Artificial intelligence (AI) technologies are being deployed for an increasing variety of use cases across consumer, enterprise, and government markets around the world. AI, which is defined as an information system that is inspired by a biological system, is an umbrella term that includes multiple technologies, such as machine learning, deep learning, computer vision, natural language processing (NLP), machine reasoning, and strong AI.
According to a new report from Tractica, interest in implementing AI systems is surging among companies and institutions around the world. The market intelligence firm forecasts that the revenue generated from the direct and indirect application of AI software will grow from $1.4 billion in 2016 to $59.8 billion by 2025. This forecast represents an upgrade of Tractica’s previous projection for AI market growth, which was published in 3Q16, owing to a greater than anticipated pace of change and development in the AI sector.
“Artificial intelligence has applications and use cases in almost every industry vertical and is considered the next big technological shift, similar to past shifts like the industrial revolution, the computer age, and the smartphone revolution,” says research director Aditya Kaul.
Kaul adds that the largest market opportunities for AI during the next decade will be in the advertising, finance, healthcare, consumer, and aerospace sectors, all of which are actively pursuing the opportunity to leverage advanced data analytics, vision, and language capabilities for the enhancement of business processes and the creation of new business models. Other key industries for AI adoption will include automotive, business services, investment, media & entertainment, and legal.
Tractica’s report, “Artificial Intelligence Market Forecasts”, provides a quantitative assessment of the market opportunity for AI across the consumer, enterprise, and government sectors. The report includes market sizing, segmentation, and forecasts for 154 specific AI use cases and the 29 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, NLP, 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.