The pace of growth for artificial intelligence (AI) within the consumer, enterprise, government, and defence sectors continues unabated as use cases start to solidify and companies move from talking about AI to deploying and building solutions. The conversation is moved away from “How does one define AI?” to “What are the main challenges for deploying and scaling AI?”
According to a new report from Tractica, the global AI market is entering a new phase where the narrative is shifting from hype to reality.
Research director for Tractica, Aditya Kaul, says: “While the market is still a few years away from an inflection point for real growth, it is critical for both end users and solutions providers to identify the technologies and use cases where they want to invest in AI.”
Tractica forecasts that global AI software revenue will increase from $9.5 billion in 2018 to $118.6 billion by 2025. This forecast represents a significant upgrade of Tractica’s previous projections, last published in 3Q 2018, as a result of faster than anticipated market adoption in several industries as well as an expansion in the number of use cases currently active within the market.
The market intelligence firm forecasts that the top 10 industries in terms of AI spending between 2018 and 2025 will be as follows:
- Business Services
- Public Sector
Tractica’s report, “Artificial Intelligence Market Forecasts”, provides a quantitative assessment of the market opportunity for AI across the consumer, enterprise, government, and defence sectors. The study includes market sizing, segmentation, and forecasts for 315 AI use cases distributed across 30 industries. Since the last iteration of this report, Tractica has added 21 new use cases spread across multiple industries, including energy, manufacturing, retail, consumer, transportation, public sector, media and entertainment, telecommunications, and insurance.
Global market forecasts, segmented by hardware, software, services, technology, geography, revenue type, and meta-category, extend through 2025. An Executive Summary of the report is available for free download on the firm’s website.