Artificial intelligence (AI) technologies and deployments are becoming even more widespread, thanks to a combination of growing amounts of data, faster processing power, and increasingly powerful algorithms. Indeed, as AI technologies make their way into virtually every industry, enabling machines to speak, listen, move, and make decisions in unprecedented ways, a wide range of use cases are illustrating the potential business opportunities, attracting new investment, and driving changes to existing business processes.
According to a new report from Tractica, AI implementations now encompass 258 discrete use cases, and the worldwide market for AI software stands at $8.1 billion as of the end of 2018, a figure the market intelligence firm forecasts to rise to $105.8 billion annually by 2025.
“The AI opportunity spans a wide range of industries and geographies, from advertising and automotive, to transportation and telecommunications,” says principal analyst Keith Kirkpatrick. “A significant portion of the overall revenue is concentrated in highly domain-specific markets with high-volume data needs and ontologies, as well as those with growing applications for machine perception.”
Tractica’s report, “Artificial Intelligence Use Cases”, provides a comprehensive examination of more than 250 AI use cases across the consumer, enterprise, and government markets. The report defines, contextualizes, and offers real-world examples and revenue forecasts for each use case, organized by industry sector. It serves as a referential compendium to Tractica’s ongoing market forecasting of the AI space, offering an overview and analysis for each use case included in the model. As applications are analyzed in depth, the report also identifies common themes across the broader AI market. An Executive Summary of the report is available for free download on the firm’s website.