Listen to this article:
AI and GenAI Dominance: Artificial intelligence, especially generative AI (GenAI), is expected to continue its rapid growth, impacting various industries.
Cloud Computing Expansion: The cloud computing market is set to expand, with a significant rise in Platform-as-a-Service.
Cybersecurity Challenges: The rise of GenAI will lead to increased cybersecurity risks, necessitating greater investment in this area.
Robotics and IoT Growth: AI and cloud computing are fueling the growth of the robotics industry and the enterprise IoT market.
Economic and Political Influence: Despite global challenges, tech investment continues to grow, driven by the belief that great innovations arise in times of stress.
AI and Generative AI: The Front-Runners
Artificial intelligence (AI) was the most talked about technology investment trend of 2023 and is expected to continue attracting significant investment in 2024. The total AI market is projected to be worth $908.7 billion by 2030, with generative AI (GenAI) being particularly noteworthy. The GenAI market is expected to grow from $1.8 billion in 2022 to $33 billion by 2027, implying an 80% compound annual growth rate (CAGR) during this period.
Cloud Computing: A Growing Market
The cloud computing market is anticipated to reach $1.4 trillion by 2027, growing at a CAGR of 17% between 2022 and 2027. Software-as-a-Service (SaaS) will continue to dominate this sector, comprising 63% of cloud services revenue in 2023. Platform-as-a-Service (PaaS) is projected to be the fastest-growing cloud service, with businesses increasingly outsourcing IT infrastructure to the cloud for cost reduction and greater flexibility.
Cybersecurity: An Increasing Concern
With the rapid adoption of GenAI, there is an increased risk of social engineering and spear-phishing attacks. Chief Information Security Officers worldwide will face extreme pressure as cyber-attacks become more sophisticated. The ransomware business model is projected to cost businesses more than $10 trillion by 2025, up from $3 trillion in 2015. Consequently, cybersecurity revenues are expected to reach $344 billion worldwide by 2030.
Robotics and IoT: Sectors on the Rise
AI and cloud computing are driving the development and adoption of the robotics industry. The global robotics market is expected to grow at a CAGR of 17% to reach $218 billion by 2030. The service robot market is anticipated to reach $67.1 billion by 2024, marking a significant growth driver. Additionally, the global enterprise IoT market is projected to generate $1.2 trillion in revenue by 2027.
About the author
Evalest's tech news is crafted by cutting-edge Artificial Intelligence (AI), meticulously fine-tuned and overseen by our elite tech team. Our summarized news articles stand out for their objectivity and simplicity, making complex tech developments accessible to everyone. With a commitment to accuracy and innovation, our AI captures the pulse of the tech world, delivering insights and updates daily. The expertise and dedication of the Evalest team ensure that the content is genuine, relevant, and forward-thinking.
How to Growth Hacking in 2024
The top growth hacking strategies for 2024, integrating AI, voice search optimization, influencer marketing, and more to drive rapid business expansion.
Investor Tips for Startups in 2024: Navigating Challenges and Seizing Opportunities
Explore key investor insights for startups in 2024, focusing on AI innovation, diverse funding, and operational strategies for success.
How to Make Money with OpenAI's Custom GPT Store: An In-Depth Guide
Explore how OpenAI's Custom GPT Store offers unique opportunities for monetization and creativity in AI, even for those without coding experience.