Worldwide revenues for the Artificial Intelligence market, including software, hardware, and services, are expected to total $156.5 billion in 2020, a growth of 12.3 per cent over the previous year, according to a new forecast by International Data Corporation.
While this year’s growth is somewhat slower than previous years due to the economic impact of Covid-19, investment in AI will recover quickly, said the IDC ‘Worldwide Semiannual Artificial Intelligence Tracker’.
Worldwide AI market revenue revenues are likely to surpass $300 billion in 2024 with a five-year compound annual growth rate of 17.1 per cent.
Software is the largest AI technology group delivering roughly 80 per cent of all AI revenue. Most of the software revenue comes from AI applications — $120.4 billion in 2020 — with AI Software Platforms delivering the remainder, PR newswire reported .—APP