AI Data Market Grows at Breakneck Speed

AI Data Market Grows at Breakneck Speed

According to Fortune Business Insights forecasts, by 2032 the AI training data market will more than quintuple. Segments where data access determines competitive advantage include IT and telecommunications, retail, and healthcare. Although there are many sources of data collection today, the challenge remains understanding what data is truly needed and processing it efficiently.

The AI training dataset market was worth nearly $2.4 billion in 2023. In 2024 it reached almost $3 billion, and by 2032 it is expected to grow to $17 billion. This growth is driven by the accelerating pace of AI adoption and the rising number of high-quality datasets.

The IT and telecommunications segment dominates the market thanks to the use of AI and machine learning to develop innovative products and improve user experiences. High-quality training data is essential for optimizing algorithms. IT companies also use data in areas such as crowdsourcing, computer vision, and the development of virtual assistants.

Highest growth rate in healthcare

However, according to market analysts, the healthcare segment will achieve the highest growth rate in the coming years. In medicine, artificial intelligence supports diagnostics and the management of patients' lifestyles.

Legal regulations and the development of the data market

The entry into force of the AI Act has raised many doubts about the impact of regulation on AI deployments, particularly in the medical sector. European companies assess the regulatory approach differently. On the one hand, it limits potential negative consequences such as social unrest. On the other, it may constitute a barrier to the dynamic development of the industry.

The effects of the regulation will take time to materialize, and their impact on the competitiveness of European companies will only be assessable over a longer time horizon.

Data is crucial for AI

Interview with Krzysztof Daniel, Head of Data Strategy at DXC Polska

– Artificial intelligence cannot exist without data, so we are seeing very strong interest and growth in how to collect, process, clean, and prepare this data for use in artificial intelligence.

Data can very easily lead us into the trap of linear and narrow thinking, which causes people to have some trouble interpreting it. The biggest challenge is not so much collecting data, but reaching the right data that is needed in a specific situation. The bigger problem is delivering business data when it is needed.

It is generally very easily accessible, you can buy it, acquire it on the open market. However, there is not always the ability to process it within a sufficient timeframe – Krzysztof Daniel, Head of Data Strategy at DXC Polska, assesses in an interview for the Newseria agency.

– Companies can use data to improve primarily their speed. This concerns historical data that these companies already have.

If, for example, we have an engineer designing an airplane, glider, or car and they need to run many simulations to meet all standards, then when we have data from previous models or projects, we can use it to advise the engineer in real time which solutions are appropriate and which we already know don't work – says Krzysztof Daniel.

Retail and sales dominate

– If I had to choose, the use of data is most important in retail and sales and everything that goes with that, including production systems.

However, there are companies or industries that rely less on data, primarily the advertising industry, but also the entertainment industry, because where human emotions matter, they are extremely difficult to measure and quantify, and therefore I am not sure whether I would want someone to measure feelings, satisfaction levels, or other such things and process them mechanically – believes the expert.

– Many European companies complain about regulations that impose how artificial intelligence should be created, built, and how data should be processed. This has its pros and cons. On the one hand, this free-for-all regarding data can lead to very unpredictable consequences, such as social unrest.

On the other hand, in Europe we have an approach that if something is important to us, we talk about it and try to regulate it. In fact, in 20 years we will be able to say whether European companies had an advantage or not.

Today it is too early, today we are betting on one specific direction and it may end well for us, or it may end badly, and no one knows – assesses the DXC Polska expert.