- The AI market will reach $450 billion this year.
- AI software accounted for the largest share the overall AI market in 2021.
- The total value of the AI Services market increased 22.4% year on year to $24 billion in 2021.
The Artificial Intelligence (AI) market value is expected to reach nearly $450 billion this year and maintain a year-over-year growth rate over the next five years.
According to International Data Corporation, the global AI market, which includes software, hardware, and services for both AI-centric and AI non-centric applications, will reach $383.3 billion in 2021, a 20.7 percent increase over the previous year (IDC).
“Across all industries and functions, end-user organizations are discovering the benefits of AI technologies, as increasingly powerful AI solutions are enabling better decision-making and higher productivity,” said Rasmus Andsbjerg, associate vice president, of Data & Analytics at IDC.
The reality is that AI offers solutions to everything we are facing at the moment.
“AI can be a source for fast-tracking digital transformation journeys, enable cost savings in times of staggering inflation rates and support automation efforts in times of labour shortages,” Andsbjerg added.
In 2021, AI software held the largest share of the overall AI market.
AI Applications Delivery and Deployment, AI Applications, AI System Infrastructure Software, and Artificial Intelligence Platforms delivered more than $340 billion in market value in 2021, with AI Applications accounting for nearly half of the total.
Artificial Intelligence Platforms grew the most year over year, at 36.6 percent, albeit from a smaller base.
According to IDC, the AI Applications market remains highly competitive, with nearly 300 companies vying for opportunities to gain share.
The total value of the AI Services market increased 22.4% year on year to $24 billion in 2021.
AI Hardware was both the smallest ($18.8 billion) and fastest growing (389.9% year on year) segment of the AI market.
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Global Artificial Intelligence Summit & Awards
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