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HomeNewsWorldwide AI Software Market to Reach $62 Billion in 2022

Worldwide AI Software Market to Reach $62 Billion in 2022

According to the Gartner forecasting report, the Global AI software market will reach new heights in 2022.

The forecasting report of a tech research and consultancy company called Gartner states that global artificial intelligence software revenue will be $62.5 billion in 2022. 

As compared to the current year of 2021, there is a considerable increase in revenue by 21.3 percent. This number represents an increase of more than a fifth compared to revenue figures from 2021. 

In 2022, businesses worldwide are all set to spend more on artificial intelligence-powered software services than ever before. The top five use cases of AI service spendings in 2022 will be on knowledge management, virtual assistance, autonomous vehicles, digital workspace, and crowdsourced data. 

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Gartner said that the successful business outcomes using the five major use cases would depend on selecting the use cases carefully. Each use case could provide significant value while being scalable to reduce risk and would be vital for demonstrating the importance of AI investment to stakeholders. 

The Gartner report states that worldwide enterprises are continuously demonstrating a strong interest in AI-based services because of the enormous revenue generation. Nearly 48% of Chief Information Officers (CIO) who responded to the previous surveys of Gartner said that major enterprises present worldwide have planned to deploy AI and machine learning technologies within the next 12 months. 

It is evident that advances in AI maturity will naturally increase AI software revenue through increased spending across enterprises globally. In the official press report, Alys Woodward, senior research director at Gartner said that “The AI software market is picking up speed, but its long-term trajectory will depend on enterprises advancing their AI maturity.”

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Ishwarya M
Ishwarya M
Tech Content Writer | Engineer | Stargazer | Astrophile

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