In 2021, global revenue for the AI market, including software, hardware, and services for both AI-focused and non-AI-focused applications, was $383.3 billion, an increase of 20.7 percent from the previous year, according to the International Data Corporation. (IDC).
“Across all industries and functions, end-user organizations are discovering the benefits of AI technologies, as increasingly powerful AI solutions enable better decision-making and higher productivity,” said Rasmus Andsbjerg, Associate Vice President of Data and Analytics at IDC.
The truth is that AI offers solutions to everything we face at the moment.
“AI can be a resource for rapidly tracking digital transformation journeys, enabling cost savings in times of staggering inflation, and supporting automation efforts in times of labor shortages,” Andesberg added.
AI software captured the largest share of the overall AI market in 2021.
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The four categories of AI programs — AI Application Delivery and Deployment, AI Applications, AI Systems Infrastructure Software, and AI Platforms — generated more than $340 billion in market value in 2021 with AI applications accounting for nearly half of the total. .
AI platforms had the strongest annual growth of 36.6 percent, albeit from a smaller baseline.
With nearly 300 companies vying for opportunities to take stakes, the AI applications market remains highly competitive, according to the International Data Center.
The AI services market saw a total value increase of 22.4% year-on-year to $24 billion in 2021.
AI devices were the smallest ($18.8 billion) and fastest growing (38.9% annual growth) in the AI market.