The artificial intelligence (AI) market exploded last year after the launch of OpenAI's ChatGPT reignited interest in the technology. Companies across tech pivoted their businesses to the budding sector in an effort to take their slice of a $200 billion pie.

The AI market is developing rapidly. Data from Grand View Research projects it to expand at a compound annual growth rate (CAGR) of 37% through 2030 and hit a valuation nearing $2 trillion. As a result, it's not surprising that investors have flocked to the industry. Excitement over AI saw the Nasdaq-100 Technology Sector index rise 67% in 2023, creating more than a few millionaires along the way.

The market has shown no signs of slowing. AI can potentially boost many areas, from cloud computing to e-commerce, consumer products, autonomous vehicles, video games, and more. As a result, it's not too late to invest in AI and enjoy significant gains from its development over the long term.

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Source Fool.com