There is a rush among startups to develop platforms that offer artificial intelligence (AI) and create targeted and niche solutions that are able to address the firm specific problems. This is indicative that the market for AI is being now created around the real-world problems and applications, compared to even a few years ago, and at a speed of change that is much faster than it was ever before.
During the next decade the anticipated significant growth in AI technologies would be driven by the rising trend among multiple industries and across industries to adopt AI, says a new report from Tractica. The yearly global revenues form AI will enhance to $89.8 billion by 2025 from $3.2 billion in 2016, say the report from the market intelligence firm. The same firm had made a previous prediction on the projection for AI market revenue in 2Q17 and the latest figure is an enhancement to that earlier number. The report identified a number of specific use cases across multiple industries for the enhancement in the prediction.
“Artificial intelligence is already key to how consumer internet companies operate today, allowing them to roll out hyper-personalized services by following an ‘AI first’ strategy,” says research director Aditya Kaul. “The rest of the market in the enterprise and government sectors is still catching up on adopting AI and has yet to fully understand its value, including the breadth and depth of use cases, the technology choices surrounding AI, and the implementation strategies.”
However, there would be a reduction from 26% in 2016 to 8% by 2025 in the share of the consumer sector in the total AI revenue and hence the gap would close down quickly in the near term, adds Kaul. But he also points out the in the same period, even as the share of consumer segment would drop, there would be more than a seven-fold increase in revenue in terms of absolute dollars for the other segment. A significant AI adoption by firms and companies would outpace the growth of the consumer segment which will drive the industrial segment of the global AI market, Tractica’s analysis indicates.
A quantitative assessment of the market opportunity for AI software, hardware, and services is provided in Tractica’s report which is titled “Artificial Intelligence Market Forecasts”. The report examines the market size and market segmentation based on functionalities of AI, and presents forecasts for 266 AI use cases that are distributed across 29 industries.
Machine learning, deep learning, computer vision, natural language processing (NLP), machine reasoning, and strong AI are the six segments that the report segments the market into and the report includes forecasts for each market segment.
(Adapted from Businesswire.com)