The worldwide market for artificial intelligence software will expand to $98.8 billion by 2025, rising by a factor of six from $16.4 billion in 2019—despite the varying effects of the COVID-19 pandemic across different industries, according to a report by Omdia.
The artificial intelligence (AI) software market has experienced tremendous growth over the past several years. While the COVID-19 pandemic has dampened growth forecasts for the market, its impact is uneven across industry sectors. While some industries are retrenching—such as energy, oil, gas, & mining—a few markets, like healthcare, are accelerating AI adoption. Omdia has developed four market scenarios based on the duration of the pandemic and the severity of its economic effect. Omdia foresees continued double-digit growth ahead, although the cumulative market size for 2019-2025 will be reduced by 22 percent compared to the pre-COVID forecasts.
“Economic effects from the COVID-19 pandemic have widened the dichotomy between early AI adopters—the ‘AI haves’—and the trailing followers—the ‘AI have nots,’” said Omdia senior analyst, Neil Dunay.
“Industries that have pioneered AI deployments and have the largest AI investments are likely to continue to invest in what they view as proven, indispensable technology for cost cutting, revenue generation, and enhancing customer experience.”
CLICK HERE FOR LATEST NEWS.
READ CURRENT AND PAST ISSUES OF IAA.
KEEP YOURSELF UPDATED, SUBSCRIBE TO IAA NOW!