Artificial intelligence (AI) is poised to have a transformative effect on consumer, enterprise, and government markets around the world. An umbrella term that refers to information systems inspired by biological systems, AI encompasses multiple technologies including machine learning, deep learning, computer vision, natural language processing (NLP), machine reasoning, and strong AI.
According to a new report from Tractica, these technologies have use cases and applications in almost every industry and promise to significantly change existing business models while simultaneously creating new ones. The market intelligence firm forecasts that annual worldwide AI revenue will grow from $643.7 million in 2016 to $36.8 billion by 2025.
In sizing and forecasting the total global AI market, Tractica has identified 191 real-world use cases for AI, organized into 27 different industry sectors and corresponding with six major technology categories, plus multiple combinations of technologies.
“Some artificial intelligence use cases – such as image recognition, algorithmic securities trading, and healthcare patient data management – have huge scale potential, while others are niche applications,” says research director Aditya Kaul. “Likewise, a few key industry sectors including consumer products, business services, advertising, finance & investment, media & entertainment, and defense applications will drive significant revenue for AI software implementations in addition to AI-driven hardware and service sales, but during the coming decade the technologies will have an effect on almost every conceivable industry sector.”
Tractica’s report, “Artificial Intelligence Market Forecasts”, provides a quantitative assessment of the market opportunity for artificial intelligence across the consumer, enterprise, and government sectors. The report includes market sizing, segmentation, and forecasts for 191 specific AI use cases and the 27 industries in which they will play a role. The market forecasts span the period from 2016 through 2025 and include segmentation by the six fundamental AI technologies: machine learning, deep learning, computer vision, natural language processing, machine reasoning, and strong AI. Revenue forecasts are further segmented by software, hardware, and services in addition to segmentation by world region. An Executive Summary of the report is available for free download on the firm’s website.