Bain & Co. predicts that the global market for artificial intelligence-related products, which is currently on an active growth trajectory, will reach as much as $990 billion in financial volume by 2027, as the rapid adoption of this technology, according to the company’s experts, disrupts firms and economies.

The mentioned consulting company in its fifth annual Global Technology Report, which was published on Wednesday, September 25, stated that the market, including AI-related services and hardware, will show annual growth in the range of 40% to 55%. It is worth clarifying that last year, the financial volume of the corresponding space, as reported by Bain, was fixed at $185 billion.

The consulting company’s experts said that their projected growth of the specified market will lead to an increase in revenue in the range of $780 billion to $990 billion.

Bain stated that the expected upward trajectory will be facilitated by bigger artificial intelligence systems and larger data centers designed to train and run the relevant systems. The company also predicts that governments will use machine intelligence to boost efficiency.

Moreover, Bain stated that the demand for artificial intelligence is growing so fast that the corresponding tendency will strain the supply chains of components, including chips, necessary for training and subsequent operation of AI systems. The company also noted that this situation, combined with geopolitical tensions, could provoke a shortage of semiconductors, smartphones, and personal computers.

As we have reported earlier, Middle Eastern Funds Invest Billions of Dollars Into AI Startups.