According to the latest research from Gartner, Inc.., a world leader in business research and advice, worldwide revenue from the Artificial Intelligence (AI) software industry is expected to total US$ 62.5 billion in 2022, an increase of 21.3% over what was projected for 2021.
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Alys Woodward, Senior Director of Research at Gartner
"The market of Artificial Intelligence software is picking up speed, but its long-term trajectory will depend on the advancement of the development maturity of this segment within the companies", he says alys woodward, Senior Director of Research at Gartner.
The Artificial Intelligence software market encompasses applications with built-in Artificial Intelligence, such as computer vision software, as well as all the features used to build Artificial Intelligence systems. Gartner's Artificial Intelligence software industry forecast is based on use cases, measuring the amount of potential value of the solutions to the business, timing of business maturity for the areas, and risk for projecting how the use cases will grow.
Gartner predicts that the top five categories of Artificial Intelligence software in 2022 will be: knowledge management, virtual assistants, autonomous vehicles, digital workplace, and data from crowdsourcing.
Global Artificial Intelligence Software Market Forecast 2021-2022 (in billions of dollars)
“Successful Artificial Intelligence business results will depend on the careful selection of use cases,” says Woodward. "The cases that add significant business value, but can be scaled to reduce risk, are essential to demonstrate the impact of the investment in Artificial Intelligence for the company's stakeholders."
The maturity of Artificial Intelligence lags behind interest - The demand for Artificial Intelligence technologies and the associated market growth are closely linked to organizational maturity levels in relation to Artificial Intelligence itself. Organizations continue to show strong interest in solutions in this segment, with 48% of CIOs responding in the Gartner 2022 Survey of Technology Executives and CIOs that have already implemented or plan to implement Artificial Intelligence and machine learning technologies in the next 12 months.
However, the reality of deploying Artificial Intelligence is much more limited. Gartner's research found that organizations often do experiences with Artificial Intelligence, but struggle to make these technologies part of their standard operations. Gartner predicts that it will take by 2025 for half of organizations worldwide to reach what Gartner's Artificial Intelligence maturity model describes as the “stabilizing stage” of maturation in the use of Artificial Intelligence.
Advances in the journey of understanding Artificial Intelligence will increase the revenue of the Artificial Intelligence software market due to increased spending, especially in the data and analytics related technology category. A delay in maturity - caused by reluctance to adopt smart resource-based solutions, lack of confidence in technologies and difficulties in delivering business value from Artificial Intelligence - will have a corresponding deceleration effect on expenditures and revenues.