Tuesday, November 30, 2021
News

Global AI software market to hit $62 bn in 2022: Gartner

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Thursday, 2021 9:45:06 PM IST
Global artificial intelligence (AI) software revenue is forecast to reach $62.5 billion in 2022, an increase of 21.3 per cent from 2021, according to Gartner.

The top five use cases for AI software spending in 2022 will be knowledge management, virtual assistants, autonomous vehicles, digital workplace and crowdsourced data.

"The AI software market is picking up speed, but its long-term trajectory will depend on enterprises advancing their AI maturity," said Alys Woodward, senior research director at Gartner.

The AI software market encompasses applications with AI embedded in them, such as computer vision software, as well as software that is used to build AI systems.

"Successful AI business outcomes will depend on the careful selection of use cases," said Woodward.

"Use cases that deliver significant business value, yet can be scaled to reduce risk, are critical to demonstrate the impact of AI investment to business stakeholders," he added.

Demand for AI technologies and associated market growth is closely tied to organisational AI maturity levels.

Enterprises continue to demonstrate a strong interest in AI, with 48 per cent of CIOs in the 2022 Gartner survey responding that they have already deployed or plan to deploy AI and machine learning technologies within the next 12 months.

Yet, the reality of AI deployment is much more limited.

Gartner found that organisations commonly experiment with AI but struggle to make the technology a part of their standard operations.

The report predicted that it will take until 2025 for half of organizations worldwide to reach what the "stabilisation stage" of AI maturity or beyond.

"Advances in AI maturity will increase AI software revenue due to increased spending, particularly across the data and analytics-related technology category," the report mentioned.

--IANS na/

( 299 Words)

2021-11-25-15:56:04 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE SCIENCE NEWS
upGrad to acquire Australia based study ...
Astronomers discover more than 300 possi...
OPPO foldable phone may be called Find N...
realme 9 series may consist of four mode...
Study finds how brain perceives indistin...
itel A48 now available at Rs 1,399 with ...
More...
 
INDIA WORLD ASIA
PM Modi calls for constructive, producti...
Pradhan Mantri Garib Kalyan Yojana exten...
Parliament winter session: PM Modi holds...
PM Modi urges people to stay alert in vi...
Winter session: Sonia, Rahul Gandhi part...
Govt ready to answer all questions in Pa...
More...    
 
 Top Stories
Sanjay Dutt expresses gratitude for... 
Amid Omicron concern, China to ship... 
Misconceived doubts, motivated prop... 
Wasn't expecting this type of pitch... 
MPs are suspended as their heights ... 
MSP procurement has doubled in comp... 
Tom Holland to return for another '... 
Poet-diplomat Abhay K to be guest e...