AI software revenue to soar by a factor of 12

April 29, 2020 //By Jean-Pierre Joosting
AI software revenue to soar by a factor of 12
According to market research firm Omdia, global AI software revenue is projected to increase by 12-fold in the next seven years, skyrocketing from $10.1 billion in 2018 to $126.0 billion in 2025.

Demand for artificial intelligence in the consumer, enterprise, government and defense sectors is growing. Currently, the number of business-to-business (B2B) software opportunities related to AI total 333 and cover 28 industry sectors, with 203 unique use cases. These use cases cover three major categories that are defined by the primary technology enablers of vision, language and analytics. Industry sectors where AI is likely to generate an immediate ROI include consumer (internet services), telecommunications, automotive, healthcare, advertising, business services and retail.

“The global AI market is entering a new phase in 2020 where the narrative is shifting from asking whether AI is viable to declaring that AI is now a requirement for most enterprises that are trying to compete on a global level,” said Keith Kirkpatrick, principal analyst with Omdia. “AI is likely to trigger major transformations in industries where there is a clear case for incorporating AI, rather than in pie-in-the-sky use cases that may not generate a return on investment (ROI) for many years.”

The consumer sector has been particularly successful in tapping the potential of AI due to the availability of an increasingly large amount of data as well as the development of powerful AI algorithms and processing hardware. This is expected to motivate other top AI verticals to leverage the growing use of Internet of things (IoT) data sources, specialized deep-learning (DL) algorithms and high-end processing hardware.

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