AI market projected to hit $4.8 trillion by 2033, emerging as dominant frontier technology
Artificial intelligence (AI) is fast becoming the defining technology of our time. A new UN Trade and Development (UNCTAD) report projects the global AI market will soar from $189 billion in 2023 to $4.8 trillion by 2033 – a 25-fold increase in just a decade.
By then, AI could quadruple its share of the global frontier technology market, rising from 7% to 29% and emerging as the sector’s dominant force.
But AI’s rapid growth risks widening global divides. Development is highly concentrated, with advanced and large economies benefiting from a deeper talent pool of workers with the needed skills.
In 2022, just 100 companies – mainly in the United States and China – accounted for 40% of global AI research and development (R&D). Combined, the two countries hold 60% of all AI patents and produce a third of global AI publications.
AI at work: Global impact on jobs
AI is already reshaping industries – from content creation and product design to automated coding and customer service.
Globally, it could affect 40% of jobs, with up to one third in advanced economies at risk of automation. But those same economies are better placed to benefit: 27% of their jobs could be enhanced by AI, boosting productivity and complementing human skills.