Artificial intelligence is rapidly transforming global industries and economies, with the AI market projected to reach $1.8 trillion by 2030. Governments like the US and China are investing heavily to lead AI development. Major tech firms plan billions in AI spending. AI boosts efficiency across sectors, drives scientific and medical advances, and creates new business models, positioning it as a key driver of future economic growth.
Artificial intelligence (AI) is rapidly transforming global economies and societies, with the AI market expected to reach $1.8 trillion by 2030 according to PwC. Investments in AI technologies have surged, with global AI funding exceeding $100 billion in 2024 alone.
This growth fuels advancements in scientific research, infrastructure, communication, finance, and climate change mitigation. As AI technologies advance, they increasingly influence both public institutions and private enterprises worldwide.
Global race for AI leadership
Governments are actively competing to secure leadership in AI development. In the United States, initiatives such as the Stargate AI program, with a budget of approximately $500 billion, are accelerating advancements in the field. Concurrently, China pursues self-reliance and aims to establish global leadership in AI. This effort benefits from accessible, affordable, and open-source technologies developed by firms like DeepSeek, supporting China’s strategic ambitions.
AI’s role in daily life and industry
The influence of AI is evident in everyday activities and across multiple industries. AI improves efficiency in research, infrastructure, communication, and financial services. Additionally, it contributes to environmental progress by enabling cleaner energy solutions and smarter management systems. These applications demonstrate AI’s growing integration into sectors crucial to modern society.
Investment in AI extends beyond the technology itself to encompass the infrastructure that supports its deployment. Companies specialising in AI infrastructure—including semiconductor manufacturers, data centre operators, and major cloud service providers—experience significant growth. Prominent technology corporations such as Meta, Alphabet, Amazon, and Microsoft are dedicating substantial resources to AI. Meta, for instance, plans to invest between $60 billion and $65 billion in AI development during 2025, indicating the scale of capital flowing into this area.
Transforming scientific research and healthcare
AI contributes to transforming scientific research, particularly within the medical field. The technology supports personalised healthcare by enabling faster development of innovative treatments and more tailored patient care. AI’s impact extends to other industries as well, creating new business models and altering traditional ways of working and living.
As AI assumes a central role in economic development, recognising its potential becomes essential. The opportunities arising from AI include increased efficiency, sustainability, and smarter systems. The technology offers prospects for long-term benefits that could fundamentally change how economies operate and societies function, positioning AI as a cornerstone of future progress.
Pallavi Singal is the Vice President of Content at ztudium, where she leads innovative content strategies and oversees the development of high-impact editorial initiatives. With a strong background in digital media and a passion for storytelling, Pallavi plays a pivotal role in scaling the content operations for ztudium’s platforms, including Businessabc, Citiesabc, and IntelligentHQ, Wisdomia.ai, MStores, and many others. Her expertise spans content creation, SEO, and digital marketing, driving engagement and growth across multiple channels. Pallavi’s work is characterised by a keen insight into emerging trends in business, technologies like AI, blockchain, metaverse and others, and society, making her a trusted voice in the industry.
