As expected, the main and cross-cutting theme of nearly all ITC Vegas 2024 presentations – whether in panel discussions or one-on-one conversations was Artificial Intelligence and Generative AI. In that sense, it is important to highlight that the US AI market was valued at USD 42 billion in 2023. Regional companies and research institutions have been at the forefront of creating innovative robots that leverage AI to perform various tasks. In addition, the United States is actively social and companion robots capable of interacting with humans and helping in diverse environments.

That information comes from recent research by Grand View Research (GVG), which estimates the global AI market at USD 196 billion in 2023, with an estimated average annual growth rate (CAGR) of 36.6% from 2024 to 2030. To highlight, software solutions led the market and accounted for 35.8% of global revenue over the past year, with customers adopting AI solutions to reduce their operational costs and gain more profits.

Continuous research and innovation led by tech giants are driving the adoption of advanced technologies across various industry verticals such as automotive, healthcare, retail, finance, and manufacturing. The essential factor accelerating the pace of innovation in AI is the accessibility to historical data sets and the lower cost of AI models as the months go by. This is a market characterized by a high degree of innovation due to rapid technological advances driven by developments in machine learning algorithms, the availability of big data, and increasing computing power.

As for the North American AI market, it accounted for a revenue share of 30.9% in 2023, leveraged by both the private sector and government initiatives to encourage the adoption of AI in various industries through R&D investments in the most diverse fields, such as enhancing public safety and transportation and promoting healthcare innovation.