AI, Frontier Technology with the Largest Global Market Size by 2033

According to data from the United Nations Conference on Trade and Development (UNCTAD), the global frontier technology market size is projected to reach US$16.4 trillion by 2033.

This figure is about six times higher than the US$2.5 trillion in 2023.

By 2033, artificial intelligence (AI) is projected to be the frontier technology with the largest market size globally, amounting to US$4.77 trillion or 29.09% of the total value.

UNCTAD stated that continuous breakthroughs have made AI stronger and more efficient, driving its adoption in many sectors and businesses.

For example, since 2022, there has been a surge in interest in generative AI (GenAI), with organizations/companies in various countries and industries experimenting with AI.

"This includes content creation, product development, automated coding, and personalized customer service," explained UNCTAD in its Technology and Innovation Report 2025.

In addition to AI, the Internet of Things (IoT) will also be a frontier technology with the largest market size by 2033, projected to contribute US$3.14 trillion to the global economy.

According to UNCTAD, IoT combined with other Industry 4.0 technologies and AI will accelerate digital transformation in the agriculture, manufacturing, and service sectors.

It will also increase productivity and product quality, along with the potential to reduce costs and carbon emissions.

Here are the five frontier technologies with the largest estimated market size globally in 2033, according to UNCTAD:

1. AI: US$4.77 trillion
2. IoT: US$3.14 trillion
3. Blockchain technology: US$2.35 trillion
4. Electric vehicles: US$1.40 trillion
5. 5G: US$1.27 trillion

In addition to these five, there are other technologies, including big data, 3D printing, robots, drone technology, solar photovoltaics, and concentrated solar power.

Then there are biofuels, biogas and biomass, wind energy, green hydrogen, nanotechnology, and gene editing.