massive impact on a number of stocks, with NVIDIA Corporation and Microsoft Corp. being two such companies, up 26% and 39% respectively.
In 2023, the AI market is expected to be worth $207.9 billion. By 2030, it is estimated to reach $2.87 trillion—a surge of 788.64%, according to Statista data. The market is expected to surpass the $1 trillion mark for the first time in 2028, reaching $1.06 trillion.
Although AI continues to demonstrate its potential, the level of trust in these systems varies significantly across different jurisdictions. The University of Queensland in Australia conducted a study on trust in artificial intelligence and found that trust in AI systems varies around the globe.
Developed countries seem more skeptical, with Japan and Finland at the bottom of the trust scale, and the United States saw 40% of the population reporting having trust in AI, with only 24% willing to use its capabilities. In contrast, India ranked first among countries with the highest level of confidence, scoring an impressive 75%.
Institutional pathways, perceived benefits of AI, and concerns about its future impact all play a role in the level of trust in AI systems. Nevertheless, the market share of AI technology is projected to continue its upward trajectory, driving by the increasing demand for automation in business, the availability of vast amounts of data from diverse sources, and government investments in AI research and development.