Artificial intelligence market to exceed 380 billion by 2022

Artificial intelligence market to exceed 380 billion by 2022. The total revenue of the artificial intelligence (AI) market worldwide, including software, hardware, and services, will grow by 19.6% in 2022, to €380.35 billion, and will break the €400 billion barriers in 2023.

According to forecasts by consultancy IDC, of the three categories into which AI solutions are divided, the amount of investment earmarked for AI hardware and services will grow fastest, to the detriment of software, which will decrease its share of total spending in 2022.

Overall, the consultancy expects AI services to increase at a compound annual growth rate (CAGR) of 22% through 2025, while the hardware will achieve 20.5% growth.

Within software categories, AI applications accounted for 47% of spending in this area in the first half of 2021, followed by AI systems infrastructure software at 35%.

In terms of future growth, AI platforms are expected to grow at a five-year annual rate of 34.6%, while AI systems infrastructure software will grow at 14.1%.

Regarding the AI-enabled services category, which grew 20.4% year-on-year in the first half of 2021 to 16.17 billion, it will increase 22% by 2022.

By 2025, the consultancy expects spending in this area to exceed 46 billion after AI-enabled enterprise services reach an annual growth rate of 21.9% over five years.

Finally, the AI-enabled hardware category will grow by 24.9% in 2020 and reach a 5% market share. Within this area, AI servers will experience growth of 26.1%, compared to 19.7% for AI storage. Moreover, the former will account for more than 80% of spending at this level.

A differentiator
According to the consultancy, AI has become the differentiator for “enterprises to scale and thrive in the era of digital transformation.”

As a result, solutions are going to focus on process improvement, planning, and forecasting, which will empower “superior decision making and results.”

IDC also believes that progress will be made in language, voice, and vision technologies and multimodal solutions, which are revolutionizing “human efficiency”.

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