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AI Market Report: Generative AI Industry Trends & Insights

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Download the GenAI Readiness Report: The Most AI-Mature Companies in 2024

As our recent AI market report highlighted, 2023 was the breakout year for Artificial Intelligence. Within a year of ChatGPT going viral, AI went from a water-cooler topic of tech employees to a focus of global business leaders.

Rapid innovation in AI development and a flood of venture capital investment have produced many motivated companies looking to gain a competitive advantage through AI solutions. 

We wanted to dig into the Artificial Intelligence market through a focused lens. This report analyzes the AI maturity of the Fortune 500 and the Inc. 5000 to show how the largest and fastest-growing companies are investing in generative AI technologies. For accuracy, we compare the AI maturity of the top 500 companies on each list.

Discover insights into the AI market, including the adoption of AI by industry and the most AI-mature companies today. 

The State of the Artificial Intelligence Market

According to Statista, the Artificial Intelligence market size is projected to reach nearly $306 billion in 2024. With an annual growth rate of 15.83%, this could lead to a market volume of about $739 billion by 2030.  

Additionally, the market research company forecasts the Generative AI market size will reach $66.6 billion in 2024 and show an annual growth rate of 20.80%. This illustrates the significant innovation and interest in generative AI technologies specifically.

A recent McKinsey Global Survey illustrated the impact and how leaders are adapting to gen AI technologies:

  • One-third of respondents’ organizations use gen AI regularly in at least one business function
  • Nearly one-quarter of C-suite executives personally use gen AI tools for work
  • More than one-quarter of those at companies using AI say gen AI is already on their boards’ agendas

AI Industry Trends of the Fortune 500

ai industry trends fortune 500

This chart shows the average AI Maturity score of this year’s Fortune 500 by industry, according to the HG AI Maturity Index. The average AI Maturity of the entire Fortune 500 list is 21/100.

Tech and Telecommunications are the industries with the highest average AI Maturity at 27/100, a comparatively high score but still indicating how far even the largest, most AI-mature enterprises have to go on the road to AI integration.

AI Industry Trends of the Inc. 500

ai industry trends inc. 500artificial intelligence market inc. 500

According to HG Insights’ data, the average AI Maturity of the Inc. 500 is 12/100. These charts show AI maturity by industry and company size for those top 500 companies on the list. Please note: Roughly half of the Inc. 5000 have no detected AI signals. If we only look at those who have an AI detection, the average goes to ~12.

The Most AI-Mature Companies by Industry

Healthcare Industry

ai industry trends healthcare

This chart shows the top ten companies by AI Maturity score for each list. According to the AI Maturity Index, Healthcare is a top industry within both the Fortune 500 and the Inc. 500. 

Per a recent Deloitte report, common use cases for AI solutions in the Healthcare sector include:

  • AI-assisted predictive diagnosis
  • Detection of insurance fraud
  • Cloud pricing optimization
  • Patient engagement
  • Delivering more equitable healthcare outcomes
  • Preparing for future pandemics

Technology, Media & Internet Industries

ai market trends

As many companies exist within both verticals, we have grouped the Technology industry with the Media & Internet industry for this deep dive.

According to the same Deloitte report, 72% of survey respondents in Technology, Media and Telecom strongly agree that “AI is very important to their ability to stay competitive over the next five years, 12 percentage points higher than any other industry.” 

For many Tech companies, AI may be used extensively across commercial offerings; for those in the Media & Internet sector, top use cases include production operations automation, video content analysis, and audio and video mining.

Finance Industry

ai maturity

Along with those in Tech, professionals in the Finance industry are the most likely to expect disruptive change from generative AI. Top AI use cases among Finance companies include:

  • Financial reporting & accounting
  • Cloud pricing optimization
  • Digital customer experience
  • Risk management
  • Natural language generation & processing

Discover AI Opportunities in Your Market with GenAI Navigator™

To help customers capitalize on the wave of innovation in gen AI, HG has developed GenAI Navigator, a solution that helps you understand a company’s AI maturity, interest, and cloud-centricity.

The GenAI Navigator enables you to identify businesses whose technology stack indicates they’re ready to pursue a generative AI product or service and unlocks a breadth of opportunities for vendors — allowing them to discover untapped opportunities and gain a competitive advantage through early targeting. 

The insights contained within the GenAI Readiness Report are based on HG’s patent-pending AI Maturity IndexTM, which includes insights into AI adoption by company, the locations where adoption is detected, the strength of these detections, and the application of an Ideal Customer Profile of data-related product detections.

To learn more about the GenAI Navigator or to see it in action for yourself, schedule a demo with one of our solution experts.

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